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COMPANY REGISTRATION NUMBER: 13221883
Sipech Holdings Limited
Filleted Unaudited Financial Statements
31 May 2024
Sipech Holdings Limited
Financial Statements
Year ended 31 May 2024
Contents
Page
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
3
Sipech Holdings Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Sipech Holdings Limited
Year ended 31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sipech Holdings Limited for the year ended 31 May 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Sipech Holdings Limited, as a body, in accordance with the terms of our engagement letter dated 22 February 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Sipech Holdings Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sipech Holdings Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Sipech Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sipech Holdings Limited. You consider that Sipech Holdings Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Sipech Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HEBBLETHWAITES Chartered accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
25 February 2025
Sipech Holdings Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
Fixed assets
Investments
4
73,995
73,995
Creditors: amounts falling due within one year
5
39,077
55,992
--------
--------
Net current liabilities
39,077
55,992
--------
--------
Total assets less current liabilities
34,918
18,003
--------
--------
Capital and reserves
Called up share capital
3
3
Profit and loss account
34,915
18,000
--------
--------
Shareholders funds
34,918
18,003
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 25 February 2025 , and are signed on behalf of the board by:
Mr P Morris
Mr S Scott
Director
Director
Company registration number: 13221883
Sipech Holdings Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/O James Hadley Fine Jewellers, 29-31 Surrey Street, Sheffield, S1 2LG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Investments
Shares in group undertakings
£
Cost
At 1 June 2023 and 31 May 2024
73,995
--------
Impairment
At 1 June 2023 and 31 May 2024
--------
Carrying amount
At 31 May 2024
73,995
--------
At 31 May 2023
73,995
--------
The company owns 100% of the share capital of James Hadley Ltd, a company which operates a retail fine jewellery outlet and is incorporated in England and Wales.
In respect of the accounting year ended 31 May 2024, James Hadley Limited recorded a profit, after tax, of £19,814 (2023: £10,592) and the balance sheet reflects net assets, at the year end date, of £82,707 (2023: £82,893).
Under the provisions of section 248 of the Companies Act 1985 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.
5. Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
9,080
28,995
Other creditors
29,997
26,997
--------
--------
39,077
55,992
--------
--------
6. Directors' advances, credits and guarantees
At the year end date, the company was indebted to the directors in the total sum of £29,997 (2023: £26,997), There are no formal terms applicable to these loans and interest is not being charged in relation thereto.