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REGISTERED NUMBER: 07302957 (England and Wales)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

SIPCO LTD.

SIPCO LTD. (REGISTERED NUMBER: 07302957)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SIPCO LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: K J Platt
P J Barr
P Postle





REGISTERED OFFICE: Unit 1, The Bond
Hammond Road
Knowsley Industrial Park
Liverpool
Merseyside
L33 7UL





REGISTERED NUMBER: 07302957 (England and Wales)





ACCOUNTANTS: C A Hunter Limited
Britannia Chambers
26 George Street
St Helens
Merseyside
WA10 1BZ

SIPCO LTD. (REGISTERED NUMBER: 07302957)

BALANCE SHEET
30 JUNE 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 81,184 83,058
81,184 83,058

CURRENT ASSETS
Stocks 79,487 53,107
Debtors 6 404,128 800,549
Cash at bank 69,432 366,220
553,047 1,219,876
CREDITORS
Amounts falling due within one year 7 596,412 1,045,123
NET CURRENT (LIABILITIES)/ASSETS (43,365 ) 174,753
TOTAL ASSETS LESS CURRENT
LIABILITIES

37,819

257,811

CREDITORS
Amounts falling due after more than one
year

8

15,834

25,833
NET ASSETS 21,985 231,978

CAPITAL AND RESERVES
Called up share capital 9 300,010 300,010
Retained earnings (278,025 ) (68,032 )
SHAREHOLDERS' FUNDS 21,985 231,978

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SIPCO LTD. (REGISTERED NUMBER: 07302957)

BALANCE SHEET - continued
30 JUNE 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 March 2025 and were signed on its behalf by:





P J Barr - Director


SIPCO LTD. (REGISTERED NUMBER: 07302957)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

SIPCO Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, has been fully amortised.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Fixtures and fittings - 33% on cost
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

SIPCO LTD. (REGISTERED NUMBER: 07302957)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 500
AMORTISATION
At 1 July 2023
and 30 June 2024 500
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 July 2023 186,965 7,696 43,148 237,809
Additions 13,169 2,500 1,959 17,628
Reclassification/transfer (6,400 ) - 6,400 -
At 30 June 2024 193,734 10,196 51,507 255,437
DEPRECIATION
At 1 July 2023 111,925 7,696 35,130 154,751
Charge for year 15,057 695 3,750 19,502
At 30 June 2024 126,982 8,391 38,880 174,253
NET BOOK VALUE
At 30 June 2024 66,752 1,805 12,627 81,184
At 30 June 2023 75,040 - 8,018 83,058

SIPCO LTD. (REGISTERED NUMBER: 07302957)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 149,942 474,137
Other debtors 254,186 326,412
404,128 800,549

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts - 10,036
Trade creditors 509,159 889,374
Taxation and social security 33,932 43,858
Other creditors 43,321 91,855
596,412 1,045,123

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.24 30.6.23
£    £   
Bank loans 15,834 25,833

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
10 Ordinary £1 10 10
300,000 Preference £1 300,000 300,000
300,010 300,010

The preference shares carry a fixed annual dividend at a rate of 2.5% over the Bank of England base rate, which is payable on 21 June each year. The shares are redeemable only by the company and do not have a fixed redemption date. The shares carry no voting rights.