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Company No: 01387607 (England and Wales)

LIPMAN & SONS LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

LIPMAN & SONS LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

LIPMAN & SONS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 September 2024
LIPMAN & SONS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 98,450 28,291
98,450 28,291
Current assets
Stocks 4 58,576 42,771
Debtors 5 179,130 199,414
Cash at bank and in hand 98,416 43,247
336,122 285,432
Creditors: amounts falling due within one year 6 ( 275,390) ( 118,450)
Net current assets 60,732 166,982
Total assets less current liabilities 159,182 195,273
Creditors: amounts falling due after more than one year 7 ( 27,964) ( 33,558)
Net assets 131,218 161,715
Capital and reserves
Called-up share capital 8 10,000 10,000
Profit and loss account 121,218 151,715
Total shareholder's funds 131,218 161,715

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Lipman & Sons Limited (registered number: 01387607) were approved and authorised for issue by the Director. They were signed on its behalf by:

F Lipman
Director

01 May 2025

LIPMAN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
LIPMAN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Lipman & Sons Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 7 years straight line
Plant and machinery 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Comprehensive Income over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors, trade creditors, loans from banks and other third parties and loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including the director 14 12

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Total
£ £ £
Cost
At 01 October 2023 0 250,543 250,543
Additions 21,959 72,900 94,859
Transfers 13,656 ( 13,656) 0
At 30 September 2024 35,615 309,787 345,402
Accumulated depreciation
At 01 October 2023 0 222,252 222,252
Charge for the financial year 2,696 22,004 24,700
Transfers 13,656 ( 13,656) 0
At 30 September 2024 16,352 230,600 246,952
Net book value
At 30 September 2024 19,263 79,187 98,450
At 30 September 2023 0 28,291 28,291

4. Stocks

2024 2023
£ £
Stocks 58,576 42,771

5. Debtors

2024 2023
£ £
Trade debtors 945 1,498
Amounts owed by group undertakings 62,664 167,406
Amounts owed by director 0 2,477
Prepayments and accrued income 72,361 26,586
Other debtors 43,160 1,447
179,130 199,414

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 6,536 6,536
Trade creditors 62,837 46,663
Amounts owed to group undertakings 78,941 31,918
Amounts owed to director 12,840 0
Accruals 89,085 23,622
Taxation and social security 25,151 8,060
Other creditors 0 1,651
275,390 118,450

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 27,964 33,558

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 1.00 each 10,000 10,000

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 125,000 0
between one and five years 500,000 0
after five years 156,250 0
781,250 0

10. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Included in creditors is a balance owed to the director. This balance is unsecured and interest free with no fixed repayment terms. 12,840 0

Other related party transactions

2024 2023
£ £
Included in debtors is a balance owed by group companies. The balance is unsecured and interest free with no fixed repayment terms. 62,664 167,406
Included in creditors is a balance owed to group companies. The balance is unsecured and interest free with no fixed repayment terms. 78,940 31,918

11. Director's advances, credits and guarantees

Included within other debtors is a balance of £Nil (2023: £2,477.00) owed by the director. This balance is unsecured and interest is charged at HMRC's approved rate with no fixed repayment terms.

12. Ultimate controlling party

Parent Company:

The Lipman Group Limited
35 Ballards Lane, London, England, N3 1XW

The ultimate controlling party is Mr F Lipman.