Registered number
SC548974
SIPS ECO PANEL SYSTEMS LIMITED
Filleted Accounts
31 October 2024
SIPS ECO PANEL SYSTEMS LIMITED
Registered number: SC548974
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,408,038 1,379,723
Investments 4 385,000 -
1,793,038 1,379,723
Current assets
Stocks 60,020 144,207
Debtors 5 7,527,114 5,448,121
Cash at bank and in hand 34,358 69,603
7,621,492 5,661,931
Creditors: amounts falling due within one year 6 (5,014,232) (3,495,447)
Net current assets 2,607,260 2,166,484
Total assets less current liabilities 4,400,298 3,546,207
Creditors: amounts falling due after more than one year 7 (982,061) (658,568)
Provisions for liabilities (414,694) (330,414)
Net assets 3,003,543 2,557,225
Capital and reserves
Called up share capital 200 200
Profit and loss account 3,003,343 2,557,025
Shareholders' funds 3,003,543 2,557,225
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Patrick Queen
Director
Approved by the board on 14 May 2025
SIPS ECO PANEL SYSTEMS LIMITED
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 10 years
Fixtures, fittings, tools and equipment over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 43 39
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 November 2023 1,926,910 74,132 2,001,042
Additions 189,203 79,295 268,498
At 31 October 2024 2,116,113 153,427 2,269,540
Depreciation
At 1 November 2023 565,225 56,094 621,319
Charge for the year 210,819 29,364 240,183
At 31 October 2024 776,044 85,458 861,502
Net book value
At 31 October 2024 1,340,069 67,969 1,408,038
At 31 October 2023 1,361,685 18,038 1,379,723
4 Investments
Investments in
subsidiary
undertakings
£
Cost
Additions 385,000
At 31 October 2024 385,000
5 Debtors 2024 2023
£ £
Trade debtors 1,313,658 813,130
Other debtors 6,213,456 4,634,991
7,527,114 5,448,121
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 139,103 150,215
Obligations under finance lease and hire purchase contracts 143,245 135,116
Trade creditors 921,818 954,297
Taxation and social security costs 454,780 313,840
Other creditors 3,355,286 1,941,979
5,014,232 3,495,447
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 483,096 195,235
Obligations under finance lease and hire purchase contracts 331,652 326,183
Other creditors 167,313 137,150
982,061 658,568
8 Other information
SIPS ECO PANEL SYSTEMS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Unit 5 Boston Road
Glenrothes
KY6 2RE
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