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Company No: 03879046 (England and Wales)

CIP SERVICES LIMITED

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

CIP SERVICES LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2024

Contents

CIP SERVICES LIMITED

BALANCE SHEET

As at 30 November 2024
CIP SERVICES LIMITED

BALANCE SHEET (continued)

As at 30 November 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 474,293 453,465
474,293 453,465
Current assets
Debtors 4 294,966 292,278
Cash at bank and in hand 144,203 57,259
439,169 349,537
Creditors: amounts falling due within one year 5 ( 101,619) ( 177,418)
Net current assets 337,550 172,119
Total assets less current liabilities 811,843 625,584
Provision for liabilities ( 75,553) ( 58,638)
Net assets 736,290 566,946
Capital and reserves
Called-up share capital 6 2 2
Profit and loss account 736,288 566,944
Total shareholder's funds 736,290 566,946

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

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of CIP Services Limited (registered number: 03879046) were approved and authorised for issue by the Director on 31 May 2025. They were signed on its behalf by:

Mr M A P Stevens
Director
CIP SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
CIP SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 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

CIP Services 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 Ground Floor Blackbrook Gate 1, Blackbrook Business Park, Taunton, TA1 2PX, 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 £.

Foreign currency

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Employee benefits

Defined contribution schemes
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

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 Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Tools and equipment 5 years straight line
Office equipment 5 years straight line
Computer equipment 3 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.

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 Income and Retained Earnings 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 10 11

3. Tangible assets

Plant and machinery Vehicles Tools and equipment Office equipment Computer equipment Total
£ £ £ £ £ £
Cost
At 01 December 2023 37,546 456,935 273,342 20,209 19,901 807,933
Additions 0 0 137,859 1,304 1,885 141,048
Disposals ( 8,688) ( 64,962) ( 969) ( 9,646) ( 1,767) ( 86,032)
At 30 November 2024 28,858 391,973 410,232 11,867 20,019 862,949
Accumulated depreciation
At 01 December 2023 22,458 183,646 122,833 10,967 14,564 354,468
Charge for the financial year 3,772 66,365 30,132 2,499 3,144 105,912
Disposals ( 7,142) ( 54,392) 0 ( 8,423) ( 1,767) ( 71,724)
At 30 November 2024 19,088 195,619 152,965 5,043 15,941 388,656
Net book value
At 30 November 2024 9,770 196,354 257,267 6,824 4,078 474,293
At 30 November 2023 15,088 273,289 150,509 9,242 5,337 453,465

4. Debtors

2024 2023
£ £
Trade debtors 237,438 197,925
Amounts owed by Group undertakings 133 133
Prepayments 11,618 31,737
Corporation tax 45,777 0
Other debtors 0 62,483
294,966 292,278

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 40,033 31,978
Corporation tax 0 61,999
Other taxation and social security 38,104 57,476
Other creditors 23,482 25,965
101,619 177,418

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

7. Financial commitments

Other financial commitments

2024 2023
£ £
Total amount of financial commitments not included in the balance sheet 28,388 5,678

8. Related party transactions

During the year the company invoiced CIP Services NZ Limited £nil (2023 - £303,824) for services rendered.

At the year end £nil (2023 - £nil) was due from CIP Services NZ Limited in respect of support services provided. This amount is shown in trade debtors.