ACCOUNTS - Final Accounts preparation

Company registration number: 12257814

	FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 DECEMBER 2024

	SIP DISTRIBUTION UK LTD


SIP DISTRIBUTION UK LTD

COMPANY INFORMATION

Directors	A Cosovici
	M J Holden


Registered number	12257814


Registered office	Magna House
	18-32 London Road
	Staines-Upon-Thames
	Surrey
	TW18 4BP


Independent auditors	Barnes Roffe Audit Limited
	Chartered Accountants & Statutory Auditor
	3 Brook Business Centre
	Cowley Mill Road
	Uxbridge
	Middlesex
	UB8 2FX


SIP DISTRIBUTION UK LTD

CONTENTS

	Page
Statement of financial position	1
Notes to the financial statements	2 - 7


SIP DISTRIBUTION UK LTD REGISTERED NUMBER:12257814

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
		£		£

Fixed assets
Tangible assets	4		-		61,910
			-		61,910
Current assets
Fixed assets held for sale		33,262		-
Stocks		897,620		831,358
Debtors: amounts falling due within one year	5	184,733		204,466
Cash at bank and in hand		15,432		16,887
		1,131,047		1,052,711
Creditors: amounts falling due within one year	6	(957,899)		(870,885)
Net current assets			173,148		181,826
Total assets less current liabilities			173,148		243,736
Provisions for liabilities
Deferred tax	7	-		(4,580)
			-		(4,580)
Net assets			173,148		239,156

Capital and reserves
Called up share capital	500,000	500,000
Profit and loss account	(326,852)	(260,844)
	173,148	239,156

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

A Cosovici

Director

Date: 30 September 2025

The notes on pages 2 to 7 form part of these financial statements.

Page 1


SIP DISTRIBUTION UK LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

SIP Distribution UK Ltd is a private limited company limited by shares incorporated in England and Wales. The address of the registered office is given in the company information page of these financial statements. The company has no principal place of business.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Going concern

The directors annually assess whether there are conditions or events, when considered in aggregate, that
raise substantial doubt about the ability of the company to continue as a going concern and meets its obligations as they become due. This evaluation is based on relevant market conditions and events, alongside company projections that the directors consider to be reasonable and achievable in light of the company’s actual results and the anticipated future revenues from both existing and prospective contracts.
Subsequent to the year-end, the directors have made the decision to cease trading and close the company due to challenging market conditions.
As a result, the directors no longer consider the going concern basis to be appropriate in the preparation of these financial statements. Instead, the financial statements have been prepared on a basis other than going concern.

2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

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SIP DISTRIBUTION UK LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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SIP DISTRIBUTION UK LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

				Plant and machinery	-	25%	Reducing balance
				Motor vehicles	-	25%	Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.10

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 5).

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SIP DISTRIBUTION UK LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

4.	Tangible fixed assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1 January 2024	2,500	91,365	93,865
Reclassified to held for sale	(2,500)	(91,365)	(93,865)
At 31 December 2024	-	-	-

At 1 January 2024	521	31,434	31,955
Charge for the year on owned assets	495	14,983	15,478
Reclassified to held for sale	(1,016)	(46,417)	(47,433)
At 31 December 2024	-	-	-
Net book value
At 31 December 2024	-	-	-
At 31 December 2023	1,979	59,931	61,910

Debtors

					2024	2023
					£	£


Trade debtors	170,526	193,724
Other debtors	3,481	4,500
Prepayments and accrued income	10,726	6,242
	184,733	204,466

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SIP DISTRIBUTION UK LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

6.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	890,814	685,287
Amounts owed to parent company	-	13,005
Other taxation and social security	5,997	86,115
Other creditors	43,238	11,073
Accruals and deferred income	17,850	75,405
	957,899	870,885

7.	Deferred taxation

		2024
		£

	At beginning of year	(4,580)
	Credit to the profit and loss account	4,580
	At end of year	-

The deferred taxation balance is made up as follows:
	2024	2023
	£	£

	Accelerated capital allowances	-	(4,580)
		-	(4,580)

8.	Related party transactions
	The company has elected to take the parent-subsidiary exemption in relation to related party transactions.

9.	Post balance sheet events

Other than the decision to cease trading, as set out in note 2.2, there have been no significant events affecting the company since the year end.

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SIP DISTRIBUTION UK LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10.	Controlling party

SIP d.d. Šempeter v Savinjski dolini, a company incorporated in Slovenia, is the immediate parent company and also the parent company of the smallest and largest group for which consolidated financial statements are drawn up of which the company is a member. The parent company's registered office is Juhartova 2, 3311 Sempeter v Sav. dolini, Slovenia and consolidated accounts are available at this address.
The ultimate controlling party was Mr U Korze, owner and chairman of the parent company.

11.	Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.
We draw attention to note 2.2 in the financial statements, which indicates that the financial statements have been prepared on a basis other than that of going concern. The director does not believe that any adjustments are required to the accounts in respect of that decision. The auditors opinion is not modified in respect of this matter.

The audit report was signed on 30 September 2025 by Nigel Goodman (Senior statutory auditor) on behalf of Barnes Roffe Audit Limited.

Page 7