LIP SERVICE CASTING LIMITED - Filleted accounts

Registered number

02146767

LIP SERVICE CASTING LIMITED

Filleted Accounts

30 September 2025

LIP SERVICE CASTING LIMITED
Registered number:		02146767
Balance Sheet
as at 30 September 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	3		291			540

Current assets
Debtors	4	186,894			217,157
Cash at bank and in hand		43,518			90,509
		230,412			307,666

Creditors: amounts falling due within one year	5	(198,293)			(217,194)

Net current assets			32,119			90,472

Total assets less current liabilities			32,410			91,012

Creditors: amounts falling due after more than one year	6		-			(7,500)

Provisions for liabilities			(55)			(103)


Net assets			32,355			83,409

Capital and reserves
Called up share capital			70			70
Share premium			30			30
Profit and loss account			32,255			83,309

Shareholders' funds			32,355			83,409

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.




Maxine Davies Kirstie Fletcher
Director	Director

Approved by the board on 13 November 2025

LIP SERVICE CASTING LIMITED
Notes to the Accounts
for the year ended 30 September 2025


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).

	LIP SERVICE CASTING LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
	69 Loughborough Road
	West Bridgford
	Nottingham
	NG2 7LA

	The financial statements are prepared in Sterling (£) which is the functional currency of the company.

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable for the provision of services, net of discounts and value added taxes.

	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:

	Office equipment	over 3 years

	Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. 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 within the profit and loss account.


	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are recognised at transaction price including any transaction costs.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	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.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.

2	Employees		2025		2024
Number				Number

	Average number of persons employed by the company		2		2

3	Tangible fixed assets
					Plant and machinery etc
£
	Cost
	At 1 October 2024				1,588
	Disposals				(840)
	At 30 September 2025				748

	Depreciation
	At 1 October 2024				1,048
	Charge for the year				249
	On disposals				(840)
	At 30 September 2025				457

	Net book value
	At 30 September 2025				291
	At 30 September 2024				540

4	Debtors		2025		2024
£				£

	Trade debtors		186,457		139,142
	Amounts owed by group undertakings		-		77,914
	Other debtors		437		101
			186,894		217,157

	Amounts due after more than one year included above		-		77,400

5	Creditors: amounts falling due within one year		2025		2024
£				£

	Bank loans and overdrafts		7,500		10,000
	Trade creditors		160,896		138,962
	Taxation and social security costs		25,077		24,557
	Other creditors		4,820		43,675
			198,293		217,194

6	Creditors: amounts falling due after one year		2025		2024
£				£

	Bank loans		-		7,500

7	Loans		2025		2024
£				£
	Creditors include:

	Secured bank loans		7,500		17,500

	The company took advantage of the Bounce Back Loan Scheme (BBLS), the government guarantees 100% of the loan.

8	Pension commitments

	The company operates a defined contribution pension scheme, for the directors. The assets of the scheme are held seperately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £581 (2024: £581) were due to the fund. They are included in other creditors.

9	Related party transactions

	During the year, the company operated loan accounts to companies where there are directors in common. The total amount advanced during the year amount to £406 (2024: £313), there were no amounts repaid. At 30 September 2025, the balance on the loan account amounted to £78,320 (2024: £77,914) and was subsequently written off as a bad debt after the cessation of the related company.