SIPS PANELS LTD

SIPS PANELS LTD

SIPS PANELS LTD - Company Information

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SIPS PANELS LTD

Company Registration Number:
10267902 (England and Wales)

Unaudited abridged accounts for the year ended 31 July 2019

Period of accounts

Start date: 01 August 2018

End date: 31 July 2019

SIPS PANELS LTD

Contents of the Financial Statements

for the Period Ended 31 July 2019

Balance sheet
Notes

SIPS PANELS LTD

Balance sheet

As at 31 July 2019


Notes
2019
2018


£
£
Fixed assets
Tangible assets: 3 2,190 11,767
Total fixed assets: 2,190 11,767
Current assets
Stocks: 15,940 27,497
Debtors:   52,531 38,174
Cash at bank and in hand: 7,778 0
Total current assets: 76,249 65,671
Creditors: amounts falling due within one year: 4 (78,299) (76,668)
Net current assets (liabilities): (2,050) (10,997)
Total assets less current liabilities: 140 770
Total net assets (liabilities): 140 770
Capital and reserves
Called up share capital: 2 2
Profit and loss account: 138 768
Shareholders funds: 140 770

The notes form part of these financial statements

SIPS PANELS LTD

Balance sheet statements

For the year ending 31 July 2019 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 28 July 2020
and signed on behalf of the board by:

Name: Luke Puckett
Status: Director

The notes form part of these financial statements

SIPS PANELS LTD

Notes to the Financial Statements

for the Period Ended 31 July 2019

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets and depreciation policy

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.Plant & machinery - 25% on reducing balance

Other accounting policies

Stocks and work in progressStocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is calculated using the first-in, first-out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition.TaxationTaxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.Current or deferred taxation assets and liabilities are not discounted.Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

SIPS PANELS LTD

Notes to the Financial Statements

for the Period Ended 31 July 2019

2. Employees

2019 2018
Average number of employees during the period 3 3

SIPS PANELS LTD

Notes to the Financial Statements

for the Period Ended 31 July 2019

3. Tangible Assets

Total
Cost £
At 01 August 2018 15,021
Additions 2,143
Disposals (13,694)
At 31 July 2019 3,470
Depreciation
At 01 August 2018 3,254
Charge for year 782
On disposals (2,756)
At 31 July 2019 1,280
Net book value
At 31 July 2019 2,190
At 31 July 2018 11,767

SIPS PANELS LTD

Notes to the Financial Statements

for the Period Ended 31 July 2019

4. Creditors: amounts falling due within one year note

Bank loans and overdrafts £0 (2018: £3231)Trade creditors £62474 (2018: £65582)Taxation and social security £14525 (2018: £6553)Other creditors £1300 (2018: £1302)Total £78299 (2018: £76668)

SIPS PANELS LTD

Notes to the Financial Statements

for the Period Ended 31 July 2019

5. Loans to directors

Name of director receiving advance or credit: Luke Puckett
Description of the loan: Advance
£
Balance at 01 August 2018 5,657
Advances or credits made: 8,319
Advances or credits repaid: 5,657
Balance at 31 July 2019 8,319

SIPS PANELS LTD

Notes to the Financial Statements

for the Period Ended 31 July 2019

6. Related party transactions

Name of the related party: The Joinery Barn Ltd
Relationship:
A company owned by the director Mr MG Abbott
Description of the Transaction: During the year the company sold items of plant and machinery to The Joinery Barn. The transaction was at open market terms and the invoice has been fully paid.
£
Balance at 01 August 2018 0
Balance at 31 July 2019 0