Sip Communications Group Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11086803 (England and Wales)

FINANCIAL STATEMENTS

FOR THE PERIOD 28 NOVEMBER 2017 TO 31 MARCH 2019

FOR

SIP COMMUNICATIONS GROUP LTD

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mr D W Allen

REGISTERED OFFICE:

25 Camperdown Street

Level 2

London

E1 8DZ

REGISTERED NUMBER:

11086803 (England and Wales)

AUDITORS:

Raffingers LLP

19-20 Bourne Court

Southend Road

Woodford Green

Essex

IG8 8HD

FIXED ASSETS

Investments

3

4,000,000

CURRENT ASSETS

Debtors

13,537

Cash at bank

663,967

677,504

CREDITORS

Amounts falling due within one year

1,195,744

NET CURRENT LIABILITIES

(518,240

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,481,760

CREDITORS

Amounts falling due after more than one year

572,000

NET ASSETS

2,909,760

CAPITAL AND RESERVES

Called up share capital

41,250

Share premium

2,958,750

Retained earnings

(90,240

)

2,909,760

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the period ended 31 March 2019 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 27 August 2019 and were signed by:

Mr D W Allen - Director

1.	STATUTORY INFORMATION

Sip Communications Group Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any impairment deducted.

Taxation

Taxation for the period 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the

timing difference.

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.

Financial instruments

Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised

at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured

at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities, including trade and other payables, bank loans, that are classified as debt, are initially

recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt

instrument is measured at the present value of the future receipts discounted at a market rate of interest.

3.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

Additions

4,000,000

At 31 March 2019

4,000,000

NET BOOK VALUE

At 31 March 2019

4,000,000

4.	SECURED DEBTS

The following secured debts are included within creditors:

£

Bank loans

715,000

At the balance sheet date, the loan due of £715,000 to Coutts & Co was secured by way of fixed and floating

charge over the assets held by the company and its subsidiaries and a personal guarantee for £250,000 by Mr D

W Allen, the ultimate controlling party.

5.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Adam Howard Moody, FCCA (Senior Statutory Auditor)

for and on behalf of Raffingers LLP

6.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

At 31 March 2019, the company owed its sole director, D W Allen, £750,000 repayable on demand.