CIP Services Limited - Period Ending 2021-11-30

CIP Services Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 11

CIP Services Limited

Company Information

Director

Mr M A P Stevens

Company secretary

Mrs C J Stevens

Registered office

Blackbrook Gate 1 Blackbrook Business Park Taunton Somerset England TA1 2PX

Accountants

Francis Clark LLP Ground Floor Blackbrook Gate 1 Blackbrook Business Park Taunton Somerset TA1 2PX

CIP Services Limited

Balance Sheet

30 November 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	4	223,028	270,022
Current assets
Stocks	5	18,751	10,145
Debtors	6	197,294	1,136,183
Cash at bank and in hand		410,270	318,187
		626,315	1,464,515
Creditors: Amounts falling due within one year	7	(169,308)	(134,622)
Net current assets		457,007	1,329,893
Total assets less current liabilities		680,035	1,599,915
Creditors: Amounts falling due after more than one year	7	(42,188)	(77,683)
Provisions for liabilities		(51,182)	(47,627)
Net assets		586,665	1,474,605
Capital and reserves
Called up share capital		2	2
Profit and loss account		586,663	1,474,603
Shareholders' funds		586,665	1,474,605

CIP Services Limited

Balance Sheet

30 November 2021

For the financial year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 4 April 2022
 

......................................... Mr M A P Stevens Director

Company Registration Number: 03879046

CIP Services Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2021

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset
England
TA1 2PX

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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 Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Going concern

The directors, having made all necessary enquiries and given due consideration to the current operational and financial conditions and future outlook, are satisfied that the company will continue to meet its liabilities as they fall due and that the going concern basis of preparation remains appropriate for the foreseeable future being no less that 12 months from the date of approval of these accounts.

Key sources of estimation uncertainty

The directors are satisfied, having considered the current financial position and performance of the company in light of the ongoing Covid-19 challenges that the going concern assessment (which is a critical accounting judgement) remains appropriate. In making this assessment, the directors have taken account (from the date of approval of these financial statements) of possible changes in income levels, in order to determine when, and to what extent any further cost management measures may need to be implemented.

Revenue recognition

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

Government grants

Grants received are accounted for using the performance model. As the grant received was in relation to support for the Covid-19 pandemic the grant had no performance obligations and was therefore recognised on receipt.

CIP Services Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2021

Foreign currency transactions and balances

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.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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 taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Motor vehicles	25% reducing balance
Tools and equipment	20% straight line
Computer equipment	33.33% straight line
Office furniture and equipment	20% straight line
Plant and machinery	25% reducing balance

CIP Services Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2021

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

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.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

CIP Services Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2021

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2020 - 10).

CIP Services Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2021

4	Tangible assets

	Tools and equipment  £	Motor vehicles  £	Plant, office furniture and computer equipment  £	Total £
Cost or valuation
At 1 December 2020	200,440	193,238	120,691	514,369
Additions	1,954	15,230	4,396	21,580
Disposals	(10,246)	-	(74,963)	(85,209)
At 30 November 2021	192,148	208,468	50,124	450,740
Depreciation
At 1 December 2020	62,832	85,450	96,065	244,347
Charge for the year	27,913	30,755	9,906	68,574
Eliminated on disposal	(10,246)	-	(74,963)	(85,209)
At 30 November 2021	80,499	116,205	31,008	227,712
Carrying amount
At 30 November 2021	111,649	92,263	19,116	223,028
At 30 November 2020	137,608	107,788	24,626	270,022

5

Stocks

	2021 £	2020 £
Work in progress	18,751	10,145

6

Debtors

	Note	2021 £	2020 £
Trade debtors		160,399	134,752
Amounts owed by group undertakings and undertakings in which the company has a participating interest	10	10,001	10,001
Prepayments		26,894	25,614
Other debtors		-	965,816
		197,294	1,136,183

CIP Services Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2021

7

Creditors

Creditors: amounts falling due within one year

	Note	2021 £	2020 £
Due within one year
Loans and borrowings	8	30,565	34,553
Trade creditors		19,358	36,639
Corporation tax		26,158	15,308
Taxation and social security		68,489	25,721
Other creditors		16,555	15,030
Accruals and deferred income		8,183	7,371
		169,308	134,622

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £20,565 (2020 - £34,553).

Creditors: amounts falling due after more than one year

	Note	2021 £	2020 £
Due after one year
Loans and borrowings	8	42,188	77,683

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £7,118 (2020 - £27,683).

CIP Services Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2021

8	Loans and borrowings

	2021 £	2020 £
Current loans and borrowings
Bank borrowings	10,000	-
Hire purchase contracts	20,565	34,553
	30,565	34,553

	2021 £	2020 £
Loans and borrowings due after one year
Bank borrowings	35,070	50,000
HP and finance lease liabilities	7,118	27,683
	42,188	77,683

CIP Services Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2021

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £28,388 (2020 - £Nil).

10	Related party transactions

Summary of transactions with other related parties

During the year the company invoiced CIP Services NZ Limited £227,800 (2020:£231,513) for services rendered.

At the year end £nil (2020:£506) was due from CIP Services NZ Limited in respect of support services provided. This amount is shown in trade debtors.

At the year end £nil (2020:£965,816) was due from CIP Services NZ Limited in respect of outstanding dividends and interest. This amount is shown in other debtors.
 

11	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary shares of £1 each	2	2	2	2