Company No: 03879046 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTOR

Mr M A P Stevens

SECRETARY

Mrs C J Stevens

REGISTERED OFFICE	Ground Floor Blackbrook Gate 1
	Blackbrook Business Park
	Taunton
	TA1 2PX
	United Kingdom

COMPANY NUMBER

03879046 (England and Wales)

CHARTERED ACCOUNTANTS	Francis Clark LLP
	Blackbrook Gate 1
	Blackbrook Business Park
	Taunton
	Somerset TA1 2PX

	Note	2022		2021
		£		£
Fixed assets
Tangible assets	3	237,983		223,028
		237,983		223,028
Current assets
Stocks	4	1,120		18,751
Debtors	5	314,761		197,294
Cash at bank and in hand		569,492		410,270
		885,373		626,315
Creditors: amounts falling due within one year	6	( 196,779)		( 169,308)
Net current assets		688,594		457,007
Total assets less current liabilities		926,577		680,035
Creditors: amounts falling due after more than one year	7	( 25,480)		( 42,188)
Provision for liabilities		( 55,166)		( 51,182)
Net assets		845,931		586,665
Capital and reserves
Called-up share capital	8	2		2
Profit and loss account		845,929		586,663
Total shareholder's funds		845,931		586,665

For the financial year ending 30 November 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of CIP Services Limited (registered number: 03879046) were approved and authorised for issue by the Director on 07 July 2023. They were signed on its behalf by:

Mr M A P Stevens Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

CIP Services Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Ground Floor Blackbrook Gate 1, Blackbrook Business Park, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

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.

Turnover

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

Employee benefits

Defined contribution schemes
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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	25 % reducing balance
Vehicles	25 % reducing balance
Tools and equipment	5 years straight line
Office equipment	5 years straight line
Computer equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Government grants

Government grants are recognised based on the performance model.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	10		9

3. Tangible assets

	Plant and machinery		Vehicles		Tools and equipment		Office equipment		Computer equipment		Total
	£		£		£		£		£		£
Cost
At 01 December 2021	28,721		208,468		192,148		9,322		12,081		450,740
Additions	0		52,425		6,940		8,046		6,557		73,968
Disposals	0		( 8,095)		0		0		0		( 8,095)
At 30 November 2022	28,721		252,798		199,088		17,368		18,638		516,613
Accumulated depreciation
At 01 December 2021	16,606		116,205		80,499		6,518		7,884		227,712
Charge for the financial year	3,029		23,020		22,906		2,325		3,180		54,460
Disposals	0		( 3,542)		0		0		0		( 3,542)
At 30 November 2022	19,635		135,683		103,405		8,843		11,064		278,630
Net book value
At 30 November 2022	9,086		117,115		95,683		8,525		7,574		237,983
At 30 November 2021	12,115		92,263		111,649		2,804		4,197		223,028

4. Stocks

	2022		2021
	£		£
Work in progress	1,120		18,751

5. Debtors

	2022		2021
	£		£
Trade debtors	143,223		160,399
Amounts owed by Group undertakings	107		10,001
Prepayments and accrued income	151,160		26,894
Other debtors	20,271		0
	314,761		197,294

6. Creditors: amounts falling due within one year

	2022		2021
	£		£
Bank loans	10,000		10,000
Trade creditors	22,322		19,358
Corporation tax	61,368		26,158
Other taxation and social security	56,637		68,489
Obligations under finance leases and hire purchase contracts (secured)	7,118		20,565
Other creditors	39,334		24,738
	196,779		169,308

7. Creditors: amounts falling due after more than one year

	2022		2021
	£		£
Bank loans	25,480		35,070
Obligations under finance leases and hire purchase contracts (secured)	0		7,118
	25,480		42,188

8. Called-up share capital

	2022		2021
	£		£
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each	2		2

9. Financial commitments

Other financial commitments

	2022		2021
	£		£
Total amount of financial commitments not included in the balance sheet	17,033		28,388

10. Related party transactions

During the year the company invoiced CIP Services NZ Limited £115,400 (2021 - £227,800) for services rendered.

At the year end £nil (2021 - £nil) was due from CIP Services NZ Limited in respect of support services provided. This amount is shown in trade debtors.