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REGISTERED NUMBER: 10552361 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

FOR

INDUSTRIAL POWER SYSTEMS LTD.

INDUSTRIAL POWER SYSTEMS LTD. (REGISTERED NUMBER: 10552361)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


INDUSTRIAL POWER SYSTEMS LTD.

COMPANY INFORMATION
for the Year Ended 31 January 2023







DIRECTORS: P Campbell
Mrs N L Campbell





REGISTERED OFFICE: Unit 4 Roundwood Trade Park
Roundwood Drive
Sherdley Industrial Estate
St Helens
WA9 5XU





REGISTERED NUMBER: 10552361 (England and Wales)





ACCOUNTANTS: Fairhurst
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

INDUSTRIAL POWER SYSTEMS LTD. (REGISTERED NUMBER: 10552361)

STATEMENT OF FINANCIAL POSITION
31 January 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 6,345 -
Tangible assets 5 431,191 400,925
437,536 400,925

CURRENT ASSETS
Stocks 164,367 133,206
Debtors 6 260,242 227,036
Cash at bank 409,233 181,341
833,842 541,583
CREDITORS
Amounts falling due within one year 7 274,036 183,575
NET CURRENT ASSETS 559,806 358,008
TOTAL ASSETS LESS CURRENT
LIABILITIES

997,342

758,933

CREDITORS
Amounts falling due after more than one
year

8

(175,585

)

(199,698

)

PROVISIONS FOR LIABILITIES (80,066 ) (40,918 )
NET ASSETS 741,691 518,317

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 741,591 518,217
741,691 518,317

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

INDUSTRIAL POWER SYSTEMS LTD. (REGISTERED NUMBER: 10552361)

STATEMENT OF FINANCIAL POSITION - continued
31 January 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 5 October 2023 and were signed on its behalf by:





P Campbell - Director


INDUSTRIAL POWER SYSTEMS LTD. (REGISTERED NUMBER: 10552361)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

Industrial Power Systems 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.

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.

The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The principal accounting policies adopted in the preparation of the financial statements are set out below.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Intangible assets are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

INDUSTRIAL POWER SYSTEMS LTD. (REGISTERED NUMBER: 10552361)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The directors have elected to apply the provisions of FRS 102 section 11 "Basic financial instruments" to all its financial instruments.

The following assets and liabilities are classified as financial instruments; trade debtors, Directors' loan accounts, trade creditors, accruals and bank loans.

Financial instruments that are payable or receivable within one year, typically trade debtors, Directors' loan accounts, trade creditors and accruals, are measured initially and subsequently at the discounted amount of the cash or other consideration that is expected to be paid or received.

Financial instruments repayable in more than one year such as bank loans are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method unless the effect of discounting would be immaterial.

Taxation
Taxation 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 year 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 4 ) .

INDUSTRIAL POWER SYSTEMS LTD. (REGISTERED NUMBER: 10552361)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 6,679
At 31 January 2023 6,679
AMORTISATION
Charge for year 334
At 31 January 2023 334
NET BOOK VALUE
At 31 January 2023 6,345

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 February 2022 317,801 136,935 454,736
Additions - 70,820 70,820
At 31 January 2023 317,801 207,755 525,556
DEPRECIATION
At 1 February 2022 - 53,812 53,812
Charge for year 3,178 37,375 40,553
At 31 January 2023 3,178 91,187 94,365
NET BOOK VALUE
At 31 January 2023 314,623 116,568 431,191
At 31 January 2022 317,801 83,123 400,924

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 255,303 223,700
Other debtors 4,939 3,336
260,242 227,036

INDUSTRIAL POWER SYSTEMS LTD. (REGISTERED NUMBER: 10552361)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 20,756 17,400
Hire purchase contracts - 2,599
Trade creditors 68,361 31,321
Taxation and social security 182,373 129,700
Other creditors 2,546 2,555
274,036 183,575

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 175,585 199,698

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 108,393 -