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REGISTERED NUMBER: 06604542 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

I.E.P. (WHOLESALE) LIMITED

I.E.P. (WHOLESALE) LIMITED (REGISTERED NUMBER: 06604542)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


I.E.P. (WHOLESALE) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022







DIRECTORS: C Krall
Miss L Wang





REGISTERED OFFICE: Unit 5
Reynolds Industrial Park
Stevern Way
Peterborough
Cambridgeshire
PE1 5EL





REGISTERED NUMBER: 06604542 (England and Wales)





ACCOUNTANTS: GreenStones Limited
9 Commerce Road
Lynchwood
Peterborough
Cambridgeshire
PE2 6LR

I.E.P. (WHOLESALE) LIMITED (REGISTERED NUMBER: 06604542)

BALANCE SHEET
31 DECEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 89,498 111,779
89,498 111,779

CURRENT ASSETS
Stocks 751,820 746,821
Debtors 6 1,559,283 506,443
Cash at bank and in hand 3,424,885 3,192,927
5,735,988 4,446,191
CREDITORS
Amounts falling due within one
year

7

1,768,502

1,826,596
NET CURRENT ASSETS 3,967,486 2,619,595
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,056,984

2,731,374

CREDITORS
Amounts falling due after more
than one year

8

(20,664

)

(24,364

)

PROVISIONS FOR LIABILITIES (17,005 ) (21,238 )
NET ASSETS 4,019,315 2,685,772

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 4,019,313 2,685,770
SHAREHOLDERS' FUNDS 4,019,315 2,685,772

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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.

I.E.P. (WHOLESALE) LIMITED (REGISTERED NUMBER: 06604542)

BALANCE SHEET - continued
31 DECEMBER 2022


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 November 2023 and were signed on its behalf by:





C Krall - Director


I.E.P. (WHOLESALE) LIMITED (REGISTERED NUMBER: 06604542)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1. STATUTORY INFORMATION

I.E.P. (Wholesale) Limited 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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of ten years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on reducing balance

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

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 balance sheet date.


I.E.P. (WHOLESALE) LIMITED (REGISTERED NUMBER: 06604542)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

2. ACCOUNTING POLICIES - continued
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 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 30 (2021 - 19 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2022
and 31 December 2022 430,000
AMORTISATION
At 1 January 2022
and 31 December 2022 430,000
NET BOOK VALUE
At 31 December 2022 -
At 31 December 2021 -

I.E.P. (WHOLESALE) LIMITED (REGISTERED NUMBER: 06604542)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2022 6,900 51,161 83,090 69,936 211,087
Additions - 13,985 - 4,782 18,767
Disposals - - (21,500 ) - (21,500 )
At 31 December 2022 6,900 65,146 61,590 74,718 208,354
DEPRECIATION
At 1 January 2022 6,157 40,561 31,472 21,118 99,308
Charge for year 149 3,051 7,979 10,161 21,340
Eliminated on disposal - - (1,792 ) - (1,792 )
At 31 December 2022 6,306 43,612 37,659 31,279 118,856
NET BOOK VALUE
At 31 December 2022 594 21,534 23,931 43,439 89,498
At 31 December 2021 743 10,600 51,618 48,818 111,779

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2022
and 31 December 2022 50,940
DEPRECIATION
At 1 January 2022 24,674
Charge for year 6,567
At 31 December 2022 31,241
NET BOOK VALUE
At 31 December 2022 19,699
At 31 December 2021 26,266

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 783,971 362,420
Other debtors 775,312 144,023
1,559,283 506,443

I.E.P. (WHOLESALE) LIMITED (REGISTERED NUMBER: 06604542)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts - 250,000
Hire purchase contracts 3,699 3,849
Trade creditors 321,623 262,401
Taxation and social security 1,231,811 1,168,898
Other creditors 211,369 141,448
1,768,502 1,826,596

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2022 2021
£    £   
Hire purchase contracts 20,664 24,364

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2022 and 31 December 2021:

2022 2021
£    £   
C Krall
Balance outstanding at start of year (4 ) 40,664
Amounts advanced 24,473 117,560
Amounts repaid (24,922 ) (158,228 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (453 ) (4 )

Miss L Wang
Balance outstanding at start of year (4 ) 40,664
Amounts advanced 79,679 61,822
Amounts repaid (80,128 ) (102,490 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (453 ) (4 )

These loans are unsecured.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr C Krall and Miss L Wang.