Relate AccountsProduction v2.7.2 v2.7.2 2021-12-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is the installation of industrial machinery and equipment. 22 November 2023 10 9 NI039584 2022-11-30 NI039584 2021-11-30 NI039584 2020-11-30 NI039584 2021-12-01 2022-11-30 NI039584 2020-12-01 2021-11-30 NI039584 uk-bus:PrivateLimitedCompanyLtd 2021-12-01 2022-11-30 NI039584 uk-curr:PoundSterling 2021-12-01 2022-11-30 NI039584 uk-bus:SmallCompaniesRegimeForAccounts 2021-12-01 2022-11-30 NI039584 uk-bus:AbridgedAccounts 2021-12-01 2022-11-30 NI039584 uk-bus:Director1 2021-12-01 2022-11-30 NI039584 uk-bus:RegisteredOffice 2021-12-01 2022-11-30 NI039584 uk-bus:Agent1 2021-12-01 2022-11-30 NI039584 uk-core:ShareCapital 2022-11-30 NI039584 uk-core:ShareCapital 2021-11-30 NI039584 uk-core:OtherReservesSubtotal 2022-11-30 NI039584 uk-core:OtherReservesSubtotal 2021-11-30 NI039584 uk-core:RetainedEarningsAccumulatedLosses 2022-11-30 NI039584 uk-core:RetainedEarningsAccumulatedLosses 2021-11-30 NI039584 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-11-30 NI039584 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2021-11-30 NI039584 uk-bus:FRS102 2021-12-01 2022-11-30 NI039584 uk-core:FurnitureFittingsToolsEquipment 2021-12-01 2022-11-30 NI039584 uk-core:MotorVehicles 2021-12-01 2022-11-30 NI039584 2021-12-01 2022-11-30 NI039584 uk-bus:AuditExempt-NoAccountantsReport 2021-12-01 2022-11-30 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
 
 
 
Industrial Products Limited
 
Abridged Unaudited Financial Statements
 
for the financial year ended 30 November 2022



Industrial Products Limited
DIRECTOR AND OTHER INFORMATION

 
Director Darren Stewart
 
 
Company Registration Number NI039584
 
 
Registered Office and Business Address Unit 8
Woodburn Road
Carrickfergus
Co. Antrim
BT38 8HQ
Northern Ireland
 
 
Accountants John MacMahon & Co
Chartered Accountants
112 Camlough Road
Newry
Co. Down
BT35 7EE
Northern Ireland



Industrial Products Limited
Company Registration Number: NI039584
ABRIDGED BALANCE SHEET
as at 30 November 2022

2022 2021
Notes £ £
 
Fixed Assets
Tangible assets 4 110,338 87,990
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Current Assets
Stocks 165,000 15,800
Debtors 550,069 850,387
Cash at bank and in hand 924,500 362,623
───────── ─────────
1,639,569 1,228,810
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Creditors: amounts falling due within one year (746,599) (449,931)
───────── ─────────
Net Current Assets 892,970 778,879
───────── ─────────
Total Assets less Current Liabilities 1,003,308 866,869
 
Provisions for liabilities (11,766) (5,984)
───────── ─────────
Net Assets 991,542 860,885
═════════ ═════════
 
Capital and Reserves
Called up share capital 51 51
Other reserves 50 50
Retained earnings 991,441 860,784
───────── ─────────
Shareholders' Funds 991,542 860,885
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
The company has taken advantage of the exemption under section 444 not to file the Abridged Profit and Loss Account and Director's Report.
For the financial year ended 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Director and authorised for issue on 22 November 2023
           
           
________________________________          
Darren Stewart          
Director          
           



Industrial Products Limited
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 30 November 2022

   
1. General Information
 
Industrial Products Limited is a private company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI039584. The registered office of the company is Unit 8, Woodburn Road, Carrickfergus, Co. Antrim, BT38 8HQ, Northern Ireland which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Director's Report. The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company.

The financial statements cover the individual entity for the financial year ended 30th November 2022.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 30 November 2022 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Fixtures, fittings and equipment - 15% Reducing Balance
  Motor vehicles - 20% Reducing Balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including director, during the financial year was
 
  2022 2021
  Number Number
 
Full time 10 9
  ═════════ ═════════
         
4. Tangible assets
  Fixtures, Motor Total
  fittings and vehicles  
  equipment    
  £ £ £
Cost
At 1 December 2021 45,455 164,205 209,660
Additions - 57,480 57,480
Disposals - (12,000) (12,000)
  ───────── ───────── ─────────
At 30 November 2022 45,455 209,685 255,140
  ───────── ───────── ─────────
Depreciation
At 1 December 2021 41,180 80,490 121,670
Charge for the financial year 641 22,491 23,132
  ───────── ───────── ─────────
At 30 November 2022 41,821 102,981 144,802
  ───────── ───────── ─────────
Net book value
At 30 November 2022 3,634 106,704 110,338
  ═════════ ═════════ ═════════
At 30 November 2021 4,275 83,715 87,990
  ═════════ ═════════ ═════════
       
5. Financial commitments and guarantees
 
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Pension contributions are charged to the profit and loss in the year that they occur. There is £549 owed to the fund at the 30th November 2022. This is included in Creditors: amounts falling due within one year.
       
6. Director's advances, credits and guarantees
 
At the beginning of the financial year, the director owed the company £150,681. This was repaid within 9 months of the last financial year, the directors account is now in a credit position.