Registered number
09651136
I&P ENGINEERING LTD
Unaudited Filleted Accounts
30 June 2023
I&P ENGINEERING LTD
Registered number: 09651136
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 24,149 32,007
Current assets
Debtors 4 103,910 158,036
Cash at bank and in hand 316,151 310,989
420,061 469,025
Creditors: amounts falling due within one year 5 (87,986) (89,701)
Net current assets 332,075 379,324
Net assets 356,224 411,331
Capital and reserves
Called up share capital 4 4
Profit and loss account 356,220 411,327
Shareholders' funds 356,224 411,331
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P Spencer
Director
Approved by the board on 23 November 2023
I&P ENGINEERING LTD
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicles over 5 years
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 8
3 Tangible fixed assets
Fixtures & Fittings Motor vehicles Total
£ £ £
Cost
At 1 July 2022 4,153 50,503 54,656
Additions 1,115 - 1,115
At 30 June 2023 5,268 50,503 55,771
Depreciation
At 1 July 2022 2,768 19,881 22,649
Charge for the year 1,317 7,656 8,973
At 30 June 2023 4,085 27,537 31,622
Net book value
At 30 June 2023 1,183 22,966 24,149
At 30 June 2022 1,385 30,622 32,007
4 Debtors 2023 2022
£ £
Trade debtors 101,410 88,514
Other debtors 2,500 69,522
103,910 158,036
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 76,884 80,336
Other creditors 11,102 9,365
87,986 89,701
6 Other information
I&P ENGINEERING LTD is a private company limited by shares and incorporated in England. Its registered office is:
300 St. Mary's Road
Garston
Liverpool
Merseyside
L19 0NQ
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