Inventive Products Limited 09854117 false 2021-11-30 2022-11-29 2022-11-29 The principal activity of the company is manufacture of wire products, chain and springs. Digita Accounts Production Advanced 6.30.9574.0 true true 09854117 2021-11-30 2022-11-29 09854117 2022-11-29 09854117 bus:OrdinaryShareClass1 2022-11-29 09854117 core:CurrentFinancialInstruments 2022-11-29 09854117 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-29 09854117 core:Non-currentFinancialInstruments 2022-11-29 09854117 core:Non-currentFinancialInstruments core:AfterOneYear 2022-11-29 09854117 core:FurnitureFittingsToolsEquipment 2022-11-29 09854117 core:MotorVehicles 2022-11-29 09854117 core:OtherPropertyPlantEquipment 2022-11-29 09854117 bus:SmallEntities 2021-11-30 2022-11-29 09854117 bus:AuditExemptWithAccountantsReport 2021-11-30 2022-11-29 09854117 bus:FullAccounts 2021-11-30 2022-11-29 09854117 bus:SmallCompaniesRegimeForAccounts 2021-11-30 2022-11-29 09854117 bus:RegisteredOffice 2021-11-30 2022-11-29 09854117 bus:Director1 2021-11-30 2022-11-29 09854117 bus:OrdinaryShareClass1 2021-11-30 2022-11-29 09854117 bus:PrivateLimitedCompanyLtd 2021-11-30 2022-11-29 09854117 core:FurnitureFittingsToolsEquipment 2021-11-30 2022-11-29 09854117 core:MotorVehicles 2021-11-30 2022-11-29 09854117 core:OfficeEquipment 2021-11-30 2022-11-29 09854117 core:OtherPropertyPlantEquipment 2021-11-30 2022-11-29 09854117 core:PlantMachinery 2021-11-30 2022-11-29 09854117 countries:UnitedKingdom 2021-11-30 2022-11-29 09854117 2021-11-29 09854117 core:FurnitureFittingsToolsEquipment 2021-11-29 09854117 core:MotorVehicles 2021-11-29 09854117 core:OtherPropertyPlantEquipment 2021-11-29 09854117 2020-12-01 2021-11-29 09854117 2021-11-29 09854117 bus:OrdinaryShareClass1 2021-11-29 09854117 core:CurrentFinancialInstruments 2021-11-29 09854117 core:CurrentFinancialInstruments core:WithinOneYear 2021-11-29 09854117 core:Non-currentFinancialInstruments 2021-11-29 09854117 core:Non-currentFinancialInstruments core:AfterOneYear 2021-11-29 09854117 core:FurnitureFittingsToolsEquipment 2021-11-29 09854117 core:MotorVehicles 2021-11-29 09854117 core:OtherPropertyPlantEquipment 2021-11-29 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 09854117

Inventive Products Limited

trading as Bailey of Sheffield

Unaudited Filleted Financial Statements

for the Year Ended 29 November 2022

 

Inventive Products Limited

trading as Bailey of Sheffield

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Inventive Products Limited

trading as Bailey of Sheffield

(Registration number: 09854117)
Balance Sheet as at 29 November 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

5

9,816

13,089

Current assets

 

Stocks

6

29,016

53,205

Debtors

7

14,308

14,308

Cash at bank and in hand

 

9,892

7,748

 

53,216

75,261

Creditors: Amounts falling due within one year

8

(156,998)

(165,332)

Net current liabilities

 

(103,782)

(90,071)

Total assets less current liabilities

 

(93,966)

(76,982)

Creditors: Amounts falling due after more than one year

8

(25,000)

(54,000)

Net liabilities

 

(118,966)

(130,982)

Capital and reserves

 

Called up share capital

9

200

200

Retained earnings

(119,166)

(131,182)

Shareholders' deficit

 

(118,966)

(130,982)

For the financial year ending 29 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Inventive Products Limited

trading as Bailey of Sheffield

(Registration number: 09854117)
Balance Sheet as at 29 November 2022

Approved and authorised by the director on 5 March 2024
 

.........................................
Mr S A Bailey
Director

   
     
 

Inventive Products Limited

trading as Bailey of Sheffield

Notes to the Unaudited Financial Statements for the Year Ended 29 November 2022

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Portland Works - Unit 20
Randall Street
Sheffield
South Yorkshire
S2 4SJ
England

These financial statements were authorised for issue by the director on 5 March 2024.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Inventive Products Limited

trading as Bailey of Sheffield

Notes to the Unaudited Financial Statements for the Year Ended 29 November 2022

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

Reducing balance 25%

Motor vehicles

Reducing balance 25%

Office equipment

Reducing balance 25%

 

Inventive Products Limited

trading as Bailey of Sheffield

Notes to the Unaudited Financial Statements for the Year Ended 29 November 2022

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2021 - 3).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2022
£

2021
£

Depreciation expense

3,272

4,363

 

Inventive Products Limited

trading as Bailey of Sheffield

Notes to the Unaudited Financial Statements for the Year Ended 29 November 2022

5

Tangible assets

Office
Equipment
£

Motor vehicles
 £

Plant &
Machinery
£

Total
£

Cost or valuation

At 30 November 2021

4,301

17,500

1,723

23,524

At 29 November 2022

4,301

17,500

1,723

23,524

Depreciation

At 30 November 2021

1,461

7,656

1,318

10,435

Charge for the year

710

2,461

102

3,273

At 29 November 2022

2,171

10,117

1,420

13,708

Carrying amount

At 29 November 2022

2,130

7,383

303

9,816

At 29 November 2021

2,840

9,844

405

13,089

6

Stocks

2022
£

2021
£

Other inventories

29,016

53,205

7

Debtors

Current

2022
£

2021
£

Other debtors

14,308

14,308

 

Inventive Products Limited

trading as Bailey of Sheffield

Notes to the Unaudited Financial Statements for the Year Ended 29 November 2022

8

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

10

52,642

69,045

Trade creditors

 

32,747

18,940

Taxation and social security

 

56,943

45,390

Accruals and deferred income

 

4,540

9,940

Other creditors

 

10,126

22,017

 

156,998

165,332

 

Inventive Products Limited

trading as Bailey of Sheffield

Notes to the Unaudited Financial Statements for the Year Ended 29 November 2022

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

10

25,000

54,000

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200

         

10

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

25,000

35,000

Other borrowings

-

19,000

25,000

54,000

2022
£

2021
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Other borrowings

42,642

59,045

52,642

69,045