Company registration number 07330035 (England and Wales)
IP NRG SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
IP NRG SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
IP NRG SOLUTIONS LIMITED (REGISTERED NUMBER: 07330035)
BALANCE SHEET
AS AT 31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,711
5,571
Investments
4
11,363
11,363
15,074
16,934
Current assets
Stocks
38,136
39,631
Debtors
5
119,366
95,916
Cash at bank and in hand
100
4,710
157,602
140,257
Creditors: amounts falling due within one year
6
(119,172)
(71,557)
Net current assets
38,430
68,700
Total assets less current liabilities
53,504
85,634
Creditors: amounts falling due after more than one year
7
(36,000)
(84,000)
Provisions for liabilities
-
0
(784)
Net assets
17,504
850
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
17,404
750
Total equity
17,504
850

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

IP NRG SOLUTIONS LIMITED (REGISTERED NUMBER: 07330035)
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023
31 July 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 26 January 2024
Mr J Crichlow
Director
IP NRG SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information

IP NRG Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19-21 Swan Street, West Malling, Kent, ME19 6JU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% on reducing balance
Fixtures, fittings & equipment
33% on cost
Computer equipment
33% on cost
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

 

IP NRG SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation

The tax expense represents the sum of the tax currently payable.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2022
1,149
17,698
14,397
7,020
40,264
Additions
-
0
-
0
421
-
0
421
At 31 July 2023
1,149
17,698
14,818
7,020
40,685
Depreciation and impairment
At 1 August 2022
1,149
16,113
13,537
3,894
34,693
Depreciation charged in the year
-
0
547
952
782
2,281
At 31 July 2023
1,149
16,660
14,489
4,676
36,974
Carrying amount
At 31 July 2023
-
0
1,038
329
2,344
3,711
At 31 July 2022
-
0
1,585
860
3,126
5,571
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
11,363
11,363
IP NRG SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
48,583
24,529
Other debtors
70,783
71,387
119,366
95,916
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
37,056
18,000
Trade creditors
32,557
26,831
Taxation and social security
31,368
24,384
Other creditors
18,191
2,342
119,172
71,557
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
36,000
84,000
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
98
98
98
98
Ordinary A of £1 each
1
1
1
1
Ordinary B of £1 each
1
1
1
1
100
100
100
100
9
Financial commitments, guarantees and contingent liabilities

During the 2020 accounting period, the company borrowed £90,000 from its bankers for a Bounce Back Loan. As part of this loan scheme, the UK government guaranteed the advance and paid the interest and fees due for the first 12 months.

During the previous year, the company borrowed £30,000 from lenders.

The company gives the bank a fixed and floating charge over its assets and undertaking owned now and in the future.

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