Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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Investments | 5 |
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167,782 | 126,940 | |||
Current assets | ||||
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand | 8 |
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1,159,418 | 769,492 | |||
Creditors: amounts falling due within one year | 9 | (
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Net current assets/(liabilities) | 231,359 | (155,796) | ||
Total assets less current liabilities | 399,141 | (28,856) | ||
Creditors: amounts falling due after more than one year | 10 | (
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Provision for liabilities | 11, 12 | (
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Net assets/(liabilities) |
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Capital and reserves | ||||
Called-up share capital | 13 |
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Profit and loss account |
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Total shareholders' funds/(deficit) |
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Directors' responsibilities:
The financial statements of IPE Developments Limited (registered number:
I P Earnshaw
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
IPE Developments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The White House, Victoria Quays, Wharf Street, Sheffield, S2 5SY, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Other intangible assets | not amortised |
Plant and machinery etc. |
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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.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Other intangible assets | Total | ||
£ | £ | ||
Cost/Valuation | |||
At 01 February 2022 |
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At 31 January 2023 |
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Accumulated amortisation | |||
At 01 February 2022 |
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At 31 January 2023 |
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Net book value | |||
At 31 January 2023 |
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At 31 January 2022 |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 February 2022 |
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Additions |
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Disposals | (
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At 31 January 2023 |
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Accumulated depreciation | |||
At 01 February 2022 |
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Charge for the financial year |
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Disposals | (
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At 31 January 2023 |
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Net book value | |||
At 31 January 2023 |
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At 31 January 2022 |
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Investments in subsidiaries
2023 | |
£ | |
Cost | |
At 01 February 2022 |
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Additions |
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At 31 January 2023 |
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Carrying value at 31 January 2023 |
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Carrying value at 31 January 2022 |
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2023 | 2022 | ||
£ | £ | ||
Stocks |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by fellow subsidiaries |
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Corporation tax |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Cash at bank and in hand |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Trade creditors | (
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Taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Obligations under finance leases and hire purchase contracts |
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2023 | 2022 | ||
£ | £ | ||
Deferred tax |
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2023 | 2022 | ||
£ | £ | ||
At the beginning of financial year | (
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Charged to the Profit and Loss Account | (
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At the end of financial year | (
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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