Silverfin false 31/01/2023 01/02/2022 31/01/2023 I P Earnshaw 08/10/2014 J Earnshaw 29/03/2012 15 August 2024 The principal activity of the company continued to be that of manufacturing fabricated metal products. 07525223 2023-01-31 07525223 bus:Director1 2023-01-31 07525223 bus:Director2 2023-01-31 07525223 2022-01-31 07525223 core:CurrentFinancialInstruments 2023-01-31 07525223 core:CurrentFinancialInstruments 2022-01-31 07525223 core:Non-currentFinancialInstruments 2023-01-31 07525223 core:Non-currentFinancialInstruments 2022-01-31 07525223 core:ShareCapital 2023-01-31 07525223 core:ShareCapital 2022-01-31 07525223 core:RetainedEarningsAccumulatedLosses 2023-01-31 07525223 core:RetainedEarningsAccumulatedLosses 2022-01-31 07525223 core:OtherResidualIntangibleAssets 2022-01-31 07525223 core:OtherResidualIntangibleAssets 2023-01-31 07525223 core:OtherPropertyPlantEquipment 2022-01-31 07525223 core:OtherPropertyPlantEquipment 2023-01-31 07525223 core:CostValuation 2022-01-31 07525223 core:AdditionsToInvestments 2023-01-31 07525223 core:CostValuation 2023-01-31 07525223 core:OtherSubsidiariesTotalIndividuallyImmaterialSubsidiaries core:CurrentFinancialInstruments 2023-01-31 07525223 core:OtherSubsidiariesTotalIndividuallyImmaterialSubsidiaries core:CurrentFinancialInstruments 2022-01-31 07525223 2021-01-31 07525223 bus:OrdinaryShareClass1 2023-01-31 07525223 2022-02-01 2023-01-31 07525223 bus:FullAccounts 2022-02-01 2023-01-31 07525223 bus:SmallEntities 2022-02-01 2023-01-31 07525223 bus:AuditExempt-NoAccountantsReport 2022-02-01 2023-01-31 07525223 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 07525223 bus:Director1 2022-02-01 2023-01-31 07525223 bus:Director2 2022-02-01 2023-01-31 07525223 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-02-01 2023-01-31 07525223 2021-02-01 2022-01-31 07525223 core:OtherPropertyPlantEquipment 2022-02-01 2023-01-31 07525223 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 07525223 bus:OrdinaryShareClass1 2021-02-01 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 07525223 (England and Wales)

IPE DEVELOPMENTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2023
Pages for filing with the registrar

IPE DEVELOPMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2023

Contents

IPE DEVELOPMENTS LIMITED

BALANCE SHEET

As at 31 January 2023
IPE DEVELOPMENTS LIMITED

BALANCE SHEET (continued)

As at 31 January 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 11,767 11,767
Tangible assets 4 93,240 87,398
Investments 5 62,775 27,775
167,782 126,940
Current assets
Stocks 6 18,000 10,400
Debtors 7 1,124,952 627,443
Cash at bank and in hand 8 16,466 131,649
1,159,418 769,492
Creditors: amounts falling due within one year 9 ( 928,059) ( 925,288)
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 ( 52,982) ( 39,421)
Provision for liabilities 11, 12 ( 19,137) ( 16,606)
Net assets/(liabilities) 327,022 ( 84,883)
Capital and reserves
Called-up share capital 13 1,100 1,100
Profit and loss account 325,922 ( 85,983 )
Total shareholders' funds/(deficit) 327,022 ( 84,883)

For the financial year ending 31 January 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of IPE Developments Limited (registered number: 07525223) were approved and authorised for issue by the Board of Directors on 15 August 2024. They were signed on its behalf by:

I P Earnshaw
Director
IPE DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
IPE DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
1. Accounting policies

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.

General information and basis of accounting

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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

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.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets not amortised
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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 instruments

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Intangible assets

Other intangible assets Total
£ £
Cost/Valuation
At 01 February 2022 11,767 11,767
At 31 January 2023 11,767 11,767
Accumulated amortisation
At 01 February 2022 0 0
At 31 January 2023 0 0
Net book value
At 31 January 2023 11,767 11,767
At 31 January 2022 11,767 11,767

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 February 2022 217,822 217,822
Additions 37,745 37,745
Disposals ( 13,550) ( 13,550)
At 31 January 2023 242,017 242,017
Accumulated depreciation
At 01 February 2022 130,424 130,424
Charge for the financial year 23,648 23,648
Disposals ( 5,295) ( 5,295)
At 31 January 2023 148,777 148,777
Net book value
At 31 January 2023 93,240 93,240
At 31 January 2022 87,398 87,398

5. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 February 2022 27,775
Additions 35,000
At 31 January 2023 62,775
Carrying value at 31 January 2023 62,775
Carrying value at 31 January 2022 27,775

6. Stocks

2023 2022
£ £
Stocks 18,000 10,400

7. Debtors

2023 2022
£ £
Trade debtors 245,919 206,068
Amounts owed by fellow subsidiaries 0 35,000
Corporation tax 94,531 94,531
Other debtors 784,502 291,844
1,124,952 627,443

8. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 16,466 131,649

9. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,012 8,912
Trade creditors ( 24,970) 122,589
Taxation and social security 897,477 730,326
Obligations under finance leases and hire purchase contracts 28,871 48,074
Other creditors 16,669 15,387
928,059 925,288

10. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 28,416 39,421
Obligations under finance leases and hire purchase contracts 24,566 0
52,982 39,421

11. Provision for liabilities

2023 2022
£ £
Deferred tax 19,137 16,606

12. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 16,606) ( 13,973)
Charged to the Profit and Loss Account ( 2,531) ( 2,633)
At the end of financial year ( 19,137) ( 16,606)

13. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,100 Ordinary shares of £ 1.00 each 1,100 1,100