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REGISTERED NUMBER: 02618245







Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Industrial Safety Products Limited

Industrial Safety Products Limited (Registered number: 02618245)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Industrial Safety Products Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: J E Eaton
Mrs J A Eaton





SECRETARY: Mrs J A Eaton





REGISTERED OFFICE: 20 Cromley
High Lane
Nr Stockport
Cheshire
SK6 8BP





REGISTERED NUMBER: 02618245





ACCOUNTANTS: Brian Gumbley Accountancy Services Ltd
Corner House
28 Huddersfield Road
Newhey
Rochdale
Lancashire
OL16 3QF

Industrial Safety Products Limited (Registered number: 02618245)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 22,632 20,892

CURRENT ASSETS
Stocks 2,197 4,322
Debtors 5 73,936 103,277
Cash at bank and in hand 47,962 76,180
124,095 183,779
CREDITORS
Amounts falling due within one year 6 115,804 141,103
NET CURRENT ASSETS 8,291 42,676
TOTAL ASSETS LESS CURRENT
LIABILITIES

30,923

63,568

CREDITORS
Amounts falling due after more than
one year

7

3,342

6,053
NET ASSETS 27,581 57,515

Industrial Safety Products Limited (Registered number: 02618245)

Balance Sheet - continued
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 27,481 57,415
SHAREHOLDERS' FUNDS 27,581 57,515

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 July 2024 and were signed on its behalf by:





Mrs J A Eaton - Director


Industrial Safety Products Limited (Registered number: 02618245)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Industrial Safety Products Limited is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Industrial Safety Products Limited (Registered number: 02618245)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 23,430 81,252 1,205 105,887
Additions - 9,550 - 9,550
At 31 March 2024 23,430 90,802 1,205 115,437
DEPRECIATION
At 1 April 2023 21,692 62,901 402 84,995
Charge for year 434 6,975 401 7,810
At 31 March 2024 22,126 69,876 803 92,805
NET BOOK VALUE
At 31 March 2024 1,304 20,926 402 22,632
At 31 March 2023 1,738 18,351 803 20,892

Industrial Safety Products Limited (Registered number: 02618245)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
31.3.24 31.3.23
£    £   
Trade debtors 73,936 103,277

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 2,712 2,712
Trade creditors 23,721 47,896
Tax 8,753 14,236
VAT 10,466 16,329
Other creditors 22,714 33,881
Directors' current accounts 37,971 22,599
Accrued expenses 9,467 3,450
115,804 141,103

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE
THAN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 3,342 6,053