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REGISTERED NUMBER: 05365342 (England and Wales)



































Unaudited Financial Statements

for the Year Ended 29 February 2024

for

Industrial Protective Paints Limited

Industrial Protective Paints Limited (Registered number: 05365342)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Industrial Protective Paints Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: J M Galley
Mrs L M Galley
M J Galley





SECRETARY: Mrs L M Galley





REGISTERED OFFICE: Moorville Cottage Farm
Foxearth
Cellarhead
Stoke on Trent
Staffordshire
ST9 9NX





REGISTERED NUMBER: 05365342 (England and Wales)





ACCOUNTANTS: Paterson Brodie Limited
Chartered Certified Accountants
Cliveden Chambers
Cliveden Place
Longton
Stoke-on-Trent
Staffordshire
ST3 4JB

Industrial Protective Paints Limited (Registered number: 05365342)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 24,894 23,651

CURRENT ASSETS
Stocks 80,000 80,000
Debtors 5 90,327 79,122
Cash at bank 578,385 482,176
748,712 641,298
CREDITORS
Amounts falling due within one year 6 509,767 378,770
NET CURRENT ASSETS 238,945 262,528
TOTAL ASSETS LESS CURRENT
LIABILITIES

263,839

286,179

PROVISIONS FOR LIABILITIES 7 3,149 1,768
NET ASSETS 260,690 284,411

CAPITAL AND RESERVES
Called up share capital 8 90 90
Retained earnings 9 260,600 284,321
SHAREHOLDERS' FUNDS 260,690 284,411

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

Industrial Protective Paints Limited (Registered number: 05365342)

Balance Sheet - continued
29 February 2024


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 19 August 2024 and were signed on its behalf by:





J M Galley - Director


Industrial Protective Paints Limited (Registered number: 05365342)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Industrial Protective Paints Limited is a private company, limited by shares , registered in England and Wales. 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 - 20% 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.

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.

Industrial Protective Paints Limited (Registered number: 05365342)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 10 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 March 2023 20,496 39,638 22,458 3,307 85,899
Additions - 3,850 - 4,104 7,954
At 29 February 2024 20,496 43,488 22,458 7,411 93,853
DEPRECIATION
At 1 March 2023 6,149 35,563 19,433 1,103 62,248
Charge for year 2,049 1,585 605 2,472 6,711
At 29 February 2024 8,198 37,148 20,038 3,575 68,959
NET BOOK VALUE
At 29 February 2024 12,298 6,340 2,420 3,836 24,894
At 28 February 2023 14,347 4,075 3,025 2,204 23,651

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 77,651 66,050
Other debtors 1,710 3,462
Prepayments 10,966 9,610
90,327 79,122

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade creditors 293,390 230,753
Tax 15,053 18,765
Social security and other taxes 4,387 4,183
VAT 13,422 29,838
Other creditors 80,372 40,089
Directors' current accounts 18,137 48,755
Accrued expenses 85,006 6,387
509,767 378,770

7. PROVISIONS FOR LIABILITIES
29.2.24 28.2.23
£    £   
Deferred tax
Accelerated capital allowances 3,149 1,768

Industrial Protective Paints Limited (Registered number: 05365342)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

7. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 March 2023 1,768
Charge to Income Statement during year 1,381
Balance at 29 February 2024 3,149

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29.2.24 28.2.23
value: £    £   
3 Ordinary £1 90 90

9. RESERVES
Retained
earnings
£   

At 1 March 2023 284,321
Profit for the year 56,279
Dividends (80,000 )
At 29 February 2024 260,600