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REGISTERED NUMBER: 12167631 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

INDUSTRIAL POWER UNITS LIMITED

INDUSTRIAL POWER UNITS LIMITED (REGISTERED NUMBER: 12167631)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


INDUSTRIAL POWER UNITS LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: S J Beebee
R T Beebee
I Cleary





REGISTERED OFFICE: 2 Cygnus Way
West Bromwich
B70 0XB





REGISTERED NUMBER: 12167631 (England and Wales)





ACCOUNTANTS: Magma Audit LLP
Unit 2
Charnwood Edge Business Park
Syston Road
Leicester
LE7 4UZ

INDUSTRIAL POWER UNITS LIMITED (REGISTERED NUMBER: 12167631)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 178,288 256,666
Investments 6 - 81
178,288 256,747

CURRENT ASSETS
Stocks 834,135 1,174,890
Debtors 7 1,331,722 2,882,426
Cash at bank and in hand 42,214 51,847
2,208,071 4,109,163
CREDITORS
Amounts falling due within one year 8 (1,123,018 ) (2,530,644 )
NET CURRENT ASSETS 1,085,053 1,578,519
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,263,341

1,835,266

CREDITORS
Amounts falling due after more than one
year

9

(106,695

)

(206,665

)
NET ASSETS 1,156,646 1,628,601

CAPITAL AND RESERVES
Called up share capital 1,590,990 1,590,990
Retained earnings (434,344 ) 37,611
1,156,646 1,628,601

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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 POWER UNITS LIMITED (REGISTERED NUMBER: 12167631)

BALANCE SHEET - continued
31 December 2023


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 Statement of Income and Retained Earnings 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:





I Cleary - Director


INDUSTRIAL POWER UNITS LIMITED (REGISTERED NUMBER: 12167631)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023


1. STATUTORY INFORMATION

Industrial Power Units Limited is a limited company, registered in England and Wales. Its registered office address is 2 Cygnus Way, West Bromwich, B70 0XB and the registered number is 12167631.

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.

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.

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

Turnover
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer usually on dispatch of the goods.

Goodwill
Acquired goodwill is written off in equal annual instalments overs its estimated useful economic life of 5 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 machinery15% straight line
Fixtures, fittings & computer equipment15% - 100% straight line
Motor vehicles25% straight line

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.

Investments in subsidiaries
Investment in the subsidiary company is held at cost less accumulated impairment losses.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

INDUSTRIAL POWER UNITS LIMITED (REGISTERED NUMBER: 12167631)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments 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 53 (2022 - 61 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 947,522
AMORTISATION
At 1 January 2023
and 31 December 2023 947,522
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

INDUSTRIAL POWER UNITS LIMITED (REGISTERED NUMBER: 12167631)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


5. TANGIBLE FIXED ASSETS
Fixtures,
fittings
Plant and & computer Motor
machinery equipment vehicles Totals
£    £    £    £   
COST
At 1 January 2023 409,044 160,590 231,290 800,924
Additions 8,815 3,669 36,998 49,482
Disposals - (8,000 ) (108,754 ) (116,754 )
At 31 December 2023 417,859 156,259 159,534 733,652
DEPRECIATION
At 1 January 2023 262,265 151,073 130,920 544,258
Charge for year 31,591 9,656 39,416 80,663
Eliminated on disposal - (6,000 ) (63,557 ) (69,557 )
At 31 December 2023 293,856 154,729 106,779 555,364
NET BOOK VALUE
At 31 December 2023 124,003 1,530 52,755 178,288
At 31 December 2022 146,779 9,517 100,370 256,666

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023 81
Impairments (81 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 81

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,059,685 2,453,274
Amounts owed by group undertakings 13,457 78,512
Other debtors 167,832 250,650
VAT 28,759 -
Prepayments and accrued income 61,989 99,990
1,331,722 2,882,426

INDUSTRIAL POWER UNITS LIMITED (REGISTERED NUMBER: 12167631)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 60,141 60,000
Hire purchase contracts 28,365 66,195
Trade creditors 636,516 1,024,970
Social security and other taxes 40,083 50,409
Invoice discount facility 175,113 900,499
VAT - 56,504
Other creditors 37,136 14,254
Directors' current accounts 84,945 214,131
Accruals and deferred income 60,719 143,682
1,123,018 2,530,644

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans above 1 year 90,000 150,000
Hire purchase contracts 16,695 56,665
106,695 206,665

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 150,000 210,000
Hire purchase contracts 45,060 122,860
Invoice discount facility 175,113 900,499
370,173 1,233,359

The bank loan and invoice discount facility are secured by a fixed and floating charge over the assets of the company. The assets held under hire purchase contracts are secured on the assets concerned.

11. OTHER FINANCIAL COMMITMENTS

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases totalling £NIL (2022: £NIL).