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REGISTERED NUMBER: 02175574 (England and Wales)



















INDUSTRIAL PROCESS PUMPS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






INDUSTRIAL PROCESS PUMPS LIMITED (REGISTERED NUMBER: 02175574)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


INDUSTRIAL PROCESS PUMPS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr J M Lee
Mr G Galloway





REGISTERED OFFICE: 22 Dunton Close
West Meadows Industrial Estate
DERBY
Derbyshire
DE21 6XB





REGISTERED NUMBER: 02175574 (England and Wales)





ACCOUNTANTS: Johnson Tidsall Limited
Chartered Accountants
81 Burton Road
Derby
Derbyshire
DE1 1TJ

INDUSTRIAL PROCESS PUMPS LIMITED (REGISTERED NUMBER: 02175574)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 17,331 19,303

CURRENT ASSETS
Stocks 431,915 465,135
Debtors 5 138,244 149,191
Cash in hand 100 100
570,259 614,426
CREDITORS
Amounts falling due within one year 6 477,643 529,487
NET CURRENT ASSETS 92,616 84,939
TOTAL ASSETS LESS CURRENT
LIABILITIES

109,947

104,242

CREDITORS
Amounts falling due after more than one
year

7

(21,049

)

(30,644

)

PROVISIONS FOR LIABILITIES (1,238 ) (1,528 )
NET ASSETS 87,660 72,070

CAPITAL AND RESERVES
Called up share capital 9 10,000 10,000
Retained earnings 77,660 62,070
SHAREHOLDERS' FUNDS 87,660 72,070

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 PROCESS PUMPS LIMITED (REGISTERED NUMBER: 02175574)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:





Mr G Galloway - Director


INDUSTRIAL PROCESS PUMPS LIMITED (REGISTERED NUMBER: 02175574)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Industrial Process Pumps 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.
Long leasehold - 2% on cost
Improvements to property - 10% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost and 15% on reducing balance

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

INDUSTRIAL PROCESS PUMPS LIMITED (REGISTERED NUMBER: 02175574)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

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.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Long to Plant and
leasehold property machinery
£    £    £   
COST
At 1 January 2023 22,515 17,947 43,883
Additions - - -
At 31 December 2023 22,515 17,947 43,883
DEPRECIATION
At 1 January 2023 11,252 17,947 41,861
Charge for year 450 - 303
At 31 December 2023 11,702 17,947 42,164
NET BOOK VALUE
At 31 December 2023 10,813 - 1,719
At 31 December 2022 11,263 - 2,022

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 18,376 49,988 60,403 213,112
Additions - - 443 443
At 31 December 2023 18,376 49,988 60,846 213,555
DEPRECIATION
At 1 January 2023 17,291 46,063 59,395 193,809
Charge for year 171 982 509 2,415
At 31 December 2023 17,462 47,045 59,904 196,224
NET BOOK VALUE
At 31 December 2023 914 2,943 942 17,331
At 31 December 2022 1,085 3,925 1,008 19,303

INDUSTRIAL PROCESS PUMPS LIMITED (REGISTERED NUMBER: 02175574)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 135,717 142,282
Prepayments and accrued income 2,527 6,909
138,244 149,191

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 84,668 110,108
Trade creditors 204,745 187,419
Social security and other taxes 4,704 11,759
VAT 22,751 17,210
Other creditors 17,449 17,969
Directors' current accounts 99,614 143,614
Accruals and deferred income 43,712 41,408
477,643 529,487

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 10,648 10,648
Bank loans - 2-5 years 10,401 19,996
21,049 30,644

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 74,020 99,460

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 Ordinary £1 10,000 10,000

10. RELATED PARTY DISCLOSURES

At the year end date the company owed the directors a total of £99,614 (2022: £143,614)