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REGISTERED NUMBER: 11893719 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JANUARY 2024

FOR

IPS CONSTRUCTION SOUTH EAST LIMITED

IPS CONSTRUCTION SOUTH EAST LIMITED (REGISTERED NUMBER: 11893719)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IPS CONSTRUCTION SOUTH EAST LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST JANUARY 2024







DIRECTORS: M Prosser
C Knowles





SECRETARY: Mrs. I M Prosser





REGISTERED OFFICE: 5 St James Street
Dover
Kent
CT16 1QD





REGISTERED NUMBER: 11893719 (England and Wales)





ACCOUNTANTS: Spain Brothers & Co
Chartered Accountants
Westgate House
87 St Dunstans Street
Canterbury
Kent
CT2 8AE

IPS CONSTRUCTION SOUTH EAST LIMITED (REGISTERED NUMBER: 11893719)

BALANCE SHEET
31ST JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 3,200 5,600
Tangible assets 5 76,789 58,532
79,989 64,132

CURRENT ASSETS
Stocks 6 88,400 78,145
Debtors 7 46,188 4,729
Cash at bank 67,906 10,574
202,494 93,448
CREDITORS
Amounts falling due within one year 8 244,790 146,716
NET CURRENT LIABILITIES (42,296 ) (53,268 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

37,693

10,864

CREDITORS
Amounts falling due after more than one
year

9

8,167

-
NET ASSETS 29,526 10,864

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 29,426 10,764
29,526 10,864

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 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.

IPS CONSTRUCTION SOUTH EAST LIMITED (REGISTERED NUMBER: 11893719)

BALANCE SHEET - continued
31ST JANUARY 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 25th September 2024 and were signed on its behalf by:





M Prosser - Director


IPS CONSTRUCTION SOUTH EAST LIMITED (REGISTERED NUMBER: 11893719)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2024


1. STATUTORY INFORMATION

IPS Construction South East 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of five 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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

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.


IPS CONSTRUCTION SOUTH EAST LIMITED (REGISTERED NUMBER: 11893719)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 3 (2023 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st February 2023
and 31st January 2024 12,000
AMORTISATION
At 1st February 2023 6,400
Charge for year 2,400
At 31st January 2024 8,800
NET BOOK VALUE
At 31st January 2024 3,200
At 31st January 2023 5,600

IPS CONSTRUCTION SOUTH EAST LIMITED (REGISTERED NUMBER: 11893719)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024


5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1st February 2023 28,144 2,092 60,004 1,110 91,350
Additions - - 43,005 - 43,005
Disposals - - (24,500 ) - (24,500 )
At 31st January 2024 28,144 2,092 78,509 1,110 109,855
DEPRECIATION
At 1st February 2023 8,321 749 23,022 726 32,818
Charge for year 2,975 202 12,111 128 15,416
Eliminated on disposal - - (15,168 ) - (15,168 )
At 31st January 2024 11,296 951 19,965 854 33,066
NET BOOK VALUE
At 31st January 2024 16,848 1,141 58,544 256 76,789
At 31st January 2023 19,823 1,343 36,982 384 58,532

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 43,005
At 31st January 2024 43,005
DEPRECIATION
Charge for year 3,584
At 31st January 2024 3,584
NET BOOK VALUE
At 31st January 2024 39,421

6. STOCKS
2024 2023
£    £   
Stocks 1,000 1,000
Work-in-progress 87,400 77,145
88,400 78,145

IPS CONSTRUCTION SOUTH EAST LIMITED (REGISTERED NUMBER: 11893719)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors (1,451 ) -
VAT 41,688 -
Prepayments 5,951 4,729
46,188 4,729

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 10) - 12,713
Other loans (see note 10) 55,800 50,000
Hire purchase contracts 4,667 4,139
Trade creditors 25,480 42,126
Credit Cards 3,403 3,034
Tax 6,557 11,228
Social security and other taxes 3,009 2,715
VAT - 13,798
Directors' current accounts 1,792 1,955
Accruals and deferred income 144,082 5,008
244,790 146,716

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 8,167 -

10. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 12,713
Other loans 55,800 50,000
55,800 62,713

Amounts due under Hire Purchase contracts are secured on the assets concerned.