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REGISTERED NUMBER: 01227171 (England and Wales)













Financial Statements

for the Year Ended 31 December 2023

for

International ProcessPlants (Europe) Ltd

International ProcessPlants (Europe) Ltd (Registered number: 01227171)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


International ProcessPlants (Europe) Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: R Gale
J Gale
H Bogatz
AS Field





SECRETARY: AS Field





REGISTERED OFFICE: c/o Postal Pages
The Grange Business Centre
Belasis Avenue
Billingham
TS23 1LG





REGISTERED NUMBER: 01227171 (England and Wales)





AUDITORS: Anderson Barrowcliff Limited
Statutory Auditor
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

International ProcessPlants (Europe) Ltd (Registered number: 01227171)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 130,025 144,435

CURRENT ASSETS
Stocks 5 770,017 788,142
Debtors 6 121,711 490,468
Cash at bank and in hand 1,284,596 1,061,055
2,176,324 2,339,665
CREDITORS
Amounts falling due within one year 7 550,424 696,011
NET CURRENT ASSETS 1,625,900 1,643,654
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,755,925

1,788,089

CAPITAL AND RESERVES
Called up share capital 9 13,590 13,590
Capital redemption reserve 1,510 1,510
Retained earnings 1,740,825 1,772,989
SHAREHOLDERS' FUNDS 1,755,925 1,788,089

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:





AS Field - Director


International ProcessPlants (Europe) Ltd (Registered number: 01227171)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

International ProcessPlants (Europe) Ltd 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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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.

Significant judgements and estimates
In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.

Turnover
Turnover represents the net value of goods sold, excluding value added tax. Included within turnover are sales of goods in which the Company has a part interest and sales of goods on behalf of other parties on a commission basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 5% on cost
Plant and machinery - 25% on cost
Computer equipment - 33% on cost

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

Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

International ProcessPlants (Europe) Ltd (Registered number: 01227171)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss.

Government grants
The business received government grants in respect of the Coronavirus Job Retention Scheme. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attached to them. The grants were received using the accrual model.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 9 ) .

4. TANGIBLE FIXED ASSETS
Short Plant and Computer
leasehold machinery equipment Totals
£    £    £    £   
COST
At 1 January 2023
and 31 December 2023 271,022 131,173 12,586 414,781
DEPRECIATION
At 1 January 2023 130,216 127,559 12,571 270,346
Charge for year 13,551 859 - 14,410
At 31 December 2023 143,767 128,418 12,571 284,756
NET BOOK VALUE
At 31 December 2023 127,255 2,755 15 130,025
At 31 December 2022 140,806 3,614 15 144,435

5. STOCKS
2023 2022
£    £   
Stocks 770,017 788,142

International ProcessPlants (Europe) Ltd (Registered number: 01227171)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 54,720 232,511
Amounts owed by group undertakings 102 103
Amounts owed by participating interests 6,696 207,072
Other debtors 60,193 50,782
121,711 490,468

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 20,040 249,669
Amounts owed to group undertakings 218,426 228,188
Amounts owed to participating interests 200,721 23,603
Taxation and social security 9,296 27,164
Other creditors 101,941 167,387
550,424 696,011

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 37,309 33,349
Between one and five years 15,904 44,249
53,213 77,598

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
13,590 Ordinary £1 13,590 13,590

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Dewing FCCA, ACA (Senior Statutory Auditor)
for and on behalf of Anderson Barrowcliff Limited

International ProcessPlants (Europe) Ltd (Registered number: 01227171)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. RELATED PARTY DISCLOSURES

During the year the company undertook transactions with various related parties, and/or provided or received funds to assist or to be assisted with working capital requirements as detailed below:

Group companies
2023 2022
£    £   

Total loan amount owed by International Process Plants (Europe) Limited at
the year end

196,850

206,612

The loan is free of interest and repayable on demand.

12. ULTIMATE HOLDING COMPANY

The ultimate holding company is Newfuturevest II LLC and is incorporated in United States of America. It's registered office is 17A Marlen Drive, Trenton, New Jersey, 08691, United States of America.