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REGISTERED NUMBER: 06951376 (England and Wales)















Unaudited Financial Statements

for the Period 1 January 2023 to 31 March 2024

for

IPS-UK Ltd

Previously known as
Morda Management & Design Ltd

IPS-UK Ltd (Registered number: 06951376)






Contents of the Financial Statements
for the Period 1 January 2023 to 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


IPS-UK Ltd

Company Information
for the Period 1 January 2023 to 31 March 2024







Directors: A P Laundy
R J Booth
N A Bate





Registered office: Oswaldtwistle Mills Business &
Conference Centre
Pickup Street
Accrington
BB5 0EY





Registered number: 06951376 (England and Wales)





Accountants: Ellis & Co
Chartered Accountants
Redwither Tower
Wrexham Industrial Estate
Wrexham
LL13 9XT

IPS-UK Ltd (Registered number: 06951376)

Statement of Financial Position
31 March 2024

31/3/24 31/12/22
Notes £    £    £    £   
Fixed assets
Intangible assets 4 - -
Tangible assets 5 211,436 177,087
211,436 177,087

Current assets
Stocks 157,478 286,857
Debtors 6 395,493 606,663
Cash at bank and in hand 391,202 106,391
944,173 999,911
Creditors
Amounts falling due within one year 7 429,560 555,268
Net current assets 514,613 444,643
Total assets less current liabilities 726,049 621,730

Creditors
Amounts falling due after more than
one year

8

(167,714

)

(133,593

)

Provisions for liabilities 10 (32,985 ) (23,698 )
Net assets 525,350 464,439

Capital and reserves
Called up share capital 100 100
Retained earnings 525,250 464,339
Shareholders' funds 525,350 464,439

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 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-UK Ltd (Registered number: 06951376)

Statement of Financial Position - continued
31 March 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 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 2 October 2024 and were signed on its behalf by:





N A Bate - Director


IPS-UK Ltd (Registered number: 06951376)

Notes to the Financial Statements
for the Period 1 January 2023 to 31 March 2024

1. Statutory information

IPS-UK 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.

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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten 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.
Plant and machinery - 15% on cost
Fixtures, fittings and equipment - 15% 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.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

IPS-UK Ltd (Registered number: 06951376)

Notes to the Financial Statements - continued
for the Period 1 January 2023 to 31 March 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 statement of financial position 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 period 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.

Assets held under hire purchase contracts and finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum payments, which is determined at the inception of the term. Any initial direct costs are added to the amount recognised as an asset.

Payments are apportioned between the finance charges and reduction of the outstanding liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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.

Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Factoring of debts
The company has an agreement whereby trade debts have been legally transferred to the factor but the main benefits and risks are retained by the company. Separate presentation has been adopted to show the gross amount of the debts under debtors and a corresponding liability in respect of the proceeds received from the factor under creditors. The interest and other charges of the factor are charged to the profit and loss account in the period in which incurred.

3. Employees and directors

The average number of employees during the period was 20 (2022 - 26 ) .

IPS-UK Ltd (Registered number: 06951376)

Notes to the Financial Statements - continued
for the Period 1 January 2023 to 31 March 2024

4. Intangible fixed assets
Goodwill
£   
Cost
At 1 January 2023
and 31 March 2024 58,030
Amortisation
At 1 January 2023
and 31 March 2024 58,030
Net book value
At 31 March 2024 -
At 31 December 2022 -

5. Tangible fixed assets
Fixtures,
fittings
Plant and and Computer
machinery equipment equipment Totals
£    £    £    £   
Cost
At 1 January 2023 608,100 45,010 36,323 689,433
Additions 84,776 19,819 - 104,595
Disposals (327,690 ) (7,029 ) (36,323 ) (371,042 )
At 31 March 2024 365,186 57,800 - 422,986
Depreciation
At 1 January 2023 449,961 26,062 36,323 512,346
Charge for period 56,944 7,563 - 64,507
Eliminated on disposal (322,366 ) (6,614 ) (36,323 ) (365,303 )
At 31 March 2024 184,539 27,011 - 211,550
Net book value
At 31 March 2024 180,647 30,789 - 211,436
At 31 December 2022 158,139 18,948 - 177,087

6. Debtors: amounts falling due within one year
31/3/24 31/12/22
£    £   
Trade debtors 314,255 370,249
Other debtors 81,238 236,414
395,493 606,663

IPS-UK Ltd (Registered number: 06951376)

Notes to the Financial Statements - continued
for the Period 1 January 2023 to 31 March 2024

7. Creditors: amounts falling due within one year
31/3/24 31/12/22
£    £   
Bank loans and overdrafts 49,500 49,500
Hire purchase contracts - 37,487
Trade creditors 191,295 206,970
Amounts owed to group undertakings 53,942 51,445
Taxation and social security 83,770 101,983
Other creditors 51,053 107,883
429,560 555,268

8. Creditors: amounts falling due after more than one year
31/3/24 31/12/22
£    £   
Bank loans 62,273 124,221
Hire purchase contracts - 9,372
Amounts owed to group undertakings 105,441 -
167,714 133,593

9. Secured debts

The following secured debts are included within creditors:

31/3/24 31/12/22
£    £   
Bank loans 111,773 173,721
Hire purchase contracts - 46,859
111,773 220,580

Bank loans are secured by a fixed and floating charge.

Debts under hire purchase contracts and finance leases are secured on the underlying asset.

10. Provisions for liabilities
31/3/24 31/12/22
£    £   
Deferred tax
Accelerated capital allowances 38,730 23,698
Tax losses carried forward (5,745 ) -
32,985 23,698

IPS-UK Ltd (Registered number: 06951376)

Notes to the Financial Statements - continued
for the Period 1 January 2023 to 31 March 2024

10. Provisions for liabilities - continued

Deferred
tax
£   
Balance at 1 January 2023 23,698
Charge to Statement of Income and Retained Earnings
during period

9,287
Balance at 31 March 2024 32,985

11. Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the period ended 31 March 2024 and the year ended 31 December 2022:

31/3/24 31/12/22
£    £   
A P Laundy
Balance outstanding at start of period - -
Amounts advanced 186 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 186 -

P York
Balance outstanding at start of period 658 4,125
Amounts advanced - 1,316
Amounts repaid (658 ) (4,783 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period - 658

The maximum balance outstanding in the period was £658 for P York and ££6,083 for A P Laundy. Advances to A P Laundy included £5,189 on 1 November 2023 and repayments included £6,400 on 7 November 2023. The loans to directors are interest free, unsecured and repayable on demand.