Company registration number 02011628 (England and Wales)
I.P.G. LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
I.P.G. LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
I.P.G. LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
174
174
Current assets
Debtors
4
77,893
57,210
Cash at bank and in hand
53,565
91,319
131,458
148,529
Creditors: amounts falling due within one year
5
(127,632)
(143,903)
Net current assets
3,826
4,626
Net assets
4,000
4,800
Reserves
Other reserves
4,000
4,800
Members' funds
4,000
4,800

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 7 October 2024 and are signed on its behalf by:
I Hickson
Director
Company registration number 02011628 (England and Wales)
I.P.G. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information

I.P.G. Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 50 High Street, Spennymoor, Co Durham, DL16 6DD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

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), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
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:

Equipment
15-25% reducing balance

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 surplus or deficit.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

I.P.G. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

1.7
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Equipment
£
Cost
At 1 May 2023 and 30 April 2024
412
Depreciation and impairment
At 1 May 2023 and 30 April 2024
238
Carrying amount
At 30 April 2024
174
At 30 April 2023
174
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
57,671
51,131
Other debtors
20,222
6,079
77,893
57,210
I.P.G. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
94,911
108,837
Taxation and social security
87
291
Other creditors
32,634
34,775
127,632
143,903
6
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
3,300
3,300
8
Members deposits reserve

Each director deposits £400 in the Members Reserve on becoming a director. At the 30 April 2024 there were 10 members.

2024-04-302023-05-01false08 October 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityI HicksonA McDearmidP  RutterC W L McBrideR A StokeldS HarveyM A WeighillD G MortonB WeighillC ReilyD ThomsonL AllinsonI Hicksonfalsefalse020116282023-05-012024-04-30020116282024-04-30020116282023-04-3002011628core:PlantMachinery2024-04-3002011628core:PlantMachinery2023-04-3002011628core:CurrentFinancialInstrumentscore:WithinOneYear2024-04-3002011628core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3002011628core:CurrentFinancialInstruments2024-04-3002011628core:CurrentFinancialInstruments2023-04-3002011628core:OtherMiscellaneousReserve2024-04-3002011628core:OtherMiscellaneousReserve2023-04-3002011628bus:CompanySecretaryDirector12023-05-012024-04-3002011628core:PlantMachinery2023-05-012024-04-30020116282022-05-012023-04-3002011628core:PlantMachinery2023-04-3002011628core:WithinOneYear2024-04-3002011628core:WithinOneYear2023-04-3002011628bus:CompanyLimitedByGuarantee2023-05-012024-04-3002011628bus:SmallCompaniesRegimeForAccounts2023-05-012024-04-3002011628bus:FRS1022023-05-012024-04-3002011628bus:AuditExemptWithAccountantsReport2023-05-012024-04-3002011628bus:Director12023-05-012024-04-3002011628bus:Director22023-05-012024-04-3002011628bus:Director32023-05-012024-04-3002011628bus:Director42023-05-012024-04-3002011628bus:Director52023-05-012024-04-3002011628bus:Director62023-05-012024-04-3002011628bus:Director72023-05-012024-04-3002011628bus:Director82023-05-012024-04-3002011628bus:Director92023-05-012024-04-3002011628bus:Director102023-05-012024-04-3002011628bus:Director112023-05-012024-04-3002011628bus:Director122023-05-012024-04-3002011628bus:CompanySecretary12023-05-012024-04-3002011628bus:FullAccounts2023-05-012024-04-30xbrli:purexbrli:sharesiso4217:GBP