Company Registration No. 02493891 (England and Wales)
Industrial Powder and Paint Services Limited
Unaudited accounts
for the year ended 31 May 2024
Industrial Powder and Paint Services Limited
Unaudited accounts
Contents
Industrial Powder and Paint Services Limited
Company Information
for the year ended 31 May 2024
Directors
Kenneth Stedman
Eileen Stedman
Julian Stedman
Company Number
02493891 (England and Wales)
Registered Office
UNIT 9A
BOSS HALL ROAD
IPSWICH
SUFFOLK
IP1 5BN
ENGLAND
Accountants
ST Accountancy Services Ltd
6 The Square
Martlesham Heath
Suffolk
IP5 3SL
Industrial Powder and Paint Services Limited
Statement of financial position
as at 31 May 2024
Intangible assets
29,574
44,362
Tangible assets
132,878
81,464
Inventories
329,868
303,427
Cash at bank and in hand
594,086
696,890
Creditors: amounts falling due within one year
(518,245)
(690,260)
Net current assets
642,081
588,099
Net assets
804,533
713,925
Called up share capital
6,775
6,775
Profit and loss account
797,758
707,150
Shareholders' funds
804,533
713,925
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 21 October 2024 and were signed on its behalf by
Julian Stedman
Director
Company Registration No. 02493891
Industrial Powder and Paint Services Limited
Notes to the Accounts
for the year ended 31 May 2024
Industrial Powder and Paint Services Limited is a private company, limited by shares, registered in England and Wales, registration number 02493891. The registered office is UNIT 9A, BOSS HALL ROAD, IPSWICH, SUFFOLK, IP1 5BN, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% straight line
Motor vehicles
25% on reducing balance
Fixtures & fittings
25% straight line
Computer equipment
25% straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Industrial Powder and Paint Services Limited
Notes to the Accounts
for the year ended 31 May 2024
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
4
Intangible fixed assets
Goodwill
Charge for the year
14,788
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 June 2023
177,323
130,664
6,582
75,143
389,712
Additions
-
33,567
68,974
863
103,404
Disposals
-
(8,000)
-
-
(8,000)
At 31 May 2024
177,323
156,231
75,556
76,006
485,116
At 1 June 2023
157,559
88,250
3,200
59,239
308,248
Charge for the year
9,389
13,091
6,305
15,205
43,990
At 31 May 2024
166,948
101,341
9,505
74,444
352,238
At 31 May 2024
10,375
54,890
66,051
1,562
132,878
At 31 May 2023
19,764
42,414
3,382
15,904
81,464
Amounts falling due within one year
Trade debtors
236,372
268,666
Industrial Powder and Paint Services Limited
Notes to the Accounts
for the year ended 31 May 2024
7
Creditors: amounts falling due within one year
2024
2023
Obligations under finance leases and hire purchase contracts
23,078
14,303
Trade creditors
344,994
408,528
Taxes and social security
14,244
38,447
Loans from directors
101,174
200,624
8
Average number of employees
During the year the average number of employees was 10 (2023: 10).