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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
Page
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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
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Industrial Powder and Paint Services Limited Statement of financial position as at 31 May 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Intangible assets
29,574 
44,362 
Tangible assets
132,878 
81,464 
162,452 
125,826 
Current assets
Inventories
329,868 
303,427 
Debtors
236,372 
278,042 
Cash at bank and in hand
594,086 
696,890 
1,160,326 
1,278,359 
Creditors: amounts falling due within one year
(518,245)
(690,260)
Net current assets
642,081 
588,099 
Net assets
804,533 
713,925 
Capital and reserves
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
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Industrial Powder and Paint Services Limited Notes to the Accounts for the year ended 31 May 2024
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
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 taxation
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.
Pension costs
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.
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Industrial Powder and Paint Services Limited Notes to the Accounts for the year ended 31 May 2024
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 June 2023
44,362 
At 31 May 2024
44,362 
Amortisation
At 1 June 2023
- 
Charge for the year
14,788 
At 31 May 2024
14,788 
Net book value
At 31 May 2024
29,574 
At 31 May 2023
44,362 
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 
Depreciation
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 
Net book value
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 
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
236,372 
268,666 
Other debtors
- 
9,376 
236,372 
278,042 
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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 
£ 
£ 
VAT
34,755 
28,358 
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 
518,245 
690,260 
8
Average number of employees
During the year the average number of employees was 10 (2023: 10).
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