Acorah Software Products - Accounts Production 16.0.110 false true 31 January 2023 1 February 2022 false 1 February 2023 31 January 2024 31 January 2024 04627765 Mr Gary Howe Dr Joanne Waterson Mr Gary Howe iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 04627765 2023-01-31 04627765 2024-01-31 04627765 2023-02-01 2024-01-31 04627765 frs-core:CurrentFinancialInstruments 2024-01-31 04627765 frs-core:ComputerEquipment 2024-01-31 04627765 frs-core:ComputerEquipment 2023-02-01 2024-01-31 04627765 frs-core:ComputerEquipment 2023-01-31 04627765 frs-core:FurnitureFittings 2024-01-31 04627765 frs-core:FurnitureFittings 2023-02-01 2024-01-31 04627765 frs-core:FurnitureFittings 2023-01-31 04627765 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-01-31 04627765 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 04627765 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-01-31 04627765 frs-core:PlantMachinery 2024-01-31 04627765 frs-core:PlantMachinery 2023-02-01 2024-01-31 04627765 frs-core:PlantMachinery 2023-01-31 04627765 frs-core:ShareCapital 2024-01-31 04627765 frs-core:RetainedEarningsAccumulatedLosses 2024-01-31 04627765 frs-bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 04627765 frs-bus:FilletedAccounts 2023-02-01 2024-01-31 04627765 frs-bus:SmallEntities 2023-02-01 2024-01-31 04627765 frs-bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 04627765 frs-bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 04627765 frs-bus:Director1 2023-02-01 2024-01-31 04627765 frs-bus:Director2 2023-02-01 2024-01-31 04627765 frs-bus:CompanySecretary1 2023-02-01 2024-01-31 04627765 frs-countries:EnglandWales 2023-02-01 2024-01-31 04627765 2022-01-31 04627765 2023-01-31 04627765 2022-02-01 2023-01-31 04627765 frs-core:CurrentFinancialInstruments 2023-01-31 04627765 frs-core:ShareCapital 2023-01-31 04627765 frs-core:RetainedEarningsAccumulatedLosses 2023-01-31
Registered number: 04627765
Independent Polymer Technology Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
Phillips Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04627765
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 65,260 81,131
65,260 81,131
CURRENT ASSETS
Stocks 5 5,102 3,300
Debtors 6 45,109 14,867
Cash at bank and in hand 122,831 163,452
173,042 181,619
Creditors: Amounts Falling Due Within One Year 7 (17,605 ) (13,234 )
NET CURRENT ASSETS (LIABILITIES) 155,437 168,385
TOTAL ASSETS LESS CURRENT LIABILITIES 220,697 249,516
PROVISIONS FOR LIABILITIES
Deferred Taxation - (933 )
NET ASSETS 220,697 248,583
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account 220,696 248,582
SHAREHOLDERS' FUNDS 220,697 248,583
Page 1
Page 2
For the year ending 31 January 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Gary Howe
Director
29/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Independent Polymer Technology Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04627765 . The registered office is Unit F4 Halesfield 23, Telford, Shropshire, TF7 4NY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 10% on cost
Plant & Machinery 10% on cost
Fixtures & Fittings 25% on cost
Computer Equipment 33% on cost
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 February 2023 26,783 547,093 10,506 21,435 605,817
Additions - 3,222 602 - 3,824
As at 31 January 2024 26,783 550,315 11,108 21,435 609,641
Depreciation
As at 1 February 2023 - 493,563 9,948 21,175 524,686
Provided during the period - 19,205 230 260 19,695
As at 31 January 2024 - 512,768 10,178 21,435 544,381
...CONTINUED
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Net Book Value
As at 31 January 2024 26,783 37,547 930 - 65,260
As at 1 February 2023 26,783 53,530 558 260 81,131
5. Stocks
2024 2023
£ £
Work in progress 5,102 3,300
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 40,322 12,990
Prepayments and accrued income 1,877 1,877
Deferred tax current asset 2,910 -
45,109 14,867
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,775 1,746
Other taxes and social security 10,890 4,909
Other creditors 804 916
Accruals and deferred income 3,459 4,986
Directors' loan accounts 677 677
17,605 13,234
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
9. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 11,500 48,000
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