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REGISTERED NUMBER: 03468563 (England and Wales)















INDUSTRIAL RUBBER LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024






INDUSTRIAL RUBBER LIMITED (REGISTERED NUMBER: 03468563)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


INDUSTRIAL RUBBER LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: Mr D T Hill
Mr L J Bown
Mr S G Vine
Mrs A L Vine
Mrs S J Bown
Mrs A J Hill





SECRETARY: Ms H Todd





REGISTERED OFFICE: 4 Fielder Drive
Newgate Lane Industrial Estate
Fareham
Hampshire
PO14 1JE





REGISTERED NUMBER: 03468563 (England and Wales)





AUDITORS: Rothmans Audit LLP
Statutory Auditors
Chartered Accountants
Fryern House
125 Winchester Road
Chandlers Ford
Hampshire
SO53 2DR

INDUSTRIAL RUBBER LIMITED (REGISTERED NUMBER: 03468563)

BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 522,573 590,729
Investments 6 2 2
522,575 590,731

CURRENT ASSETS
Stocks 7 809,223 697,574
Debtors 8 965,021 901,756
Cash at bank 9,253 31,638
1,783,497 1,630,968
CREDITORS
Amounts falling due within one year 9 1,100,092 864,572
NET CURRENT ASSETS 683,405 766,396
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,205,980

1,357,127

CREDITORS
Amounts falling due after more than one
year

10

(52,982

)

(84,149

)

PROVISIONS FOR LIABILITIES 13 (112,980 ) (137,837 )
NET ASSETS 1,040,018 1,135,141

CAPITAL AND RESERVES
Called up share capital 121,220 121,220
Retained earnings 918,798 1,013,921
1,040,018 1,135,141

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 23 January 2025 and were signed on its behalf by:





Mr D T Hill - Director


INDUSTRIAL RUBBER LIMITED (REGISTERED NUMBER: 03468563)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


1. STATUTORY INFORMATION

Industrial Rubber Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 03468563 and the registered office address is located at 4 Fielder Drive, Newgate Lane Industrial Estate, Fareham, Hampshire, PO14 1JE.

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.

The presentation currency is £ sterling.

Going concern
The financial statements have been prepared on the going concern basis.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Leases

A lease that does not transfer substantially all of the risks and rewards of ownership is classified as an
operating lease and is therefore not included in the statement of financial position.

Other key sources of estimation uncertainty

Tangible fixed assets


A reliable estimate is made of the useful life of tangible assets on acquisition. The estimate is based on
a variety of factors such as expected use of the acquired asset and assumptions that market
participants would consider in respect of similar business.




Tangible fixed assets are depreciated over their useful lives taking into account residual values, where
appropriate. The actual lives of the assets and residual values are assessed annually and may vary
depending on a number of factors. Residual value assessments consider issues such as market
conditions, the remaining life of the asset and projected disposal values.

Turnover
Turnover represents net sales during the year (excluding value added tax) adjusted for accrued and deferred income where applicable.

Turnover is derived from the sale of rubber mouldings and is recognised upon despatch of the goods.

Intangible fixed assets
Goodwill, being the amount paid in connection with the acquisition of a business, is amortised evenly over its estimated useful life of 5 years.

INDUSTRIAL RUBBER LIMITED (REGISTERED NUMBER: 03468563)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
All fixed assets are initially recognised at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses.

The cost of fixed assets initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by management.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Leasehold improvementsOver the period of the lease
Plant and machinery3 - 15 years straight line
Motor vehicles3 - 4 years straight line
Fixtures and fittings3 - 12 years straight line

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the Statement of Income and Retained Earnings.

Investments in subsidiaries
Investments in subsidiaries are stated at cost less any provision for impairment.

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average cost basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Income and Retained Earnings.

Financial instruments
The company only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and debt instruments are subsequently measured at amortised cost.

Taxation
Taxation for the year 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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 year 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


INDUSTRIAL RUBBER LIMITED (REGISTERED NUMBER: 03468563)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to the Statement of Income and Retained Earnings over the relevant period. The capital element of the future payments is treated as liability.

Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the period of the lease.

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 the Statement of Income and Retained Earnings in the period to which they relate.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 55 (2023 - 58 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 October 2023
and 30 September 2024 2,901,473
AMORTISATION
At 1 October 2023
and 30 September 2024 2,901,473
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 -

INDUSTRIAL RUBBER LIMITED (REGISTERED NUMBER: 03468563)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£ £ £ £ £
COST
At 1 October 2023 420,059 3,086,442 186,351 63,995 3,756,847
Additions 11,310 3,185 3,093 - 17,588
Disposals - (3,500 ) (1,798 ) (26,795 ) (32,093 )
At 30 September 2024 431,369 3,086,127 187,646 37,200 3,742,342
DEPRECIATION
At 1 October 2023 389,985 2,532,312 179,826 63,995 3,166,118
Charge for year 3,648 77,396 4,700 - 85,744
Eliminated on disposal - (3,500 ) (1,798 ) (26,795 ) (32,093 )
At 30 September 2024 393,633 2,606,208 182,728 37,200 3,219,769
NET BOOK VALUE
At 30 September 2024 37,736 479,919 4,918 - 522,573
At 30 September 2023 30,074 554,130 6,525 - 590,729

Included within the net book value is £139,682 (2023: £402,966) relating to assets held under hire purchase agreements.

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 October 2023
and 30 September 2024 36,501
PROVISIONS
At 1 October 2023
and 30 September 2024 36,499
NET BOOK VALUE
At 30 September 2024 2
At 30 September 2023 2

7. STOCKS
2024 2023
£ £
Raw materials 152,017 151,464
Work-in-progress 203,524 173,576
Finished goods 453,682 372,534
809,223 697,574

INDUSTRIAL RUBBER LIMITED (REGISTERED NUMBER: 03468563)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 829,908 785,647
Prepayments and accrued income 135,113 116,109
965,021 901,756

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 349,078 172,078
Hire purchase contracts (see note 11) 36,008 62,720
Trade creditors 441,886 380,183
Amounts owed to group undertakings 2 2
Corporation tax 52,342 12,517
Social security and other taxes 115,127 100,388
Other creditors 13,841 13,012
Accruals and deferred income 91,808 123,672
1,100,092 864,572

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Hire purchase contracts (see note 11) 52,982 84,149

11. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£ £
Net obligations repayable:
Within one year 36,008 62,720
Between one and five years 52,982 84,149
88,990 146,869

Non-cancellable
operating leases
2024 2023
£ £
Within one year 260,833 160,295
Between one and five years 845,250 18,432
1,106,083 178,727

INDUSTRIAL RUBBER LIMITED (REGISTERED NUMBER: 03468563)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


12. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Hire purchase contracts 88,990 146,869

Obligations under hire purchase contracts are secured on the assets to which they relate.

13. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 112,980 137,837

Deferred tax
£
Balance at 1 October 2023 137,837
Provided during year (24,857 )
Balance at 30 September 2024 112,980

The deferred tax provision relates solely to accelerated capital allowances.

14. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Robin Lloyd (Senior Statutory Auditor)
for and on behalf of Rothmans Audit LLP

15. ULTIMATE CONTROLLING PARTY

The directors do not consider there to be an ultimate controlling party.