BrightAccountsProduction v1.0.0 v1.0.0 2023-06-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the Company is the wholesale of machinery and equipment. 28 January 2025 17 17 NI653362 2024-05-31 NI653362 2023-05-31 NI653362 2022-05-31 NI653362 2023-06-01 2024-05-31 NI653362 2022-06-01 2023-05-31 NI653362 uk-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 NI653362 uk-curr:PoundSterling 2023-06-01 2024-05-31 NI653362 uk-bus:AbridgedAccounts 2023-06-01 2024-05-31 NI653362 uk-core:ShareCapital 2024-05-31 NI653362 uk-core:ShareCapital 2023-05-31 NI653362 uk-core:RetainedEarningsAccumulatedLosses 2024-05-31 NI653362 uk-core:RetainedEarningsAccumulatedLosses 2023-05-31 NI653362 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-05-31 NI653362 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-05-31 NI653362 uk-bus:FRS102 2023-06-01 2024-05-31 NI653362 uk-core:Goodwill 2023-06-01 2024-05-31 NI653362 uk-core:PlantMachinery 2023-06-01 2024-05-31 NI653362 uk-core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 NI653362 uk-core:MotorVehicles 2023-06-01 2024-05-31 NI653362 uk-core:Goodwill 2023-05-31 NI653362 uk-core:Goodwill 2024-05-31 NI653362 2023-06-01 2024-05-31 NI653362 uk-bus:Director1 2023-06-01 2024-05-31 NI653362 uk-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
 
 
 
 
Company Registration Number: NI653362
 
 
IPower Ireland Ltd
 
Abridged Unaudited Financial Statements
 
for the financial year ended 31 May 2024
IPower Ireland Ltd
Company Registration Number: NI653362
ABRIDGED BALANCE SHEET
as at 31 May 2024

2024 2023
Notes £ £
 
Fixed Assets
Intangible assets 4 38,867 43,267
Tangible assets 5 339,226 215,160
───────── ─────────
Fixed Assets 378,093 258,427
───────── ─────────
 
Current Assets
Stocks 5,000 5,000
Debtors 465,238 716,297
Cash and cash equivalents 202,065 123,358
───────── ─────────
672,303 844,655
───────── ─────────
Creditors: amounts falling due within one year (424,619) (552,173)
───────── ─────────
Net Current Assets 247,684 292,482
───────── ─────────
Total Assets less Current Liabilities 625,777 550,909
 
Creditors:
amounts falling due after more than one year (117,096) (125,018)
───────── ─────────
Net Assets 508,681 425,891
═════════ ═════════
 
Capital and Reserves
Called up share capital 100 100
Retained earnings 508,581 425,791
───────── ─────────
Equity attributable to owners of the company 508,681 425,891
═════════ ═════════
 
The financial statements have been prepared 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).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
The company has taken advantage of the exemption under section 444 not to file the Abridged Profit and Loss Account and Director's Report.
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges his responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Director and authorised for issue on 28 January 2025
           
           
________________________________          
Mr. Paul Hughes          
Director          
           



IPower Ireland Ltd
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 31 May 2024

   
1. General Information
 
IPower Ireland Ltd is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI653362. The registered office of the company is 211 Annagher Road, Dungannon, Co. Tyrone, BT71 5DA, Northern Ireland which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Director's Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 31 May 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 10 years, which is estimated to be the period during which benefits are expected to arise.  On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Plant and machinery - 20% Straight line
  Fixtures, fittings and equipment - 20% Straight line
  Motor vehicles - 20% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including director, during the financial year was 17, (2023 - 17).
 
  2024 2023
  Number Number
 
Administrative 17 17
  ═════════ ═════════
       
4. Intangible assets
     
  Goodwill Total
  £ £
Cost
At 1 June 2023 44,000 44,000
  ───────── ─────────
 
At 31 May 2024 44,000 44,000
  ───────── ─────────
Amortisation
At 1 June 2023 733 733
Charge for financial year 4,400 4,400
  ───────── ─────────
At 31 May 2024 5,133 5,133
  ───────── ─────────
Net book value
At 31 May 2024 38,867 38,867
  ═════════ ═════════
At 31 May 2023 43,267 43,267
  ═════════ ═════════
           
5. Tangible assets
  Plant and Fixtures, Motor Total
  machinery fittings and vehicles  
    equipment    
  £ £ £ £
Cost
At 1 June 2023 124,797 11,684 139,307 275,788
Additions 49,966 37,911 106,833 194,710
Disposals (603) - - (603)
  ───────── ───────── ───────── ─────────
At 31 May 2024 174,160 49,595 246,140 469,895
  ───────── ───────── ───────── ─────────
Depreciation
At 1 June 2023 17,847 5,343 37,438 60,628
Charge for the financial year 29,265 8,136 32,664 70,065
On disposals (24) - - (24)
  ───────── ───────── ───────── ─────────
At 31 May 2024 47,088 13,479 70,102 130,669
  ───────── ───────── ───────── ─────────
Net book value
At 31 May 2024 127,072 36,116 176,038 339,226
  ═════════ ═════════ ═════════ ═════════
At 31 May 2023 106,950 6,341 101,869 215,160
  ═════════ ═════════ ═════════ ═════════
       
6. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 May 2024.
   
7. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.