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REGISTERED NUMBER: 00392424 (England and Wales)














INDUSTRIAL BRUSHWARE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2024






INDUSTRIAL BRUSHWARE LIMITED (REGISTERED NUMBER: 00392424)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


INDUSTRIAL BRUSHWARE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH APRIL 2024







DIRECTORS: J A Palmer
H D Palmer
N C Palmer





SECRETARY: A Biggs





REGISTERED OFFICE: Ibex House
77 Malt Mill Lane
Halesowen
West Midlands
B62 8JJ





REGISTERED NUMBER: 00392424 (England and Wales)

INDUSTRIAL BRUSHWARE LIMITED (REGISTERED NUMBER: 00392424)

BALANCE SHEET
30TH APRIL 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Patents 4 - -
Tangible assets 5 447,640 244,040
447,640 244,040

CURRENT ASSETS
Stocks 65,661 66,859
Debtors 6 273,479 191,156
Cash at bank and in hand 491,826 485,314
830,966 743,329
CREDITORS
Amounts falling due within one year 7 330,760 323,938
NET CURRENT ASSETS 500,206 419,391
TOTAL ASSETS LESS CURRENT
LIABILITIES

947,846

663,431

CREDITORS
Amounts falling due after more than one
year

8

217,804

20,833
NET ASSETS 730,042 642,598

CAPITAL AND RESERVES
Called up share capital 11 2,000 2,000
Property revaluation reserve 12 3,675 3,675
Retained earnings 12 724,367 636,923
SHAREHOLDERS' FUNDS 730,042 642,598

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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.

INDUSTRIAL BRUSHWARE LIMITED (REGISTERED NUMBER: 00392424)

BALANCE SHEET - continued
30TH APRIL 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25th January 2025 and were signed on its behalf by:





J A Palmer - Director


INDUSTRIAL BRUSHWARE LIMITED (REGISTERED NUMBER: 00392424)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2024

1. STATUTORY INFORMATION

Industrial Brushware Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible fixed assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and accumulated impairment losses.

Amortisation is provided at the following annual rate in order to write of the asset over its useful life.

Patents - 20% straight line

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 10% on cost
Fixtures and fittings - 20% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.


INDUSTRIAL BRUSHWARE LIMITED (REGISTERED NUMBER: 00392424)

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

2. ACCOUNTING POLICIES - continued
Deferred tax
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.


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.

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 profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Patents and
licences
£
COST
At 1st May 2023
and 30th April 2024 99,098
AMORTISATION
At 1st May 2023
and 30th April 2024 99,098
NET BOOK VALUE
At 30th April 2024 -
At 30th April 2023 -

INDUSTRIAL BRUSHWARE LIMITED (REGISTERED NUMBER: 00392424)

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

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£ £ £ £ £
COST OR VALUATION
At 1st May 2023 402,357 434,904 95,923 26,629 959,813
Additions 184,993 31,000 - 734 216,727
At 30th April 2024 587,350 465,904 95,923 27,363 1,176,540
DEPRECIATION
At 1st May 2023 167,048 432,041 90,210 26,474 715,773
Charge for year 10,517 1,251 1,158 201 13,127
At 30th April 2024 177,565 433,292 91,368 26,675 728,900
NET BOOK VALUE
At 30th April 2024 409,785 32,612 4,555 688 447,640
At 30th April 2023 235,309 2,863 5,713 155 244,040

Cost or valuation at 30th April 2024 is represented by:

Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£ £ £ £ £
Valuation in 1986 7,500 - - - 7,500
Cost 579,850 465,904 95,923 27,363 1,169,040
587,350 465,904 95,923 27,363 1,176,540

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£ £
Cost 587,350 394,857
Aggregate depreciation 177,565 154,200

Freehold property was valued on an open market basis on 30th April 1986 by the directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 172,097 96,087
Amounts owed by group undertakings 2,000 2,000
Other debtors 76,294 76,158
Prepayments 23,088 16,911
273,479 191,156

INDUSTRIAL BRUSHWARE LIMITED (REGISTERED NUMBER: 00392424)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 17,000 10,270
Hire purchase contracts (see note 9) 3,339 -
Trade creditors 202,150 205,774
Corporation tax 32,521 47,699
Social security and other taxes 43,494 33,626
Other creditors 7,038 4,530
Directors' current accounts 15,301 13,485
Accrued expenses 9,917 8,554
330,760 323,938

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Bank loans 200,990 20,833
Hire purchase contracts (see note 9) 16,814 -
217,804 20,833

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£ £
Net obligations repayable:
Within one year 3,339 -
Between one and five years 16,814 -
20,153 -

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank loans 217,990 -

Included in the above balance are bank loans which are secured over the freehold land and buildings at 71-77 Malt Mill Lane.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
2,000 Ordinary £1 2,000 2,000

INDUSTRIAL BRUSHWARE LIMITED (REGISTERED NUMBER: 00392424)

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

12. RESERVES
Property
Retained revaluation
earnings reserve Totals
£ £ £

At 1st May 2023 636,923 3,675 640,598
Profit for the year 117,444 117,444
Dividends (30,000 ) (30,000 )
At 30th April 2024 724,367 3,675 728,042

13. RELATED PARTY DISCLOSURES

Included in other debtors are the following balances:
2024 2023
£ £
Ibex Geotech Limited - -
Evisual Group Limited 55,824 55,898
To View Limited 1,500 1,500

Mrs J A Palmer, a director of the company, is a director and shareholder in the above companies.

Also included in other debtors is a balance due from The Balcony Gardener Limited, a company of which Miss I C Palmer, Mrs J A Palmer's daughter, is the sole director and shareholder. As at 30 April 2024 £18,971 (2023 - £18,761) was due from The Balcony Gardener Limited.

During the year, dividends of £30,000 (2023 - £90,000) were paid to Ibex Ebi Limited, the ultimate parent company of Industrial Brushware Limited.

As at 30 April 2024 £2,000 (2023 - £2,000) was due from Ibex Ebi Limited.