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Registration number: NI660099

Industrial Floor Prepping Limited

trading as IFP

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Industrial Floor Prepping Limited

trading as IFP

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Industrial Floor Prepping Limited

trading as IFP

Company Information

Director

Mr Patrick Mc Cann

Registered office

42C Barnish Road
Randalstown
Co Antrim
BT41 2EJ

Accountants

J A Mc Clements & Co
25B Ballymena Business Centre
Galgorm
Ballymena
Co Antrim
BT42 1FL

 

Industrial Floor Prepping Limited

trading as IFP

(Registration number: NI660099)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

156,576

161,180

Current assets

 

Stocks

5

4,445

3,520

Debtors

6

193,520

201,573

Cash at bank and in hand

 

112,784

77,326

 

310,749

282,419

Creditors: Amounts falling due within one year

7

(198,626)

(167,481)

Net current assets

 

112,123

114,938

Net assets

 

268,699

276,118

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

268,697

276,116

Shareholders' funds

 

268,699

276,118

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 March 2024
 

.........................................
Mr Patrick Mc Cann
Director

 

Industrial Floor Prepping Limited

trading as IFP

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
42C Barnish Road
Randalstown
Co Antrim
BT41 2EJ
Northern Ireland

These financial statements were authorised for issue by the director on 27 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Industrial Floor Prepping Limited

trading as IFP

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

20% Straight Line

Motor Vehicles

20% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Industrial Floor Prepping Limited

trading as IFP

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Industrial Floor Prepping Limited

trading as IFP

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Industrial Floor Prepping Limited

trading as IFP

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

2,505

54,926

214,908

272,339

Additions

1,198

40,733

19,667

61,598

At 31 March 2024

3,703

95,659

234,575

333,937

Depreciation

At 1 April 2023

505

29,486

81,167

111,158

Charge for the year

742

18,573

46,888

66,203

At 31 March 2024

1,247

48,059

128,055

177,361

Carrying amount

At 31 March 2024

2,456

47,600

106,520

156,576

At 31 March 2023

2,000

25,439

133,741

161,180

5

Stocks

2024
£

2023
£

Work in progress

4,445

3,520

6

Debtors

Current

2024
£

2023
£

Trade debtors

52,620

70,021

Other debtors

140,900

131,552

 

193,520

201,573

7

Creditors

Creditors: amounts falling due within one year

 

Industrial Floor Prepping Limited

trading as IFP

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

74,971

72,044

Trade creditors

 

35,117

18,239

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

7,780

-

Taxation and social security

 

16,337

18,363

Accruals and deferred income

 

41,802

38,214

Other creditors

 

22,619

20,621

 

198,626

167,481

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2

       

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

20,859

31,580

Hire purchase contracts

54,112

40,464

74,971

72,044

10

Dividends

Final dividends paid

2024
£

2023
£

Final dividend of £516.01 (2023 - £12,500.00) per each Ordinary Shares

51,601

25,000

 

 

Recommended final dividends paid and not recognised in the accounts

The director is recommending the following final dividends:

£- per each Ordinary Shares share totalling £- (2023 - £-)

 

Industrial Floor Prepping Limited

trading as IFP

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

These dividends have not been accrued in the balance sheet.

11

Related party transactions

 

Industrial Floor Prepping Limited

trading as IFP

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£