Company registration number 15413005 (England and Wales)
INDUSTRIAL GRP HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
INDUSTRIAL GRP HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr J D McCallion
Mr L M Cox
Mrs C S Cox
Mrs J E McCallion
Company number
15413005
Registered office
Unit 2
Block C
Capel Hendre Industrial Estate
Ammanford
Carmarthenshire
SA18 3SJ
Accountants
WBV Limited
The Third Floor
Langdon House, Langdon Road
SA1 Swansea Waterfront
Swansea
Wales
SA1 8QY
INDUSTRIAL GRP HOLDINGS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
INDUSTRIAL GRP HOLDINGS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF INDUSTRIAL GRP HOLDINGS LIMITED FOR THE PERIOD ENDED 31 AUGUST 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Industrial GRP Holdings Limited for the Period ended 31 August 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Industrial GRP Holdings Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Industrial GRP Holdings Limited and state those matters that we have agreed to state to the board of directors of Industrial GRP Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Industrial GRP Holdings Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Industrial GRP Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Industrial GRP Holdings Limited. You consider that Industrial GRP Holdings Limited is exempt from the statutory audit requirement for the Period.
We have not been instructed to carry out an audit or a review of the financial statements of Industrial GRP Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
WBV Limited
Chartered Accountants
The Third Floor
Langdon House, Langdon Road
SA1 Swansea Waterfront
Swansea
SA1 8QY
Wales
8 May 2025
INDUSTRIAL GRP HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 2 -
2024
Notes
£
£
Fixed assets
Investments
4
1,698,632
Current assets
Debtors
6
10,000
Cash at bank and in hand
109,000
119,000
Creditors: amounts falling due within one year
7
(939,300)
Net current liabilities
(820,300)
Total assets less current liabilities
878,332
Creditors: amounts falling due after more than one year
8
(566,667)
Net assets
311,665
Capital and reserves
Called up share capital
9
10,000
Profit and loss reserves
301,665
Total equity
311,665
For the financial Period ended 31 August 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 of its financial statements for the Period in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 8 May 2025 and are signed on its behalf by:
Mr J D McCallion
Director
Company registration number 15413005 (England and Wales)
INDUSTRIAL GRP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information
Industrial GRP Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2, Block C, Capel Hendre Industrial Estate, Ammanford, Carmarthenshire, SA18 3SJ.
1.1
Reporting period
The accounting period has been shortened from January 2025 to August 2024 for the first period of account. This is to bring the reporting period in line with the company's subsidiary.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
INDUSTRIAL GRP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Industrial GRP Holdings Limited is the parent company of a small group. In line with section 399(2) of the Companies Act 2006, the company has taken advantage of the exemption from preparing consolidated financial statements for a small group.
INDUSTRIAL GRP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2024
Number
Total
4
4
Fixed asset investments
2024
£
Other investments other than loans
1,698,632
The investment relates to shares in a subsidiary company, Details of the transaction are explained in note 11. The company owns 100% of the shares in Industrial GRP Limited with a third of the shares being purchased and the remainder acquired via a share for share exchange.
Movements in fixed asset investments
Investments
£
Cost or valuation
At 15 January 2024
-
Additions
1,698,632
At 31 August 2024
1,698,632
Carrying amount
At 31 August 2024
1,698,632
5
Financial instruments
2024
£
Carrying amount of financial assets include:
Instruments measured at fair value through profit or loss
1,698,632
INDUSTRIAL GRP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 6 -
6
Debtors
2024
Amounts falling due within one year:
£
Other debtors
10,000
7
Creditors: amounts falling due within one year
2024
£
Amounts owed to group undertakings
837,800
Other creditors
101,500
939,300
8
Creditors: amounts falling due after more than one year
2024
£
Other creditors
566,667
9
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued
Ordinary A shares of £1 each
3,500
3,500
Ordinary B shares of £1 each
3,500
3,500
Ordinary C shares of £1 each
1,500
1,500
Ordinary D shares of £1 each
1,500
1,500
10,000
10,000
The issued share capital is unpaid as at 31 August 2024.
10
Related party transactions
Transactions with related parties
During the year shares owned by two of the shareholders of Industrial GRP Limited were acquired by Industrial GRP Holdings Limited.
The shares owned by the remaining shareholders of Industrial GRP Limited were the subject of a share exchange for shares in Industrial GRP Holdings Limited.
As a result, Industrial GRP Holdings Limited owns 100% of the shares in Industrial GRP Limited.