Company registration number 02908889 (England and Wales)
INDUSTRIAL DIELECTRICS (U.K.) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
INDUSTRIAL DIELECTRICS (U.K.) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
INDUSTRIAL DIELECTRICS (U.K.) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
13,468
19,326
Current assets
Stocks
231,809
249,560
Debtors
5
399,306
575,972
Cash at bank and in hand
1,158,484
977,537
1,789,599
1,803,069
Creditors: amounts falling due within one year
6
(255,094)
(409,416)
Net current assets
1,534,505
1,393,653
Net assets
1,547,973
1,412,979
Capital and reserves
Called up share capital
271,284
271,284
Profit and loss reserves
7
1,276,689
1,141,695
Total equity
1,547,973
1,412,979

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 10 April 2025 and are signed on its behalf by:
L Houchin
Director
Company Registration No. 02908889
INDUSTRIAL DIELECTRICS (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Industrial Dielectrics (U.K.) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit One, Oldbury Park, Popes Lane, Oldbury, West Midlands, B69 4RG.

1.1
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Industrial Dielectrics (U.K.) Limited is a wholly owned subsidiary of Industrial Dielectrics Holdings Inc and the results of Industrial Dielectrics (U.K.) Limited are included in the consolidated financial statements of Industrial Dielectric Holdings Inc which are available from its registered office, 407 South 7th Street, Noblesville, Indiana 46060, United States of America.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Under FRS 102 development expenditure is also written off against profits in the year it is incurred.

INDUSTRIAL DIELECTRICS (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its estimated useful life.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Know-How
5% straight line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
7%- 14% straight line
Plant and equipment
10%-20% straight line
Fixtures and fittings
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.8
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.

1.9
Financial instruments

The following assets and liabilities are classified as financial instruments – trade debtors, trade creditors, bank loans and directors’ loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised costs using the effective interest method.

Trade debtors and trade creditors are measured at the undiscounted amount of cash or other consideration expected to be paid or received.

INDUSTRIAL DIELECTRICS (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Tax deferred or accelerated is accounted for in respect of all material timing differences, in particular accelerated capital allowances. All deferred tax is charged/(credited) to the Statement of Income and Retained Earnings/Profit and Loss Account.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
8
10
3
Intangible fixed assets
Goodwill
Know-How
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
55,670
3,036,698
3,092,368
Amortisation and impairment
At 1 January 2024 and 31 December 2024
55,670
3,036,698
3,092,368
Carrying amount
At 31 December 2024
-
0
-
0
-
0
At 31 December 2023
-
0
-
0
-
0
INDUSTRIAL DIELECTRICS (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
173,948
1,448,652
1,622,600
Depreciation and impairment
At 1 January 2024
173,056
1,430,218
1,603,274
Depreciation charged in the year
198
5,660
5,858
At 31 December 2024
173,254
1,435,878
1,609,132
Carrying amount
At 31 December 2024
694
12,774
13,468
At 31 December 2023
892
18,434
19,326
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
317,101
480,882
Amounts owed by group undertakings
11,318
20,809
Other debtors
70,887
74,281
399,306
575,972
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
151,666
180,321
Amounts owed to group undertakings
12,770
76,387
Corporation tax
27,028
58,927
Other taxation and social security
28,638
54,471
Other creditors
34,992
39,310
255,094
409,416
INDUSTRIAL DIELECTRICS (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
7
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
1,141,695
952,712
Profit for the year
134,994
188,983
At the end of the year
1,276,689
1,141,695
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Ian Marsh
Statutory Auditor:
Neal and Co Audit Services Limited
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
106,539
739,617
10
Events after the reporting date

The company has decided to cease production in August 2025. Any financial implications of this are not yet quantifiable and have not been reflected in the accounts.

11
Related party transactions

The company has taken advantage of the exemption under FRS 102 "Related Party Disclosures" not to disclose related party transactions between companies which are 100% owned by the ultimate parent company.

 

INDUSTRIAL DIELECTRICS (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
12
Parent company

The company is wholly owned by Industrial Dielectrics Holdings Inc., a company incorporated in the United States of America.

 

The smallest and largest group in which the results of the company are consolidated is that headed by Industrial Dielectrics Holdings Inc. whose registered office is as follows:

 

Industrial Dielectrics Holdings Inc.

407 South 7th Street

Noblesville

Indiana 46060

United States of America

 

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