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Registration number: 06677496

IPW Joinery Ltd

trading as IPW Building Services

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

IPW Joinery Ltd

trading as IPW Building Services

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4 to 5

Notes to the Unaudited Financial Statements

6 to 12

 

IPW Joinery Ltd

trading as IPW Building Services

Company Information

Directors

P Webster

I Prescott

Registered office

The Viners
Denaby Lane
Old Denaby
Doncaster
DN12 4JX

Accountants

Wickersham Limited Eckington Business Centre 1
62 Market Street
Eckington
Sheffield
S21 4JH

 

IPW Joinery Ltd

trading as IPW Building Services

Directors' Report for the Year Ended 31 August 2024

The directors present their report and the financial statements for the year ended 31 August 2024.

Directors of the company

The directors who held office during the year were as follows:

P Webster

I Prescott

Principal activity

The principal activity of the company is that of building contractors

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 21 May 2025 and signed on its behalf by:
 

.........................................
P Webster
Director

.........................................
I Prescott
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
IPW Joinery Ltd

trading as IPW Building Services
for the Year Ended 31 August 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of IPW Joinery Ltd for the year ended 31 August 2024 as set out on pages 4 to 12 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
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of IPW Joinery Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of IPW Joinery Ltd and state those matters that we have agreed to state to the Board of Directors of IPW Joinery Ltd, 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 IPW Joinery Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that IPW Joinery Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of IPW Joinery Ltd. You consider that IPW Joinery Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of IPW Joinery Ltd. 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 accounts.

......................................

Wickersham Limited
Eckington Business Centre 1
62 Market Street
Eckington
Sheffield
S21 4JH

21 May 2025

 

IPW Joinery Ltd

trading as IPW Building Services

(Registration number: 06677496)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

205,103

275,992

Current assets

 

Debtors

5

542,282

500,651

Cash at bank and in hand

 

663

29,322

 

542,945

529,973

Creditors: Amounts falling due within one year

6

(331,755)

(319,261)

Net current assets

 

211,190

210,712

Total assets less current liabilities

 

416,293

486,704

Creditors: Amounts falling due after more than one year

6

(259,517)

(231,241)

Provisions for liabilities

(34,882)

(34,083)

Net assets

 

121,894

221,380

Capital and reserves

 

Called up share capital

200

200

Retained earnings

121,694

221,180

Shareholders' funds

 

121,894

221,380

 

IPW Joinery Ltd

trading as IPW Building Services

(Registration number: 06677496)
Balance Sheet as at 31 August 2024

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

Directors' 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 directors acknowledge their 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 and 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 directors have not delivered to the registrar a copy of the Profit and Loss Account and Directors' Report.

Approved and authorised by the Board on 21 May 2025 and signed on its behalf by:
 

.........................................
P Webster
Director

.........................................
I Prescott
Director

 

IPW Joinery Ltd

trading as IPW Building Services

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

1

General information

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

The address of its registered office is:
The Viners
Denaby Lane
Old Denaby
Doncaster
DN12 4JX

These financial statements were authorised for issue by the Board on 21 May 2025.

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).

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.

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.

Tax

The tax expense for the period comprises current and deferred 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.

 

IPW Joinery Ltd

trading as IPW Building Services

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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 and machinery

20% reducing balance

Fixtures, fittings and equipment

15% reducing balance

Computer equipment

33.33% reducing balance

Motor vehicles

25% reducing balance

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.

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.

 

IPW Joinery Ltd

trading as IPW Building Services

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

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2023 - 17).

 

IPW Joinery Ltd

trading as IPW Building Services

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

4

tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 September 2023

10,702

33,111

30,339

340,863

Additions

-

-

1,060

32,390

Disposals

-

-

-

(76,877)

At 31 August 2024

10,702

33,111

31,399

296,376

Depreciation

At 1 September 2023

8,570

29,686

22,918

77,849

Charge for the year

320

685

2,503

56,761

Eliminated on disposal

-

-

-

(32,807)

At 31 August 2024

8,890

30,371

25,421

101,803

Carrying amount

At 31 August 2024

1,812

2,740

5,978

194,573

At 31 August 2023

2,132

3,425

7,421

263,014

Total
£

Cost or valuation

At 1 September 2023

415,015

Additions

33,450

Disposals

(76,877)

At 31 August 2024

371,588

Depreciation

At 1 September 2023

139,023

Charge for the year

60,269

Eliminated on disposal

(32,807)

At 31 August 2024

166,485

Carrying amount

At 31 August 2024

205,103

At 31 August 2023

275,992

 

IPW Joinery Ltd

trading as IPW Building Services

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

5

debtors

Current

Note

2024
£

2023
£

Trade debtors

 

397,245

318,186

Amounts owed by related parties

8

77,956

71,926

Prepayments

 

18,036

21,626

Other debtors

 

49,045

88,913

   

542,282

500,651

 

IPW Joinery Ltd

trading as IPW Building Services

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

75,707

57,130

Trade creditors

 

109,782

130,300

Taxation and social security

 

62,264

52,589

Accruals and deferred income

 

76,420

73,832

Other creditors

 

7,582

5,410

 

331,755

319,261

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

259,517

231,241

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

9,167

19,167

Hire purchase contracts

175,520

198,529

Finance lease liabilities

-

13,545

Other borrowings

74,830

-

259,517

231,241

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Bank overdrafts

4,397

-

Hire purchase contracts

39,930

32,604

Finance lease liabilities

-

14,526

Other borrowings

21,380

-

75,707

57,130

 

IPW Joinery Ltd

trading as IPW Building Services

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

8

Related party transactions

Transactions with directors

2024

At 1 September 2023
£

Advances to director
£

At 31 August 2024
£

P Webster

Loan

71,926

6,029

77,955

2023

At 1 September 2022
£

Repayments by director
£

At 31 August 2023
£

P Webster

Loan

99,822

(27,896)

71,926