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REGISTERED NUMBER: 07309000 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 September 2024

for

IPS MARINE FABRICATIONS LTD

IPS MARINE FABRICATIONS LTD (REGISTERED NUMBER: 07309000)

Contents of the Financial Statements
for the Year Ended 30 September 2024










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


IPS MARINE FABRICATIONS LTD

Company Information
for the Year Ended 30 September 2024







DIRECTORS: Mr P V Smith
Mrs M Campbell-Smith





REGISTERED OFFICE: Butterworth Barlow
10 Derby Street
Prescot
Merseyside
L34 3LG





REGISTERED NUMBER: 07309000 (England and Wales)





ACCOUNTANTS: Butterworth Barlow
Chartered Accountants
Butterworth Barlow House
10 Derby Street
Prescot
Liverpool
Merseyside
L34 3LG

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
IPS Marine Fabrications Ltd


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of IPS Marine Fabrications Ltd for the year ended 30 September 2024 which comprise the Income Statement, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of IPS Marine Fabrications Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of IPS Marine Fabrications Ltd and state those matters that we have agreed to state to the Board of Directors of IPS Marine Fabrications Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than IPS Marine Fabrications Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that IPS Marine Fabrications Ltd 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 IPS Marine Fabrications Ltd. You consider that IPS Marine Fabrications 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 financial statements of IPS Marine Fabrications 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 financial statements.






Butterworth Barlow
Chartered Accountants
Liverpool


24 April 2025

IPS MARINE FABRICATIONS LTD (REGISTERED NUMBER: 07309000)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 88,985 58,192

CURRENT ASSETS
Stocks 3,000 3,000
Debtors 5 381,896 164,233
Cash at bank and in hand 1,045,030 958,283
1,429,926 1,125,516
CREDITORS
Amounts falling due within one year 6 1,266,902 937,423
NET CURRENT ASSETS 163,024 188,093
TOTAL ASSETS LESS CURRENT LIABILITIES 252,009 246,285

CREDITORS
Amounts falling due after more than one year 7 (8,077 ) (11,203 )

PROVISIONS FOR LIABILITIES 8 (22,246 ) (12,802 )
NET ASSETS 221,686 222,280

CAPITAL AND RESERVES
Called up share capital 9 1 1
Retained earnings 221,685 222,279
SHAREHOLDERS' FUNDS 221,686 222,280

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

IPS MARINE FABRICATIONS LTD (REGISTERED NUMBER: 07309000)

Balance Sheet - continued
30 September 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 24 April 2025 and were signed on its behalf by:





Mr P V Smith - Director


IPS MARINE FABRICATIONS LTD (REGISTERED NUMBER: 07309000)

Notes to the Financial Statements
for the Year Ended 30 September 2024


1. STATUTORY INFORMATION

IPS Marine Fabrications Ltd 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.

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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

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 - 10% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

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.


IPS MARINE FABRICATIONS LTD (REGISTERED NUMBER: 07309000)

Notes to the Financial Statements - continued
for the Year Ended 30 September 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 16 (2023 - 14 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 October 2023 24,595 180,717 48,739 94,217 348,268
Additions - 24,654 649 21,995 47,298
At 30 September 2024 24,595 205,371 49,388 116,212 395,566
DEPRECIATION
At 1 October 2023 24,595 165,811 42,455 57,215 290,076
Charge for year - 3,088 959 12,458 16,505
At 30 September 2024 24,595 168,899 43,414 69,673 306,581
NET BOOK VALUE
At 30 September 2024 - 36,472 5,974 46,539 88,985
At 30 September 2023 - 14,906 6,284 37,002 58,192

IPS MARINE FABRICATIONS LTD (REGISTERED NUMBER: 07309000)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 366,958 160,626
VAT 14,076 3,524
Prepayments 862 83
381,896 164,233

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade creditors 59,790 14,379
Amounts owed to group undertakings 718,433 579,237
Amounts owed to participating interests 135 135
Tax 251,907 128,246
Social security and other taxes 14,733 14,982
Other creditors 9,056 7,411
Accruals and deferred income 212,848 193,033
1,266,902 937,423

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.9.24 30.9.23
£    £   
Hire purchase contracts 8,077 11,203

8. PROVISIONS FOR LIABILITIES
30.9.24 30.9.23
£    £   
Deferred tax 22,246 12,802

Deferred
tax
£   
Balance at 1 October 2023 12,802
Provided during year 9,444
Balance at 30 September 2024 22,246

IPS MARINE FABRICATIONS LTD (REGISTERED NUMBER: 07309000)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
1 Ordinary £1 1 1