ACCOUNTS - Final Accounts preparation

Unaudited Financial Statements

Industrial Process Systems Limited

For the year ended 30 September 2024

Registered number: NI043159


Industrial Process Systems Limited

Company Information

Director	David Hetherington


Company secretary	David Hetherington


Registered number	NI043159


Registered office	Unit 11
	Ravenhill Business Park
	Ravenhill Road
	Belfast
	BT6 8AW


Accountants	Grant Thornton Advisors (NI) LLP
	Chartered Accountants
	12 - 15 Donegall Square West
	Belfast
	BT1 6JH


Bankers	Danske Bank
	Donegall Square West
	Belfast
	BT1 6JS


Industrial Process Systems Limited

Contents

	Page
Accountants' report	1
Balance sheet	2 - 3
Notes to the financial statements	4 - 12

Independent Accountant's Report to the director of the unaudited financial statements of Industrial Process Systems Limited for the Year Ended 30 September 2024

In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Industrial Process Systems Limited for the year ended 30 September 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us.

The financial statements have been prepared on the basis set out in the notes to the financial statements.

This report is made solely to the directors of Industrial Process Systems Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's directors that we have done so and state those matters that we have agreed to state to the directors of Industrial Process Systems Limited, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Industrial Process Systems Limited and its directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with International Standard on Related Services 4410 (Revised) Compilation Engagements issued by the International Auditing and Assurance Standards Board (the ‘IAASB’’) and have complied with the ethical guidance laid down by the IESBA Code and Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.

You have approved the financial statements for the year ended 30 September 2024 and you have acknowledged on the Balance sheet as at 30 September 2024 your duty to ensure that Industrial Process Systems Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that Industrial Process Systems Limited is exempt from the statutory audit requirement for the year ended 30 September 2024.

We have not been instructed to carry out an audit or review the financial statements of Industrial Process Systems 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.

Grant Thornton Advisors (NI) LLP
Chartered Accountants 12 - 15 Donegall Square West Belfast BT1 6JH

Date: 20 June 2025

Page 1


Industrial Process Systems Limited Registered number:NI043159

Balance sheet

As at 30 September 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	6		10,138		19,328
			10,138		19,328
Current assets
Stocks	7	10,000		16,000
Debtors: amounts falling due within one year	8	467,800		399,017
Cash at bank and in hand	9	81,501		182,725
		559,301		597,742
Creditors: amounts falling due within one year	10	(355,517)		(431,029)
Net current assets			203,784		166,713
Total assets less current liabilities			213,922		186,041

Net assets			213,922		186,041

Capital and reserves
Called up share capital	11	60,000	60,000
Profit and loss account	12	153,922	126,041
		213,922	186,041

Page 2


Industrial Process Systems Limited Registered number:NI043159

Balance sheet (continued)

As at 30 September 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 June 2025.

David Hetherington

Director

The notes on pages 4 to 12 form part of these financial statements.

Page 3


Industrial Process Systems Limited

Notes to the financial statements

For the Year Ended 30 September 2024

1.	General information

Industrial Process Systems Limited is a private limited company which is limited by shares and incorporated in Northern Ireland. The registered office is Unit 11, Ravenhill Business Park, Ravenhill Road, Belfast, BT6 8AW.
The principal activity of the company is that of the supply, installation and maintenance of mechanical, electrical, control and instrumentation systems.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The financial statements are presented in Sterling (£).

The following principal accounting policies have been applied:

2.2

Going concern

The directors have assessed that there are adequate resources to meet the ongoing costs of the business
for a minimum of 12 months from the date of signing the financial statements. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.

Page 4


Industrial Process Systems Limited

Notes to the financial statements

For the Year Ended 30 September 2024

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5


Industrial Process Systems Limited

Notes to the financial statements

For the Year Ended 30 September 2024

2.Accounting policies (continued)

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 6


Industrial Process Systems Limited

Notes to the financial statements

For the Year Ended 30 September 2024

2.Accounting policies (continued)

2.9

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery	-	20% Straight line
Motor vehicles	-	25% Straight line
Fixtures and fittings	-	25% Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 7


Industrial Process Systems Limited

Notes to the financial statements

For the Year Ended 30 September 2024

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
Recoverability of debtors
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the ageing profile of debtors are considered.
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets.
Carrying value of stock
Stock represents goods for resale and is measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs necessary to make the sale. Provision is made for obsolete and slow moving stock based on historical experience.

Employees

The average monthly number of employees, including directors, during the year was 10 (2023 - 13).

Page 8


Industrial Process Systems Limited

Notes to the financial statements

For the Year Ended 30 September 2024

5.	Intangible assets

		Goodwill
		£
	Cost
	At 1 October 2023	52,000
	At 30 September 2024	52,000
	Amortisation
	At 1 October 2023	52,000
	At 30 September 2024	52,000
	Net book value
	At 30 September 2024	-
	At 30 September 2023	-

Page 9


Industrial Process Systems Limited

Notes to the financial statements

For the Year Ended 30 September 2024

6.	Tangible fixed assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost or valuation
At 1 October 2023	3,789	17,773	44,122	65,684
Disposals	-	-	(8,544)	(8,544)
At 30 September 2024	3,789	17,773	35,578	57,140
Depreciation
At 1 October 2023	3,789	16,753	25,814	46,356
Charge for the year	-	741	8,449	9,190
Disposals	-	-	(8,544)	(8,544)
At 30 September 2024	3,789	17,494	25,719	47,002
Net book value
At 30 September 2024	-	279	9,859	10,138
At 30 September 2023	-	1,020	18,308	19,328

Page 10


Industrial Process Systems Limited

Notes to the financial statements

For the Year Ended 30 September 2024

7.	Stocks
		2024	2023
		£	£

Stock	10,000	16,000
	10,000	16,000

Debtors

					2024	2023
					£	£


Trade debtors	428,668	375,637
Amounts owed by connected companies	8,019	5,699
Other debtors	6,630	5,130
Prepayments and accrued income	24,483	12,551
	467,800	399,017

9.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	81,501	182,725
	81,501	182,725

10.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	223,316	178,216
Other taxation and social security	93,837	107,332
Other creditors	240	77,981
Accruals and deferred income	38,124	67,500
	355,517	431,029

Details of security provided:
Trade and other creditors are payable at various dates over the coming months in accordance with the suppliers’ usual and customary credit terms. Corporation tax and other taxes including social insurance are repayable at various dates over the coming months in accordance with the applicable statutory provisions.

Page 11


Industrial Process Systems Limited

Notes to the financial statements

For the Year Ended 30 September 2024

11.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

60,000 (2023 - 60,000) Ordinary shares of £1.00 each	60,000	60,000

12.

Reserves

Profit and loss account

Includes all current and prior period retained profits and losses.

13.

Related party transactions

The company had the following related party transactions in the year:
In the year the company had net transactions of £2,320 (2023: £3,481) with a company which is connected by common control. At the balance sheet date the amount owed from that company was £8,019 (2023: £5,699). The amount is unsecured, interest free and repayable upon demand.
In the year the company had net transaction of £15,000 (2023: £1,172) with a Trust which is connected by common control. At the balance sheet date the amount owed to the Trust was £Nil (2023: £15,000). The amount is unsecured, interest free and repayable upon demand.
In the year the company had net transactions of £1,500 (2023: £Nil) with a director. At the balance sheet date the amount owed from that director was £6,630 (2023: £5,130).

Page 12