REGISTERED NUMBER: 02175574 (England and Wales)

INDUSTRIAL PROCESS PUMPS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

Mr J M Lee

Mr G Galloway

REGISTERED OFFICE:

22 Dunton Close

West Meadows Industrial Estate

DERBY

Derbyshire

DE21 6XB

REGISTERED NUMBER:

02175574 (England and Wales)

ACCOUNTANTS:

Johnson Tidsall Limited

Chartered Accountants

81 Burton Road

Derby

Derbyshire

DE1 1TJ

FIXED ASSETS

Tangible assets

4

26,199

17,331

CURRENT ASSETS

Stocks

426,853

431,915

Debtors

5

199,885

138,244

Cash in hand

100

100

626,838

570,259

CREDITORS

Amounts falling due within one year

6

499,383

477,643

NET CURRENT ASSETS

127,455

92,616

TOTAL ASSETS LESS CURRENT LIABILITIES

153,654

109,947

CREDITORS

Amounts falling due after more than one year

7

(28,646

)

(21,049

)

PROVISIONS FOR LIABILITIES

(3,009

)

(1,238

)

NET ASSETS

121,999

87,660

CAPITAL AND RESERVES

Called up share capital

9

10,000

10,000

Retained earnings

111,999

77,660

SHAREHOLDERS' FUNDS

121,999

87,660

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 29 September 2025 and were signed on its behalf by:

Mr G Galloway - Director

1.	STATUTORY INFORMATION

Industrial Process Pumps Limited 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.

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.

Long leasehold

-

2% on cost

Improvements to property

-

10% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost and 15% on reducing balance

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Long

to

Plant and

leasehold

property

machinery

£

£

£

COST

At 1 January 2024

22,515

17,947

43,883

Additions

-

-

-

At 31 December 2024

22,515

17,947

43,883

DEPRECIATION

At 1 January 2024

11,702

17,947

42,164

Charge for year

450

-

258

At 31 December 2024

12,152

17,947

42,422

NET BOOK VALUE

At 31 December 2024

10,363

-

1,461

At 31 December 2023

10,813

-

1,719

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2024

18,376

49,988

60,846

213,555

Additions

-

13,406

1,049

14,455

At 31 December 2024

18,376

63,394

61,895

228,010

DEPRECIATION

At 1 January 2024

17,462

47,045

59,904

196,224

Charge for year

147

4,087

645

5,587

At 31 December 2024

17,609

51,132

60,549

201,811

NET BOOK VALUE

At 31 December 2024

767

12,262

1,346

26,199

At 31 December 2023

914

2,943

942

17,331

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

171,858

135,717

Directors' current accounts

9,122

-

Prepayments and accrued income

18,905

2,527

199,885

138,244

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

143,174

84,668

Hire purchase contracts

3,272

-

Trade creditors

230,468

204,745

Social security and other taxes

4,773

4,704

VAT

11,452

22,751

Other creditors

-

17,449

Directors' current accounts

64,736

99,614

Accruals and deferred income

41,508

43,712

499,383

477,643

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 1-2 years

10,648

10,648

Bank loans - 2-5 years

10,648

10,401

Bank loans >5 yr (instalments)

806

-

Hire purchase contracts

6,544

-

28,646

21,049

Amounts falling due in more than five years:

Repayable by instalments

Bank loans >5 yr (instalments)

806

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank overdrafts

143,174

74,020

Hire purchase contracts

9,816

-

152,990

74,020

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

10,000

Ordinary

£1

10,000

10,000

10.	RELATED PARTY DISCLOSURES

At the year end date the company owed the directors a total of £55,614 (2024: £73,859)