REGISTERED NUMBER: SC227275 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

FOR

IPS PRODUCT SUPPLIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

R Whyle

J A Latta

Registered office:

Summit House

4-5 Mitchell Street

Edinburgh

EH6 7BD

Registered number:

SC227275 (Scotland)

Accountants:

TC Group

10 Stadium Business Court

Millennium Way

Pride Park

Derby

DE24 8HP

Fixed assets

Intangible assets

4

-

-

Tangible assets

5

11,586

20,906

11,586

20,906

Current assets

Stocks

359,954

298,130

Debtors

6

534,557

404,240

Cash at bank and in hand

229,821

383,617

1,124,332

1,085,987

Creditors

Amounts falling due within one year

7

(586,325

)

(654,249

)

Net current assets

538,007

431,738

Total assets less current liabilities

549,593

452,644

Creditors

Amounts falling due after more than one year

8

(2,652

)

(13,098

)

Net assets

546,941

439,546

Capital and reserves

Called up share capital

10

30,700

30,700

Retained earnings

516,241

408,846

Shareholders' funds

546,941

439,546

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2025 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 8 January 2026 and were signed on its behalf by:

J A Latta - Director

1.	STATUTORY INFORMATION

IPS Product Supplies Limited is a private company, limited by shares , registered in Scotland. 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

20% on cost

Plant and machinery

-

33% on cost, 15% on cost and 10% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Equipment

-

33% on cost

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.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 8 (2024 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

Cost

At 1 May 2024

and 30 April 2025

19,000

Amortisation

At 1 May 2024

and 30 April 2025

19,000

Net book value

At 30 April 2025

-

At 30 April 2024

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Improvements

Plant and

and

to property

machinery

fittings

£

£

£

Cost

At 1 May 2024

14,444

97,269

48,345

Additions

-

-

-

At 30 April 2025

14,444

97,269

48,345

Depreciation

At 1 May 2024

14,444

88,752

43,045

Charge for year

-

5,215

1,855

At 30 April 2025

14,444

93,967

44,900

Net book value

At 30 April 2025

-

3,302

3,445

At 30 April 2024

-

8,517

5,300

Motor

vehicles

Equipment

Totals

£

£

£

Cost

At 1 May 2024

49,508

76,066

285,632

Additions

-

975

975

At 30 April 2025

49,508

77,041

286,607

Depreciation

At 1 May 2024

49,508

68,877

264,626

Charge for year

-

3,325

10,395

At 30 April 2025

49,508

72,202

275,021

Net book value

At 30 April 2025

-

4,839

11,586

At 30 April 2024

-

7,189

21,006

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Plant and

machinery

£

Cost

At 1 May 2024

and 30 April 2025

16,825

Depreciation

At 1 May 2024

12,900

Charge for year

3,365

Transfer to ownership

560

At 30 April 2025

16,825

Net book value

At 30 April 2025

-

At 30 April 2024

3,925

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

262,693

327,646

Other debtors

233,528

1,347

Directors' loan accounts

6,000

41,010

VAT

22

-

Deferred tax asset

5,382

5,912

Prepayments and accrued income

26,932

28,325

534,557

404,240

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

10,447

10,191

Trade creditors

486,257

559,498

Tax

65,436

62,139

Social security and other taxes

5,576

10,953

VAT

-

571

Other creditors

13,559

5,847

Accruals and deferred income

5,050

5,050

586,325

654,249

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans - 1-2 years

2,652

13,098

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

72,417

60,000

Between one and five years

152,672

195,000

225,089

255,000

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

1,000

Ordinary A

£1

1,000

1,000

29,700

Ordinary B

£1

29,700

29,700

30,700

30,700

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2025 and 30 April 2024:

2025

2024

£

£

S S Allan

Balance outstanding at start of year

41,010

40,002

Amounts advanced

26,390

42,158

Amounts repaid

(68,789

)

(41,150

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(1,389

)

41,010

J A Latta

Balance outstanding at start of year

-

-

Amounts advanced

6,000

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

6,000

-

The maximum amount outstanding during the year was £55,655 (2024: £73,324).

It is company policy to charge interest on all overdrawn loan accounts at HMRC official rate of interest, an amount of £722 (2024: £1,492) has been charged in respect of this.

12.	ULTIMATE CONTROLLING PARTY

The company’s immediate and ultimate parent undertaking is IPS Group Holdings Limited, a company incorporated in England and Wales. Consolidated financial statements have not been prepared as the group qualifies as small under section 399 of the Companies Act 2006.

At the balance sheet date the company was owed £233,517 by IPS Group Holdings Limited (2024: £nil) and this is included within other debtors The balance is unsecured, interest-free and repayable on demand