IEC Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 9

IEC Limited

Balance Sheet

31 December 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	28,128	62,219
Current assets
Stocks	6	2,291,863	2,542,970
Debtors	7	1,586,140	1,422,240
Cash at bank and in hand		806,421	704,923
		4,684,424	4,670,133
Creditors: Amounts falling due within one year	8	(997,139)	(967,294)
Net current assets		3,687,285	3,702,839
Net assets		3,715,413	3,765,058
Capital and reserves
Called up share capital		50,000	50,000
Capital redemption reserve		102,000	102,000
Profit and loss account		3,563,413	3,613,058
Shareholders' funds		3,715,413	3,765,058

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 22 April 2026 and signed on its behalf by:
 

......................................... Dr J Thomas Director

IEC Limited

Notes to the Financial Statements

Year Ended 31 December 2025

1	General information

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

The address of its registered office is:
41 Harwell Road
Nuffield Industrial Estate
Poole
Dorset
BH17 0BD

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The company's functional and presentational currency is GBP, rounded to the nearest whole pound.

Group accounts not prepared

The company is part of a small group and have therefore taken advantage of the exemptions provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Going concern

The company continues to trade profitably with robust reserves and the directors have no concerns over the going concern status of the company.

IEC Limited

Notes to the Financial Statements

Year Ended 31 December 2025

Key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make estimates and assumptions over the value of assets and liabilities that are not readily apparent from other sources.

A key accounting estimate made by the directors is with regards to the valuation of stock at the lower of cost and net realisable value and determining a stock provision estimate. The directors review all stock lines with regards to the last date of sale, the value of these sales and the likelihood of future sales proceeds to determine an overall stock provision figure. The stock provision as at 31 December 2025 was £146,907 (2024 - £153,576).

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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 corporation 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.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

IEC Limited

Notes to the Financial Statements

Year Ended 31 December 2025

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	4 years straight line
Motor vehicles	3 years straight line
Leasehold improvements	4 years straight line

Investments

Investments in subsidiaries are shown at cost less any provision for impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the average cost (AVCO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

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.

IEC Limited

Notes to the Financial Statements

Year Ended 31 December 2025

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 29 (2024 - 29).

IEC Limited

Notes to the Financial Statements

Year Ended 31 December 2025

4	Tangible assets

	Leasehold improvements £	Motor vehicles  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 January 2025	6,262	91,995	153,209	251,466
Additions	-	-	23,207	23,207
Disposals	-	(91,995)	-	(91,995)
At 31 December 2025	6,262	-	176,416	182,678
Depreciation
At 1 January 2025	6,262	45,998	136,987	189,247
Charge for the year	-	20,443	11,301	31,744
Eliminated on disposal	-	(66,441)	-	(66,441)
At 31 December 2025	6,262	-	148,288	154,550
Carrying amount
At 31 December 2025	-	-	28,128	28,128
At 31 December 2024	-	45,997	16,222	62,219

IEC Limited

Notes to the Financial Statements

Year Ended 31 December 2025

5	Investments

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2025	2024
Subsidiary undertakings
Miniature Bearings Limited	41 Harwell Road	Ordinary	100%	100%
Basix Bellevilles Ltd	41 Harwell Road	Ordinary	100%	100%
International Engineering Company Limited	41 Harwell Road	Ordinary	100%	100%
Fey (UK) Limited	41 Harwell Road	Ordinary	100%	100%