Ionic Products Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: NI666477

Ionic Products Limited

Filleted Financial Statements

31 December 2025

Ionic Products Limited

Statement of Financial Position

31 December 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	5	451,306	477,853

Current assets

Stocks		1,006,158	979,903
Debtors	6	1,969,152	2,987,679
Cash at bank and in hand		1,576,210	1,124,425
		------------	------------
		4,551,520	5,092,007

Creditors: amounts falling due within one year	7	1,933,391	1,428,612
		------------	------------
Net current assets		2,618,129	3,663,395
		------------	------------
Total assets less current liabilities		3,069,435	4,141,248

Creditors: amounts falling due after more than one year	8	557,298	571,532

Provisions	112,826	119,463
	------------	------------
Net assets	2,399,311	3,450,253
	------------	------------

Capital and reserves

Called up share capital	11	78	100
Capital redemption reserve		( 1,577,378)	–
Profit and loss account		3,976,611	3,450,153
		------------	------------
Shareholders funds		2,399,311	3,450,253
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 8 July 2026 , and are signed on behalf of the board by:

Mr. T Mackin

Director

Company registration number: NI666477

Ionic Products Limited

Notes to the Financial Statements

Year ended 31 December 2025

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 26 Altona Road, Lisburn, Down, BT27 5QB, Northern Ireland.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	5% straight line
Plant & Equipment	-	10% straight line
Computer & Office Equipment	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 54 (2024: 49 ).

5. Tangible assets

	Freehold property	Plant & Equipment	Computer & Office Equipment	Total
	£	£	£	£
Cost
At 1 January 2025	72,347	568,447	85,607	726,401
Additions	–	35,751	6,682	42,433
	--------	---------	--------	---------
At 31 December 2025	72,347	604,198	92,289	768,834
	--------	---------	--------	---------
Depreciation
At 1 January 2025	24,676	145,003	78,869	248,548
Charge for the year	7,174	58,364	3,442	68,980
	--------	---------	--------	---------
At 31 December 2025	31,850	203,367	82,311	317,528
	--------	---------	--------	---------
Carrying amount
At 31 December 2025	40,497	400,831	9,978	451,306
	--------	---------	--------	---------
At 31 December 2024	47,671	423,444	6,738	477,853
	--------	---------	--------	---------

6. Debtors

	2025	2024
	£	£
Trade debtors	1,906,509	765,753
Other debtors	62,643	2,221,926
	------------	------------
	1,969,152	2,987,679
	------------	------------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	1,343,139	883,365
Corporation tax	183,067	148,186
Social security and other taxes	172,527	80,121
Other creditors	234,658	316,940
	------------	------------
	1,933,391	1,428,612
	------------	------------

8. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Other creditors	557,298	571,532
	---------	---------

9. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions	112,826	119,463
	---------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Accelerated capital allowances	112,827	119,463
	---------	---------

10. Government grants

The amounts recognised in the financial statements for government grants are as follows:

	2025	2024
	£	£

Recognised in creditors:

Deferred government grants due after more than one year	57,298	69,247
	--------	--------

Recognised in other operating income:

Government grants released to profit or loss	11,949	15,493
	--------	--------

11. Called up share capital

Issued and called up

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	78	78	100	100
	----	----	----	----

Shares issued and partly paid

	2025		2024
	No.	£	No.	£
Ordinary shares - £– paid of £ 1 each	78	–	100	–
	----	----	----	----

12. Summary audit opinion

The auditor's report dated 8 July 2026 was unqualified .

The senior statutory auditor was John McVeigh , for and on behalf of John McVeigh & Co .

13. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2025
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr. D McIlroy	1,469,850	–	( 1,469,850)	–
Mr. G Quinn	681,150	–	( 681,150)	–
Mr. T Mackin	9,000	–	( 9,000)	–
	------------	----	------------	----
	2,160,000	–	( 2,160,000)	–
	------------	----	------------	----

	2024
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr. D McIlroy	675,000	1,469,850	( 675,000)	1,469,850
Mr. G Quinn	–	681,150	–	681,150
Mr. T Mackin	525,000	16,000	( 532,000)	9,000
	------------	------------	------------	------------
	1,200,000	2,167,000	( 1,207,000)	2,160,000
	------------	------------	------------	------------