(IPC) Industrial Power Cooling Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03792602 (England and Wales)

(IPC) INDUSTRIAL POWER COOLING LIMITED

Financial Statements

for the Year Ended 31 December 2018

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTORS:

N A Hart

I A Hart

SECRETARY:

Mrs A R Hart

REGISTERED OFFICE:

Number 8, The Pavilions

Cranmore Drive

Solihull

West Midlands

B90 4SB

REGISTERED NUMBER:

03792602 (England and Wales)

ACCOUNTANTS:

Eden Currie Limited

Chartered Accountants

2 Highlands Court

Cranmore Avenue

Solihull

West Midlands

B90 4LE

FIXED ASSETS

Property, plant and equipment

4

7,284

7,615

CURRENT ASSETS

Debtors

5

6,943

109,722

Cash at bank

561,935

325,381

568,878

435,103

CREDITORS

Amounts falling due within one year

6

128,107

134,699

NET CURRENT ASSETS

440,771

300,404

TOTAL ASSETS LESS CURRENT LIABILITIES

448,055

308,019

PROVISIONS FOR LIABILITIES

1,384

1,447

NET ASSETS

446,671

306,572

CAPITAL AND RESERVES

Share capital

7

200

200

Retained earnings

446,471

306,372

SHAREHOLDERS' FUNDS

446,671

306,572

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 16 April 2019 and were signed on its behalf by:

N A Hart - Director

1.	STATUTORY INFORMATION

(IPC) Industrial Power Cooling 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

Revenue 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.

Office equipment

-

25% on reducing balance

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

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 4 (2017 - 4 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Office

equipment

£

COST

At 1 January 2018

19,963

Additions

1,952

At 31 December 2018

21,915

DEPRECIATION

At 1 January 2018

12,348

Charge for year

2,283

At 31 December 2018

14,631

NET BOOK VALUE

At 31 December 2018

7,284

At 31 December 2017

7,615

5.

DEBTORS

2018

2017

£

£

Amounts falling due within one year:

Trade debtors

808

105,893

Other debtors

6,135

729

6,943

106,622

Amounts falling due after more than one year:

Other debtors

-

3,100

Aggregate amounts

6,943

109,722

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

43,276

63,644

Taxation and social security

76,206

57,149

Other creditors

8,625

13,906

128,107

134,699

7.	SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary "B"

£1

100

100

55

Ordinary "A"

£1

55

55

35

Ordinary "C"

£1

35

35

5

Ordinary "D"

£1

5

5

5

Ordinary "E"

£1

5

5

200

200

8.	OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance

sheet amount to £6,200 (2017 - £24,800).