I P E C Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03123703 (England and Wales)

I P E C Limited

Financial Statements

For The Year Ended 31 March 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C D Smith

S J Brookfield

J A Ezair

D M M North

C W Eastham

SECRETARY:

S J Brookfield

REGISTERED OFFICE:

c/o Lloyd Piggott

2nd Floor, St George's House

56 Peter Street

Manchester

M2 3NQ

REGISTERED NUMBER:

03123703 (England and Wales)

AUDITORS:

Lloyd Piggott Limited

Chartered Accountants and Statutory Auditor

St George's House

56 Peter Street

Manchester

M2 3NQ

FIXED ASSETS

Intangible assets

4

10,492

19,745

Tangible assets

5

67,086

71,166

77,578

90,911

CURRENT ASSETS

Stocks

322,528

294,607

Debtors

6

581,659

611,883

Cash at bank and in hand

5,863

347,863

910,050

1,254,353

CREDITORS

Amounts falling due within one year

7

118,372

249,138

NET CURRENT ASSETS

791,678

1,005,215

TOTAL ASSETS LESS CURRENT LIABILITIES

869,256

1,096,126

CAPITAL AND RESERVES

Called up share capital

1,004

1,004

Share premium

249,873

249,873

Capital redemption reserve

16

16

Retained earnings

618,363

845,233

SHAREHOLDERS' FUNDS

869,256

1,096,126

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 on 23 December 2019 and were signed on its behalf by:

C D Smith - Director

1.	STATUTORY INFORMATION

I P E C 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 represents net invoiced sales of goods, excluding value added tax, and is recognised upon delivery of

goods. For contract sales, revenue is recognised on a monthly basis over the period of the contract.

Intangible assets

All intangible fixed assets are initially recorded at cost. After initial recognition, intangible assets are measured at

cost less any accumulated amortisation and any accumulated impairment losses.

Intangible assets are to be written off at 33.3% on a reducing balance basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

33% on cost and 25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

All tangible fixed assets are initially recorded at cost.

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.

Cost is calculated using the first-in first-out basis of valuation.

Work in progress is valued at the lower of cost and net realisable value.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Financial instruments

The following assets and liabilities are classed as financial instruments - trade debtors, trade creditors and

directors' loans. They are all measured at their amortised cost.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

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.

Amounts recoverable on contracts

Cumulative turnover is compared with total payments on account. If turnover exceeds payments on account an

'amount recoverable on contracts' is established and separately disclosed within debtors.

Grants

Government grants are recognised at fair value when there is reasonable assurance that the Group will comply

with the conditions attaching to them and the grants will be received. Grants related to purchase of assets are

treated as deferred income and allocated to income statement over the useful lives of the related assets while

grants related to expenses are treated as other income in the income statement.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets

acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets

acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where

substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such

agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of

the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on

the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits of risks of ownership remain with

the lessor are charged to the profit and loss account as incurred.

Fixed asset investments

Investments held as fixed assets are stated at cost less any provisions for impairment. Investments are reviewed

for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable.

Impairments are calculated such that the carrying value of the fixed asset investment is the lower of its cost or

recoverable amount. Recoverable amount is the higher of its net realisable value and its value-in-use.

Employee benefits

Short term employee benefits, including holiday pay, are recognised as an expense in the income statement in the

period in which they are incurred.

Share based-payments

The company has issued equity settled share options to several employee since transition to FRS102. At the

balance sheet date a total of 997 share options remain. These are exercisable at the date which an "exit" event

occurs at various different exercise prices.

In line with section 26 of FRS102 equity based share payments should be recognised at the balance sheet date at

the fair value of goods and services receivable.

At the balance sheet date the fair value of share based payments was not considered to be material to the

financial statement and as a result this has not been recognised. This fair value is reviewed annually and would

be recognised if mateial to the financial statements..

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2018 - 23 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2018

and 31 March 2019

103,368

AMORTISATION

At 1 April 2018

83,623

Charge for year

9,253

At 31 March 2019

92,876

NET BOOK VALUE

At 31 March 2019

10,492

At 31 March 2018

19,745

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2018

207,037

Additions

18,118

At 31 March 2019

225,155

DEPRECIATION

At 1 April 2018

135,871

Charge for year

22,198

At 31 March 2019

158,069

NET BOOK VALUE

At 31 March 2019

67,086

At 31 March 2018

71,166

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

258,988

395,733

Other debtors

322,671

216,150

581,659

611,883

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

56,244

53,068

Taxation and social security

22,801

22,040

Other creditors

39,327

174,030

118,372

249,138

8.	SECURED DEBTS

As security for the company's bank overdraft a mortgage debenture is held incorporating a fixed and floating

charge over the assets of IPEC Limited dated 20 June 2017.

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Susan Redmond ACA (Senior Statutory Auditor)

for and on behalf of Lloyd Piggott Limited

10.	OTHER FINANCIAL COMMITMENTS

Operating Leases

At 31 March 2019, the company had total commitments under non-cancellable operating leases over the

remaining life of those leases of £32,269 (2018: £101,242).

Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from

those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of

£NIL (2018: £10,224) were due to the fund. They are included in other creditors.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2019 and

31 March 2018:

2019

2018

£

£

C D Smith and C D Smith

Balance outstanding at start of year

-

426

Amounts advanced

40,000

-

Amounts repaid

-

(426

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

40,000

-

J A Ezair and J A Ezair

Balance outstanding at start of year

-

420

Amounts advanced

140,000

-

Amounts repaid

-

(420

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

140,000

-