Company Registration No. 02493891 (England and Wales)
Industrial Powder and Paint Services Limited
Unaudited accounts
for the year ended 31 May 2020
Industrial Powder and Paint Services Limited
Unaudited accounts
Contents
Industrial Powder and Paint Services Limited
Company Information
for the year ended 31 May 2020
Directors
Kenneth Stedman
Eileen Stedman
Company Number
02493891 (England and Wales)
Registered Office
UNIT 9A
BOSS HALL ROAD
IPSWICH
SUFFOLK
IP1 5BN
ENGLAND
Accountants
ST Accountancy Services Ltd
10 Queen Street
Ipswich
Suffolk
IP1 1SS
Industrial Powder and Paint Services Limited
Statement of financial position
as at 31 May 2020
Tangible assets
88,281
88,118
Inventories
155,806
223,647
Cash at bank and in hand
219,827
128,466
Creditors: amounts falling due within one year
(118,797)
(288,904)
Net current assets
375,976
291,003
Total assets less current liabilities
464,257
379,121
Creditors: amounts falling due after more than one year
(50,000)
(18,618)
Provisions for liabilities
Other provisions
(18,287)
(16,377)
Net assets
395,970
344,126
Called up share capital
6,775
6,775
Profit and loss account
389,195
337,351
Shareholders' funds
395,970
344,126
For the year ending 31 May 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 25 February 2021 and were signed on its behalf by
Kenneth Stedman
Director
Company Registration No. 02493891
Industrial Powder and Paint Services Limited
Notes to the Accounts
for the year ended 31 May 2020
Industrial Powder and Paint Services Limited is a private company, limited by shares, registered in England and Wales, registration number 02493891. The registered office is UNIT 9A, BOSS HALL ROAD, IPSWICH, SUFFOLK, IP1 5BN, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% on reducing balance
Motor vehicles
20% on reducing balance
Computer equipment
20% on reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Industrial Powder and Paint Services Limited
Notes to the Accounts
for the year ended 31 May 2020
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 June 2019
107,326
91,033
41,021
239,380
Additions
11,431
-
7,734
19,165
At 31 May 2020
118,757
91,033
48,755
258,545
At 1 June 2019
79,265
41,590
30,407
151,262
Charge for the year
6,466
9,889
2,647
19,002
At 31 May 2020
85,731
51,479
33,054
170,264
At 31 May 2020
33,026
39,554
15,701
88,281
At 31 May 2019
28,061
49,443
10,614
88,118
Trade debtors
109,140
227,794
6
Creditors: amounts falling due within one year
2020
2019
Trade creditors
75,869
219,525
Taxes and social security
12,224
28,139
Loans from directors
28,904
24,265
7
Creditors: amounts falling due after more than one year
2020
2019
Obligations under finance leases and hire purchase contracts
-
18,618
8
Average number of employees
During the year the average number of employees was 10 (2019: 10).
