I.P.G. Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 02011628

I.P.G. Limited

Company Limited by Guarantee

Filleted Unaudited Financial Statements

For the year ended

30 April 2020

I.P.G. Limited

Company Limited by Guarantee

Financial Statements

Year ended 30th April 2020

Contents	Page

Officers and professional advisers	1

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

I.P.G. Limited

Company Limited by Guarantee

Officers and Professional Advisers

The board of directors	I Hickson
	A McDearmid
	T D Morton
	R A Orkney
	P Rutter
	R A Stokeld
	C W L McBride
	S Harvey
	M A Weighill
	N Cooper Heenan
	D G Morton
	B Weighill
	C Reily
	D Thomson
	L Allinson

Company secretary	I Hickson

Registered office	50 High Street
	Spennymoor
	Bishop Auckland
	County Durham
	DL16 6DD

Accountants	Allen Sykes Ltd
	Chartered Accountants
	5 Henson Close
	South Church Enterprise Park
	Bishop Auckland
	County Durham
	DL14 6WA

Bankers	Barclays Bank PLC
	Jenkins House
	Bob Hardisty Drive
	Bishop Auckland
	County Durham
	DL14 7YL

I.P.G. Limited

Company Limited by Guarantee

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of I.P.G. Limited

Year ended 30th April 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of I.P.G. Limited for the year ended 30th April 2020, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the directors of I.P.G. Limited in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of I.P.G. Limited and state those matters that we have agreed to state you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than I.P.G. Limited and its directors for our work or for this report.

It is your duty to ensure that I.P.G. Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of I.P.G. Limited. You consider that I.P.G. Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of I.P.G. Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Allen Sykes Ltd Chartered Accountants

5 Henson Close South Church Enterprise Park Bishop Auckland County Durham DL14 6WA

31 March 2021

I.P.G. Limited

Company Limited by Guarantee

Statement of Financial Position

30 April 2020

	2020		2019
Note	£	£	£	£

Fixed assets

Tangible assets	6		174		174

Current assets

Debtors	7	108,129	88,694
Cash at bank and in hand		69,329	73,363
		----------	----------
		177,458	162,057

Creditors: amounts falling due within one year	8	171,632		156,231
		----------		----------
Net current assets			5,826		5,826
			-------		-------
Total assets less current liabilities			6,000		6,000
			-------		-------
Net assets			6,000		6,000
			-------		-------

Capital and reserves

Capital redemption reserve	6,000	6,000
	-------	-------
Members funds	6,000	6,000
	-------	-------

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.

For the year ending 30th April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

I.P.G. Limited

Company Limited by Guarantee

Statement of Financial Position (continued)

30 April 2020

These financial statements were approved by the board of directors and authorised for issue on 29 March 2021 , and are signed on behalf of the board by:

I Hickson
Director

Company registration number: 02011628

I.P.G. Limited

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 30th April 2020

1. General information

The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 50 High Street, Spennymoor, Bishop Auckland, County Durham, DL16 6DD.

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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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.

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:

	Equipment	-	15-25 % reducing balance

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.

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. (call "FlushPolicyP"] 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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4. Company limited by guarantee

The company is a private company limited by guarantee. The members of the company each guarantee to contribute £1 in the event of a winding up. At the 30th April 2020 there were 15 members.

5. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2019: 3 ).

6. Tangible assets

	Equipment	Total
	£	£
Cost
At 1st May 2019 and 30th April 2020	412	412
	----	----
Depreciation
At 1st May 2019 and 30th April 2020	238	238
	----	----
Carrying amount
At 30th April 2020	174	174
	----	----
At 30th April 2019	174	174
	----	----

7. Debtors

	2020	2019
	£	£
Trade debtors	106,729	81,602
Other debtors	1,400	7,092
	----------	---------
	108,129	88,694
	----------	---------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	102,292	79,465
Social security and other taxes	1,531	442
Other creditors	67,809	76,324
	----------	----------
	171,632	156,231
	----------	----------

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2020	2019
	£	£
Not later than 1 year	3,300	3,300
	-------	-------

10. Capital redemption reserve

Each director deposits £400 in the members reserve on becoming a director.