I P E C Limited - Accounts to registrar (filleted) - small 22.3
I P E C Limited - Accounts to registrar (filleted) - small 22.3
| REGISTERED NUMBER: |
| I P E C Limited |
| Financial Statements |
| For The Year Ended 31 March 2022 |
| I P E C Limited (Registered number: 03123703) |
| Contents of the Financial Statements |
| For The Year Ended 31 March 2022 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| I P E C Limited |
| Company Information |
| For The Year Ended 31 March 2022 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditor |
| St George's House |
| 56 Peter Street |
| Manchester |
| M2 3NQ |
| I P E C Limited (Registered number: 03123703) |
| Balance Sheet |
| 31 March 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Capital redemption reserve |
| Share option reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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 and authorised for issue on |
| I P E C Limited (Registered number: 03123703) |
| Notes to the Financial Statements |
| For The Year Ended 31 March 2022 |
| 1. | STATUTORY INFORMATION |
| I P E C Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The directors are satisfied that the company is a going concern and in making this assessment have considered a period of time of a minimum of 12 months from the date of signing. |
| Preparation of consolidated financial statements |
| The financial statements contain information about I P E C Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| 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. |
| Website development and internally generated product development costs are amortised over their expected useful economic life at 33.3% on a reducing balance basis and 25% straight line respectively. |
| Amortisation begins when developed products are in a condition where they are available for use or are offered to market. |
| Tangible fixed assets |
| Long leasehold | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| All tangible fixed assets are initially recorded at cost. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| I P E C Limited (Registered number: 03123703) |
| Notes to the Financial Statements - continued |
| For The Year Ended 31 March 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Stocks |
| Stocks 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 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 |
| Internally generated product developments costs are capitalised when they meet the necessary criteria in section 18 of FRS102. Product development costs consist of directly atrributable labour costs and other direct costs and are amortised over their useful economic life. |
| Expenditure in the research phase is expended in the year 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. |
| 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. |
| I P E C Limited (Registered number: 03123703) |
| Notes to the Financial Statements - continued |
| For The Year Ended 31 March 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 872 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 spread over the vesting period.. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 1 April 2021 |
| Additions |
| At 31 March 2022 |
| AMORTISATION |
| At 1 April 2021 |
| Charge for year |
| Impairments |
| At 31 March 2022 |
| NET BOOK VALUE |
| At 31 March 2022 |
| At 31 March 2021 |
| I P E C Limited (Registered number: 03123703) |
| Notes to the Financial Statements - continued |
| For The Year Ended 31 March 2022 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2021 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 March 2022 |
| DEPRECIATION |
| At 1 April 2021 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 March 2022 |
| NET BOOK VALUE |
| At 31 March 2022 |
| At 31 March 2021 |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| Additions |
| At 31 March 2022 |
| NET BOOK VALUE |
| At 31 March 2022 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| I P E C Limited (Registered number: 03123703) |
| Notes to the Financial Statements - continued |
| For The Year Ended 31 March 2022 |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans |
| 10. | 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. |
| A charge was raised on 21 December 2020 which contains fixed and floating charges over all the properties of the company as security against loan taken in the year. |
| 11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 12. | OTHER FINANCIAL COMMITMENTS |
| Operating Leases |
| At 31 March 2022, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £2,450 (2021: £2,100). |
| 13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 March 2022 and 31 March 2021: |
| 2022 | 2021 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| J A Ezair |
| Balance outstanding at start of year | - | 40,000 |
| Amounts repaid | - | - |
| Amounts written off | - | (40,000 | ) |
| Amounts waived | - | - |
| Balance outstanding at end of year | - | - |