International Passive Fire Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07599268 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2023

for

International Passive Fire Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S Bryant

REGISTERED OFFICE:

Unit 4 Stowford Business Park

Blair Road

Ivybridge

Devon

PL21 0BE

REGISTERED NUMBER:

07599268 (England and Wales)

ACCOUNTANTS:

Sheppards Accountants Limited

22 The Square

The Millfields

Plymouth

Devon

PL1 3JX

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

208,145

172,177

208,145

172,177

CURRENT ASSETS

Stocks

37,503

32,147

Debtors

6

59,312

131,955

Cash at bank and in hand

269,658

136,454

366,473

300,556

CREDITORS

Amounts falling due within one year

7

227,560

204,334

NET CURRENT ASSETS

138,913

96,222

TOTAL ASSETS LESS CURRENT LIABILITIES

347,058

268,399

PROVISIONS FOR LIABILITIES

9,526

-

NET ASSETS

337,532

268,399

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

337,432

268,299

SHAREHOLDERS' FUNDS

337,532

268,399

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 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 director and authorised for issue on 13 November 2023 and were signed by:

S Bryant - Director

1.	STATUTORY INFORMATION

International Passive Fire 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

Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods falling within the company's ordinary activities.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets and depreciation

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

Freehold property

-

Straight line over 50 years

Plant and machinery

-

20% Straight Line

Fixtures and fittings

-

25% Straight Line

Motor vehicles

-

20% Straight Line

Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. 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 constant periodic rates of charge on the net obligations outstanding in each period.

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 7 (2022 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2022

and 31 May 2023

30,000

AMORTISATION

At 1 June 2022

and 31 May 2023

30,000

NET BOOK VALUE

At 31 May 2023

-

At 31 May 2022

-

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1 June 2022

157,000

16,808

13,854

Additions

-

-

12,899

At 31 May 2023

157,000

16,808

26,753

DEPRECIATION

At 1 June 2022

-

8,404

9,844

Charge for year

1,340

4,202

4,227

At 31 May 2023

1,340

12,606

14,071

NET BOOK VALUE

At 31 May 2023

155,660

4,202

12,682

At 31 May 2022

157,000

8,404

4,010

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 June 2022

7,905

8,200

203,767

Additions

44,704

-

57,603

At 31 May 2023

52,609

8,200

261,370

DEPRECIATION

At 1 June 2022

5,142

8,200

31,590

Charge for year

11,866

-

21,635

At 31 May 2023

17,008

8,200

53,225

NET BOOK VALUE

At 31 May 2023

35,601

-

208,145

At 31 May 2022

2,763

-

172,177

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

58,915

131,955

VAT

397

-

59,312

131,955

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

31,667

41,667

Trade creditors

128,903

90,440

Corporation tax

23,494

23,906

Social security and other taxes

7,718

1,175

VAT

-

10,110

Other creditors

1,192

1,192

Directors' current accounts

32,886

35,844

Accrued expenses

1,700

-

227,560

204,334

8.	ULTIMATE CONTROLLING PARTY

The controlling party is S Bryant.