Industrial Pumps Limited - Accounts to registrar - small 16.3d

REGISTERED NUMBER: 04361775 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2017

for

Industrial Pumps Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr C W Garner

Mr D G Stacey

Mr D M Carley

REGISTERED OFFICE:

Unit E3 Quintec Court

Barbot Hall Industrial Estate

Rotherham

South Yorkshire

S61 4RN

REGISTERED NUMBER:

04361775 (England and Wales)

ACCOUNTANT:

PKN Accountants Ltd

Chartered Accountants

63 Bawtry Road

Bramley

Rotherham

South Yorkshire

S66 2TN

FIXED ASSETS

Intangible assets

4

30,600

32,300

Tangible assets

5

128,875

126,618

159,475

158,918

CURRENT ASSETS

Stocks

6

492,074

464,721

Debtors

7

644,779

740,544

Cash at bank and in hand

63,968

109,449

1,200,821

1,314,714

CREDITORS

Amounts falling due within one year

8

933,485

1,185,214

NET CURRENT ASSETS

267,336

129,500

TOTAL ASSETS LESS CURRENT LIABILITIES

426,811

288,418

CREDITORS

Amounts falling due after more than one year

9

(31,249

)

(24,953

)

PROVISIONS FOR LIABILITIES

11

(18,482

)

(21,421

)

NET ASSETS

377,080

242,044

CAPITAL AND RESERVES

Called up share capital

12

1

1

Retained earnings

13

377,079

242,043

SHAREHOLDERS' FUNDS

377,080

242,044

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 13 September 2017 and were signed on its behalf by:

Mr C W Garner - Director

Mr D M Carley - Director

Mr D G Stacey - Director

1.	STATUTORY INFORMATION

Industrial Pumps 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill was acquired in 2007 for £34,000. This was considered an infinite useful economic life. Following the

introduction of FRS102 the company considers that the useful economic life is a minimum of 20 years. Therefore

from 1st April 2015 the company will amortise the cost over 20 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

25% on reducing balance

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

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

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company pays employers gross contributions to staff and directors personal pension schemes.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

34,000

AMORTISATION

At 1 April 2016

1,700

Amortisation for year

1,700

At 31 March 2017

3,400

NET BOOK VALUE

At 31 March 2017

30,600

At 31 March 2016

32,300

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2016

27,924

174,532

60,935

147,494

410,885

Additions

-

8,205

5,026

35,113

48,344

Disposals

-

-

-

(22,609

)

(22,609

)

At 31 March 2017

27,924

182,737

65,961

159,998

436,620

DEPRECIATION

At 1 April 2016

25,013

118,851

47,244

93,159

284,267

Charge for year

728

15,972

4,679

12,785

34,164

Eliminated on disposal

-

-

-

(10,686

)

(10,686

)

At 31 March 2017

25,741

134,823

51,923

95,258

307,745

NET BOOK VALUE

At 31 March 2017

2,183

47,914

14,038

64,740

128,875

At 31 March 2016

2,911

55,681

13,691

54,335

126,618

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2016

95,854

Additions

35,113

Disposals

(22,609

)

Transfer to ownership

(14,052

)

At 31 March 2017

94,306

DEPRECIATION

At 1 April 2016

49,435

Charge for year

10,806

Eliminated on disposal

(10,686

)

Transfer to ownership

(11,134

)

At 31 March 2017

38,421

NET BOOK VALUE

At 31 March 2017

55,885

At 31 March 2016

46,419

6.

STOCKS

2017

2016

£

£

Stocks

462,074

434,721

Work-in-progress

30,000

30,000

492,074

464,721

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

599,692

674,346

Other debtors

27,763

28,023

Prepayments

17,324

38,175

644,779

740,544

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

151,286

371,413

Hire purchase contracts

18,183

20,804

Trade creditors

522,745

591,143

Amounts owed to group undertakings

85,218

87,968

Tax

87,326

39,326

Social security and other taxes

8,831

11,448

VAT

46,506

44,369

Other creditors

5,869

7,688

Accrued expenses

7,521

11,055

933,485

1,185,214

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

"B" Ordinary non voting

1

1

Hire purchase contracts

31,248

24,952

31,249

24,953

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdrafts

151,286

371,413

Hire purchase contracts

49,431

45,756

200,717

417,169

Mortgage Type: ALL ASSETS DEBENTURE

Date Charge Created: 18/12/12

Date Charge Registered: 20/12/12

Date Charge Satisfied: -

Status: OUTSTANDING

Person(s) Entitled: LLOYDS TSB COMMERCIAL FINANCE LIMITED

Amount Secured: ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE

ON ANY ACCOUNT WHATSOEVER UNDER THE TERMS OF THE AFOREMENTIONED

INSTRUMENT CREATING OR EVIDENCING THE CHARGE

Details: FIXED AND FLOATING CHARGE OVER THE UNDERTAKING AND ALL PROPERTY AND

ASSETS PRESENT AND FUTURE, INCLUDING GOODWILL, BOOKDEBTS, UNCALLED CAPITAL,

BUILDINGS, FIXTURES, FIXED PLANT & MACHINERY

11.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

18,482

21,421

Deferred

tax

£

Balance at 1 April 2016

21,421

Accelerated capital allowances

(2,939

)

Balance at 31 March 2017

18,482

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

1

"A" Ordinary voting

£1

1

1

13.

RESERVES

Retained

earnings

£

At 1 April 2016

242,043

Profit for the year

357,920

Dividends

(222,884

)

At 31 March 2017

377,079

14.	RELATED PARTY DISCLOSURES

Industrial Pumps Group Ltd (Parent Company)

Monies were loaned between the companies on an interest free repayable on demand basis.

The balance owing at 31st March 2017 £85,218, (2016: £87,968).

Croft Technical

A partnership in which Mr C W Garner is a member. The company acquired services from this business £4,850,

(2016: £Nil). No monies were outstanding at either year end.

15.	ULTIMATE CONTROLLING PARTY

The controlling party is Industrial Pumps Group Ltd (Parent Company).