I.P.I. Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01592826 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 November 2017

for

I.P.I. Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

Fixed assets

Tangible assets

4

259

317

Current assets

Debtors

5

206

67

Cash at bank

113

219

319

286

Creditors

Amounts falling due within one year

6

23,024

20,854

Net current liabilities

(22,705

)

(20,568

)

Total assets less current liabilities

(22,446

)

(20,251

)

Capital and reserves

Called up share capital

7

30,000

30,000

Retained earnings

(52,446

)

(50,251

)

Shareholders' funds

(22,446

)

(20,251

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 14 August 2018 and were signed on its behalf by:

H R N Taylor - Director

1.	Statutory information

I.P.I. Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address are as below:

Registered number:

01592826

Registered office:

85 Church Road

Hove

East Sussex

BN3 2BB

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated

depreciation and impairment losses.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the

contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement

constitutes a financing transaction, where it is recognised at the present value of the future payments

discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently

measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed

for objective evidence of impairment at the end of each reporting date. If there is objective evidence

of impairment, an impairment loss is recognised in profit or loss immediately.

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.

Leasing commitments

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

of the lease.

3.	Employees and directors

The average number of employees during the year was NIL (2016 - NIL).

4.	Tangible fixed assets

Fixtures

and

fittings

£

Cost

At 1 December 2016

and 30 November 2017

1,658

Depreciation

At 1 December 2016

1,341

Charge for year

58

At 30 November 2017

1,399

Net book value

At 30 November 2017

259

At 30 November 2016

317

5.

Debtors: amounts falling due within one year

2017

2016

£

£

Other debtors

206

67

6.

Creditors: amounts falling due within one year

2017

2016

£

£

Other creditors

23,024

20,854

7.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

30,000

Ordinary

£1

30,000

30,000

8.	Related party disclosures

At the year end, the company owed the directors £22,283 (2016: £20,133).