Interpower Induction Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02724156 (England and Wales)

INTERPOWER INDUCTION LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

5

DIRECTORS:

G M Gariglio

R Modad

REGISTERED OFFICE:

250 Lichfield Road

Brownhills

Walsall

West Midlands

WS8 6LH

REGISTERED NUMBER:

02724156 (England and Wales)

ACCOUNTANTS:

Inspired Accountants Limited

Chartered Certified Accountants

4 Parkside Court

Greenhough Road

Lichfield

Staffordshire

WS13 7FE

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

36,689

41,845

36,689

41,845

CURRENT ASSETS

Stocks

427,218

285,188

Debtors

6

1,927,769

2,030,715

Cash at bank and in hand

35,260

93,917

2,390,247

2,409,820

CREDITORS

Amounts falling due within one year

7

1,648,731

1,941,560

NET CURRENT ASSETS

741,516

468,260

TOTAL ASSETS LESS CURRENT LIABILITIES

778,205

510,105

CAPITAL AND RESERVES

Called up share capital

200,000

200,000

Capital redemption reserve

300,000

300,000

Retained earnings

278,205

10,105

778,205

510,105

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 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 Board of Directors and authorised for issue on 23 February 2022 and were signed on its behalf by:

G M Gariglio - Director

1.	STATUTORY INFORMATION

Interpower Induction Ltd 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business has been fully amortised in the current year.

In 2003, Goodwill was transferred to the company from a fellow group company IPW Limited and has been written off evenly over its estimated life of two years.

In 2012, further goodwill was acquired from Interpower Induction Europe Limited, a fellow group company, which was written off over its estimated useful life of five year.

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.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Intangible assets

Licence and Know How was purchased during 2007 and 2008 and has been written off evenly over a three year period

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost, 25% on reducing balance, 25% on cost and 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

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 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 18 (2020 - 14 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2021

and 31 December 2021

10,000

AMORTISATION

At 1 January 2021

and 31 December 2021

10,000

NET BOOK VALUE

At 31 December 2021

-

At 31 December 2020

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2021

251,202

Additions

3,963

At 31 December 2021

255,165

DEPRECIATION

At 1 January 2021

209,357

Charge for year

9,119

At 31 December 2021

218,476

NET BOOK VALUE

At 31 December 2021

36,689

At 31 December 2020

41,845

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

414,330

519,468

Amounts owed by group undertakings

1,386,019

1,384,325

Other debtors

127,420

126,922

1,927,769

2,030,715

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

152,537

52,223

Amounts owed to group undertakings

1,320,605

1,692,722

Taxation and social security

154,205

164,006

Other creditors

21,384

32,609

1,648,731

1,941,560

8.	ULTIMATE CONTROLLING PARTY

The company is under the control of Interpower Induction Process Equipment S-Corp, a company registered in the USA.

The company is under the ultimate control of the Director, Mr G Gariglio.