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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
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INDUSTRIAL PIPEFREEZING SERVICES LTD |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
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FOR |
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INDUSTRIAL PIPEFREEZING SERVICES LTD |
INDUSTRIAL PIPEFREEZING SERVICES LTD (REGISTERED NUMBER: 01741938) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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INDUSTRIAL PIPEFREEZING SERVICES LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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1st Floor |
80 Coombe Road |
New Malden |
Surrey |
KT3 4QS |
INDUSTRIAL PIPEFREEZING SERVICES LTD (REGISTERED NUMBER: 01741938) |
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BALANCE SHEET |
31 DECEMBER 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
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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. |
INDUSTRIAL PIPEFREEZING SERVICES LTD (REGISTERED NUMBER: 01741938) |
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BALANCE SHEET - continued |
31 DECEMBER 2016 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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INDUSTRIAL PIPEFREEZING SERVICES LTD (REGISTERED NUMBER: 01741938) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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1. | STATUTORY INFORMATION |
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Industrial Pipefreezing Services Ltd is a
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The company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Changes in accounting policies |
These financial statements for the year ended 31 December 2016 are the first financial statements that comply |
with FRS 102 Section 1A relating to small entities. The transition date to FRS 102 Section 1A is 1 January 2015. |
The transition to FRS 102 Section 1A has resulted in no changes in accounting policies to those previously used |
and the comparatives have therefore not been restated. |
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Turnover |
Turnover represents net invoiced sales of services, excluding value added tax. |
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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. |
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Tangible fixed assets |
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Plant and machinery | - |
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Motor vehicles | - |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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INDUSTRIAL PIPEFREEZING SERVICES LTD (REGISTERED NUMBER: 01741938) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
Additions |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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5. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2016 |
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Additions |
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Disposals |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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Eliminated on disposal |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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6. | DEBTORS |
2016 | 2015 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Provision for doubtful debts | (19,936 | ) | (4,844 | ) |
Other debtors |
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Directors' current accounts | - | 1,023 |
Prepayments |
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INDUSTRIAL PIPEFREEZING SERVICES LTD (REGISTERED NUMBER: 01741938) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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6. | DEBTORS - continued |
2016 | 2015 |
£ | £ |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
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Aggregate amounts |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 61,598 | 60,209 |
Other creditors |
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Wages control account | - | (170 | ) |
Directors' current accounts | 7,364 | - |
Accrued expenses |
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The bank loans and overdrafts of £48,508 (2015 £15,613) are secured by way of a debenture and a mortgage on |
all the assets of the company. |
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8. | OTHER FINANCIAL COMMITMENTS |
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The Directors confirm that the company had no guarantees or financial commitments at the balance sheet dates |
of 31 December 2016 and 31 December 2015. |
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9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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During the year the company maintained a loan account with a director, Mr S C Turner. The balance due to the |
company at 1 January 2016 was £1,023. During the year £21,649 was advanced to the director by the company |
and £30,036 was paid to the company by the director. The amount due from the company to the director at the |
balance sheet date was £7,364 (2015: £1,023 due to the company). |
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10. | RELATED PARTY DISCLOSURES |
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The company paid dividends during the year to its parent company totalling £200,000. |
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11. | POST BALANCE SHEET EVENTS |
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The Directors confirm that there are no post balance sheet events which require disclosure in the financial |
statements. |
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12. | ULTIMATE CONTROLLING PARTY |
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The ultimate parent company is IPS Group Services Ltd (previously known as SST Holdings Limited), registered |
in England and Wales. |