REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 |
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INDUSTRIAL PIPEFREEZING SERVICES LTD |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 |
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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 2020 |
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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 2020 |
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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 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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NET ASSETS |
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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: |
(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. |
INDUSTRIAL PIPEFREEZING SERVICES LTD (REGISTERED NUMBER: 01741938) |
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BALANCE SHEET - continued |
31 DECEMBER 2020 |
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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 and authorised for issue on
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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 2020 |
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1. | STATUTORY INFORMATION |
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Industrial Pipefreezing Services Ltd is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
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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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Government grants |
Due to the Covid 19 pandemic the company has been able to to utilize the government's support grant for wages, the Coronavirus Job Retention scheme (CJRS). |
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This income is recognised in the period in which the associated wages costs for which the grant is intended to compensate are incurred and is reported as other operating income in the financial statements. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
INDUSTRIAL PIPEFREEZING SERVICES LTD (REGISTERED NUMBER: 01741938) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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3. | ACCOUNTING POLICIES - continued |
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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. |
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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. |
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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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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2020 |
and 31 December 2020 |
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AMORTISATION |
Charge for year |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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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 2020 |
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6. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2020 |
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Additions |
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At 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
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COST |
At 1 January 2020 |
and 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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7. | DEBTORS |
2020 | 2019 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Provision for doubtful debts | (4,809 | ) | (5,041 | ) |
Other debtors |
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Tax |
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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 2020 |
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7. | DEBTORS - continued |
2020 | 2019 |
£ | £ |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
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Aggregate amounts |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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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 | 92,079 | 47,900 |
Other creditors |
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Pension control account | 2,121 | 2,958 |
Directors' current accounts | - | 1,227 |
Accrued expenses |
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The bank loans and overdrafts of £NIL (2019 £87,665) are secured by way of a debenture and a mortgage on all the assets of the company. |
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The company took advantage of the government's Covid 19 VAT deferral scheme and deferred VAT payable of £42,510 until March 2021. |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Bank loans more 5 yr by instal |
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Hire purchase contracts |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 4,167 | - |
INDUSTRIAL PIPEFREEZING SERVICES LTD (REGISTERED NUMBER: 01741938) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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10. | OTHER FINANCIAL COMMITMENTS |
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At the balance sheet date the company had lease commitments relating to its office space expiring in April 2023. At the current annual rent of £36,960, the total commitment over the remaining lease term was £86,240 (2019: £123,200) |
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The company also had lease commitments relating to its yard space under a lease with the council expiring in March 2083. At the current annual rent of £14,000, the total commitment over the remaining 62 years term of the lease was £826,000 (2019: £882,000) |
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11. | RELATED PARTY DISCLOSURES |
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The company paid dividends during the year to its parent company totalling £NIL (2019: £30,000). |
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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 director at the balance sheet date was £NIL (2019: £1,227). |