Impact Technical Services Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07532316 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2018

FOR

IMPACT TECHNICAL SERVICES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr NJ Ball

Mrs VK Ball

Mr A Bosworth

REGISTERED OFFICE:

3 Kingsley Street

Leicester

Leicestershire

LE2 6DY

REGISTERED NUMBER:

07532316 (England and Wales)

FIXED ASSETS

Tangible assets

4

43,541

32,870

CURRENT ASSETS

Stocks

217,404

172,123

Debtors

5

486,288

363,066

Cash at bank and in hand

642,003

506,806

1,345,695

1,041,995

CREDITORS

Amounts falling due within one year

6

709,848

406,324

NET CURRENT ASSETS

635,847

635,671

TOTAL ASSETS LESS CURRENT LIABILITIES

679,388

668,541

PROVISIONS FOR LIABILITIES

4,638

5,163

NET ASSETS

674,750

663,378

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

674,650

663,278

SHAREHOLDERS' FUNDS

674,750

663,378

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2018 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 12 June 2019 and were signed on its behalf by:

Mr NJ Ball - Director

Mrs VK Ball - Director

1.	STATUTORY INFORMATION

Impact Technical Services 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 represents net invoiced sales of goods and services, excluding value added tax. The company supplies

products and services to customers under standard terms and conditions. In all cases revenue is recognised when

the risks and rewards of ownership are transferred and this is defined to be on completion of the contract.

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

-

at variable rates on cost and balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

Straight line over 3 years

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 is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

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.

FOREIGN CURRENCIES

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

CREDITORS

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans,

are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost

using the effective interest method.

DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured

initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the

effective interest method, less any impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2017 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 November 2017

25,513

7,609

13,550

13,589

60,261

Additions

-

-

21,375

7,705

29,080

At 31 October 2018

25,513

7,609

34,925

21,294

89,341

DEPRECIATION

At 1 November 2017

12,073

4,232

1,683

9,403

27,391

Charge for year

4,835

507

10,017

3,050

18,409

At 31 October 2018

16,908

4,739

11,700

12,453

45,800

NET BOOK VALUE

At 31 October 2018

8,605

2,870

23,225

8,841

43,541

At 31 October 2017

13,440

3,377

11,867

4,186

32,870

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

443,576

280,517

Amounts recoverable on contract

32,225

71,474

Other debtors

10,487

11,075

486,288

363,066

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Payments on account

182,943

46,705

Trade creditors

134,439

180,443

Amounts owed to group undertakings

191,765

37,827

Taxation and social security

128,062

68,839

Other creditors

72,639

72,510

709,848

406,324

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2018

2017

£

£

Within one year

36,862

38,237

Between one and five years

32,485

61,172

69,347

99,409

8.	RELATED PARTY DISCLOSURES

During the year, the company bought goods to the value of £202,687 (2017: £457,897) and sold goods to the

value of £49,944 (2017: £54,985) to Impact Air Systems Limited. The amount owed to Impact Air Systems

Limited at 31 October 2018 was £18,021 (2017: £34,177). Impact Air Systems Limited is a fellow subsidiary of

Team 17 Limited.