Inspec Systems Limited - Accounts to registrar (filleted) - small 18.2

Inspec Systems Limited - Accounts to registrar (filleted) - small 18.2

INSPEC SYSTEMS LIMITED - Company Information

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REGISTERED NUMBER: 05320540 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31st October 2018

for

Inspec Systems Limited
Inspec Systems Limited (Registered number: 05320540)






Contents of the Financial Statements
for the year ended 31st October 2018




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 6

Inspec Systems Limited

Company Information
for the year ended 31st October 2018







DIRECTORS: W J Brown
Mrs J M Brown
P G Edgerton





SECRETARY: Mrs J M Brown





REGISTERED OFFICE: Sidings House
Sidings Business Park
Freightliner Road
Hull
East Yorkshire
HU3 4XA





REGISTERED NUMBER: 05320540 (England and Wales)





ACCOUNTANTS: cbaSadofskys
Chartered Accountants
Princes House
Wright Street
Hull
East Yorkshire
HU2 8HX
Page 1
Inspec Systems Limited (Registered number: 05320540)

Abridged Balance Sheet
31st October 2018

2018 2017
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 38,444 49,069

CURRENT ASSETS
Stocks 100,883 14,957
Debtors 362,017 329,077
Cash at bank and in hand 601,527 428,878
1,064,427 772,912
CREDITORS
Amounts falling due within one year 568,121 310,805
NET CURRENT ASSETS 496,306 462,107
TOTAL ASSETS LESS CURRENT
LIABILITIES
534,750
511,176

PROVISIONS FOR LIABILITIES 6,813 8,789
NET ASSETS 527,937 502,387

CAPITAL AND RESERVES
Called up share capital 20 20
Retained earnings 527,917 502,367
SHAREHOLDERS' FUNDS 527,937 502,387

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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 notes form part of these financial statements

Page 2 continued...
Inspec Systems Limited (Registered number: 05320540)

Abridged Balance Sheet - continued
31st October 2018


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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31st October 2018 in accordance with Section 444(2A) of the Companies Act 2006.

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 24th April 2019 and were signed on its behalf by:





W J Brown - Director


The notes form part of these financial statements

Page 3
Inspec Systems Limited (Registered number: 05320540)

Notes to the Financial Statements
for the year ended 31st October 2018

1. STATUTORY INFORMATION

Inspec Systems Limited 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.

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 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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party
transactions with wholly owned subsidiaries within the group.

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

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 - 20% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

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.

Page 4 continued...
Inspec Systems Limited (Registered number: 05320540)

Notes to the Financial Statements - continued
for the year ended 31st October 2018

2. ACCOUNTING POLICIES - continued

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 20 (2017 - 18 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st November 2017 175,144
Additions 2,532
At 31st October 2018 177,676
DEPRECIATION
At 1st November 2017 126,075
Charge for year 13,157
At 31st October 2018 139,232
NET BOOK VALUE
At 31st October 2018 38,444
At 31st October 2017 49,069

5. ULTIMATE CONTROLLING PARTY

The controlling party is Brown Procter Associates Limited.

Page 5
Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Inspec Systems Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file
a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the
Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the
financial statements of Inspec Systems Limited for the year ended 31st October 2018 which comprise the Statement of
Income and Retained Earnings, Abridged Balance Sheet and the related notes from the company's accounting records
and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Inspec Systems Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Inspec Systems Limited and state those matters that we have agreed to state to the Board of Directors of Inspec Systems Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Inspec Systems Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Inspec Systems Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Inspec Systems Limited. You consider that Inspec Systems Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Inspec Systems Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






cbaSadofskys
Chartered Accountants
Princes House
Wright Street
Hull
East Yorkshire
HU2 8HX


14th May 2019

This page does not form part of the statutory financial statements

Page 6