Independent Ductwork Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02693398 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30th April 2019

for

Independent Ductwork Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S K O'Keeffe

B Chiswick

Mrs M O'Keeffe

SECRETARY:

J Bennett

REGISTERED OFFICE:

Stephenson Road

Houndmills

Basingstoke

Hampshire

RG21 6XR

REGISTERED NUMBER:

02693398 (England and Wales)

ACCOUNTANTS:

Wheeler & Co Ltd

Chartered Accountants

The Shrubbery

14 Church Street

Whitchurch

Hampshire

RG28 7AB

FIXED ASSETS

Tangible assets

4

600,345

610,561

CURRENT ASSETS

Stocks

56,180

55,660

Debtors

5

664,171

646,038

Cash at bank and in hand

829,127

790,835

1,549,478

1,492,533

CREDITORS

Amounts falling due within one year

6

252,885

332,616

NET CURRENT ASSETS

1,296,593

1,159,917

TOTAL ASSETS LESS CURRENT LIABILITIES

1,896,938

1,770,478

PROVISIONS FOR LIABILITIES

7,500

6,400

NET ASSETS

1,889,438

1,764,078

CAPITAL AND RESERVES

Called up share capital

8

8

Retained earnings

1,889,430

1,764,070

SHAREHOLDERS' FUNDS

1,889,438

1,764,078

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2019 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 on 5th September 2019 and were signed on its behalf by:

S K O'Keeffe - Director

1.	STATUTORY INFORMATION

Independent Ductwork 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.

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 as modified by the revaluation of certain assets.

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.

Land and buildings

-

in accordance with the remaining lease

Plant and machinery etc

-

25% on reducing balance, 25% on cost and 20% on reducing balance

Investment property

The investment properties have been revalued by the directors at the prevailing market rate. Any movements

on revaluation are taken to the revaluation reserve.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2018 - 23 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1st May 2018

568,673

140,220

43,240

Additions

-

16,374

-

At 30th April 2019

568,673

156,594

43,240

DEPRECIATION

At 1st May 2018

1,829

105,285

38,978

Charge for year

10,971

10,259

850

Eliminated on disposal

-

-

-

At 30th April 2019

12,800

115,544

39,828

NET BOOK VALUE

At 30th April 2019

555,873

41,050

3,412

At 30th April 2018

566,844

34,935

4,262

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1st May 2018

16,750

16,618

785,501

Additions

-

-

16,374

Disposals

(16,750

)

-

(16,750

)

At 30th April 2019

-

16,618

785,125

DEPRECIATION

At 1st May 2018

12,240

16,608

174,940

Charge for year

510

-

22,590

Eliminated on disposal

(12,750

)

-

(12,750

)

At 30th April 2019

-

16,608

184,780

NET BOOK VALUE

At 30th April 2019

-

10

600,345

At 30th April 2018

4,510

10

610,561

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

596,690

588,501

Other debtors

13,325

16,470

Prepayments and accrued income

54,156

41,067

664,171

646,038

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

149,607

247,653

Tax

31,539

34,484

Social security and other taxes

12,891

10,604

VAT

52,261

35,843

Accrued expenses

6,587

4,032

252,885

332,616

7.	RELATED PARTY DISCLOSURES

During the year the company paid no dividends to the directors and their families.

The company rents equipment from Independent Supplies Limited, which is under the common control of the

directors and shareholders of this company. The cost of this activity in the year was £171,758 (2018 -

£159,092).