Industrial Encoders Direct Limited Company Accounts

Industrial Encoders Direct Limited Company Accounts

INDUSTRIAL ENCODERS DIRECT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03427825
Industrial Encoders Direct Limited
Filleted Unaudited Financial Statements
29 February 2020
Industrial Encoders Direct Limited
Financial Statements
Year ended 29 February 2020
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
The following pages do not form part of the financial statements
Chartered accountants and business advisers report to the board of directors on the preparation of the unaudited statutory financial statements
8
Industrial Encoders Direct Limited
Statement of Financial Position
29 February 2020
2020
2019
Note
£
£
£
Fixed assets
Tangible assets
5
66,006
83,181
Current assets
Stocks
12,000
12,000
Debtors
6
96,963
84,156
Cash at bank and in hand
181,463
185,671
---------
---------
290,426
281,827
Creditors: amounts falling due within one year
7
93,511
92,503
---------
---------
Net current assets
196,915
189,324
---------
---------
Total assets less current liabilities
262,921
272,505
Creditors: amounts falling due after more than one year
8
1,557
2,977
Provisions
Taxation including deferred tax
11,313
15,418
---------
---------
Net assets
250,051
254,110
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
249,951
254,010
---------
---------
Member funds
250,051
254,110
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Industrial Encoders Direct Limited
Statement of Financial Position (continued)
29 February 2020
These financial statements were approved by the board of directors and authorised for issue on 21 May 2020 , and are signed on behalf of the board by:
K A Lewis
Director
Company registration number: 03427825
Industrial Encoders Direct Limited
Notes to the Financial Statements
Year ended 29 February 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 10, Edison Court, Ellice Way, Wrexham Technology Park, Wrexham, LL13 7YT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company accounting policies.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property improvements
-
25% straight line
Plant and machinery
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The following assets and liabilities within the accounts are classified as financial instruments - trade debtors, trade creditors and directors loans. Directors loans (being repayable upon demand), trade debtors and trade creditors, are measured at the undiscounted amount of cash or other consideration expected to be paid or received. Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of Income and Retained Earnings.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2019: 9 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 March 2019
18,051
203,734
41,354
34,519
297,658
Additions
–
2,270
–
–
2,270
Disposals
–
( 1,279)
–
( 1,513)
( 2,792)
--------
---------
--------
--------
---------
At 29 February 2020
18,051
204,725
41,354
33,006
297,136
--------
---------
--------
--------
---------
Depreciation
At 1 March 2019
8,740
163,734
15,473
26,530
214,477
Charge for the year
4,512
6,326
6,470
2,000
19,308
Disposals
–
( 1,184)
–
( 1,471)
( 2,655)
--------
---------
--------
--------
---------
At 29 February 2020
13,252
168,876
21,943
27,059
231,130
--------
---------
--------
--------
---------
Carrying amount
At 29 February 2020
4,799
35,849
19,411
5,947
66,006
--------
---------
--------
--------
---------
At 28 February 2019
9,311
40,000
25,881
7,989
83,181
--------
---------
--------
--------
---------
6. Debtors
2020
2019
£
£
Trade debtors
93,382
82,190
Other debtors
3,581
1,966
--------
--------
96,963
84,156
--------
--------
7. Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
55,380
54,228
Social security and other taxes
31,188
27,239
Other creditors
6,943
11,036
--------
--------
93,511
92,503
--------
--------
8. Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
1,557
2,977
-------
-------
9. Directors' advances, credits and guarantees
The director operates a loan account with the company, the opening balance of which was £3,213 credit with net movement of £3,544 debit, resulting in a closing balance of £331.17 debit.
10. Related party transactions
In the year the company paid £72,000 dividends to directors who are also shareholders (£106,250 2019) During the year the company employed the two sons of the Directors. The aggregate gross salary was £47,298 (2019 £47,060)
Industrial Encoders Direct Limited
Management Information
Year ended 29 February 2020
The following pages do not form part of the financial statements.
Industrial Encoders Direct Limited
Chartered Accountants and Business Advisers Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Industrial Encoders Direct Limited
Year ended 29 February 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Industrial Encoders Direct Limited for the year ended 29 February 2020, which comprise the statement of financial position 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 at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Industrial Encoders Direct Limited, as a body, in accordance with the terms of our engagement letter dated 8 August 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Industrial Encoders Direct Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Industrial Encoders Direct Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Industrial Encoders Direct 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 Industrial Encoders Direct Limited. You consider that Industrial Encoders Direct 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 Industrial Encoders Direct 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.
BRUCE ROBERTS & CO LIMITED Chartered Accountants and Business Advisers
Unit 10, Edison Court Ellice Way Wrexham Technology Park Wrexham LL13 7YT
21 May 2020