Industrial Tooling Products (UK) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01942165 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2019

for

Industrial Tooling Products (UK) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A Bagshaw

REGISTERED OFFICE:

5 Waterloo Court

Markham Vale

Chesterfield

Derbyshire

S44 5HN

REGISTERED NUMBER:

01942165 (England and Wales)

ACCOUNTANTS:

Allround Accountancy Services Limited

Penmore House

Hasland Road

Hasland

Chesterfield

Derbyshire

S41 0SJ

FIXED ASSETS

Tangible assets

4

2,165

2,327

CURRENT ASSETS

Stocks

46,232

51,041

Debtors

5

14,207

35,886

Cash at bank and in hand

154

567

60,593

87,494

CREDITORS

Amounts falling due within one year

6

90,621

78,408

NET CURRENT (LIABILITIES)/ASSETS

(30,028

)

9,086

TOTAL ASSETS LESS CURRENT LIABILITIES

(27,863

)

11,413

CREDITORS

Amounts falling due after more than one year

7

20,000

20,000

NET LIABILITIES

(47,863

)

(8,587

)

CAPITAL AND RESERVES

Called up share capital

177,534

177,534

Retained earnings

(225,397

)

(186,121

)

SHAREHOLDERS' FUNDS

(47,863

)

(8,587

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 8 September 2020 and were signed by:

A Bagshaw - Director

1.	STATUTORY INFORMATION

Industrial Tooling Products (UK) 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.

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 etc

-

25% on reducing balance and 15% on reducing balance

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2019

73,563

Additions

517

At 31 December 2019

74,080

DEPRECIATION

At 1 January 2019

71,236

Charge for year

679

At 31 December 2019

71,915

NET BOOK VALUE

At 31 December 2019

2,165

At 31 December 2018

2,327

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

8,005

14,224

Other debtors

6,202

21,662

14,207

35,886

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

23,426

19,412

Trade creditors

24,573

30,974

Taxation and social security

7,122

3,165

Other creditors

35,500

24,857

90,621

78,408

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other creditors

20,000

20,000

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank overdrafts

23,426

19,412

The bank overdraft is secured by a personal guarantee by Mr A Bagshaw for £25,000.

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A Bagshaw.