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 2019

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

48,895

43,541

CURRENT ASSETS

Stocks

155,143

217,404

Debtors

5

408,766

486,288

Cash at bank and in hand

896,890

642,003

1,460,799

1,345,695

CREDITORS

Amounts falling due within one year

6

727,788

709,848

NET CURRENT ASSETS

733,011

635,847

TOTAL ASSETS LESS CURRENT LIABILITIES

781,906

679,388

PROVISIONS FOR LIABILITIES

6,433

4,638

NET ASSETS

775,473

674,750

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

775,373

674,650

SHAREHOLDERS' FUNDS

775,473

674,750

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 and authorised for issue on 1 September 2020 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 17 (2018 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 November 2018

25,513

7,609

34,925

21,294

89,341

Additions

17,152

-

-

422

17,574

At 31 October 2019

42,665

7,609

34,925

21,716

106,915

DEPRECIATION

At 1 November 2018

16,908

4,739

11,700

12,453

45,800

Charge for year

3,392

430

4,526

3,872

12,220

At 31 October 2019

20,300

5,169

16,226

16,325

58,020

NET BOOK VALUE

At 31 October 2019

22,365

2,440

18,699

5,391

48,895

At 31 October 2018

8,605

2,870

23,225

8,841

43,541

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

370,561

443,576

Amounts recoverable on contract

34,567

32,225

Other debtors

3,638

10,487

408,766

486,288

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Payments on account

155,098

182,943

Trade creditors

201,814

134,439

Amounts owed to group undertakings

179,823

191,765

Taxation and social security

112,279

128,062

Other creditors

78,774

72,639

727,788

709,848

7.	OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount

to £41,057 (2018 - £69,347).

8.	RELATED PARTY DISCLOSURES

During the year, the company bought goods to the value of £210,234 (2018: £202,687) and sold goods to the

value of £60,583 (2018: £49,944) to Impact Air Systems Limited. The amount owed to Impact Air Systems

Limited at 31 October 2019 was £6,003 (2018: £18,021). Impact Air Systems Limited is a fellow subsidiary of

Team 17 Limited.