Insulated Tools Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00833396 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

FOR

INSULATED TOOLS LIMITED

Page

Abridged Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

3,799

4,483

Tangible assets

5

701,229

747,365

705,028

751,848

CURRENT ASSETS

Stocks

294,000

281,000

Debtors

1,520,859

1,560,372

Cash at bank and in hand

154,012

41,691

1,968,871

1,883,063

CREDITORS

Amounts falling due within one year

717,084

775,589

NET CURRENT ASSETS

1,251,787

1,107,474

TOTAL ASSETS LESS CURRENT LIABILITIES

1,956,815

1,859,322

CREDITORS

Amounts falling due after more than one year

6

(336,433

)

(323,447

)

PROVISIONS FOR LIABILITIES

9

(33,077

)

(44,354

)

NET ASSETS

1,587,305

1,491,521

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Revaluation reserve

10

240,333

240,333

Retained earnings

1,336,972

1,241,188

SHAREHOLDERS' FUNDS

1,587,305

1,491,521

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2020 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 and authorised for issue on 23 December 2020 and were signed on its behalf by:

M R Wardle - Director

1.	STATUTORY INFORMATION

Insulated Tools Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

00833396

Registered office:

Charlwoods Road

East Grinstead

West Sussex

RH19 2HR

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.

Turnover

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

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

2% on cost

Plant and machinery etc

-

10% on reducing balance and at varying rates on cost

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 Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Government grants

Government grants relating to tangible assets are treated as deferred income and released to the profit and loss account over the expected useful lives of the assets concerned.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2019 - 22 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2019

and 31 March 2020

6,820

AMORTISATION

At 1 April 2019

2,337

Amortisation for year

684

At 31 March 2020

3,021

NET BOOK VALUE

At 31 March 2020

3,799

At 31 March 2019

4,483

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2019

1,249,834

Additions

55,932

Disposals

(59,650

)

Grants

(22,046

)

At 31 March 2020

1,224,070

DEPRECIATION

At 1 April 2019

502,469

Charge for year

47,168

Eliminated on disposal

(26,796

)

At 31 March 2020

522,841

NET BOOK VALUE

At 31 March 2020

701,229

At 31 March 2019

747,365

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 April 2019

59,650

Additions

51,221

Disposals

(59,650

)

At 31 March 2020

51,221

DEPRECIATION

At 1 April 2019

26,796

Charge for year

3,201

Eliminated on disposal

(26,796

)

At 31 March 2020

3,201

NET BOOK VALUE

At 31 March 2020

48,020

At 31 March 2019

32,854

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2020

2019

£

£

Repayable by instalments

Bank loans more 5 yr by instal

203,478

231,748

7.

LOANS

An analysis of the maturity of loans is given below:

2020

2019

£

£

Amounts falling due within one year or on demand:

Bank loans

27,806

27,806

Amounts falling due between one and two years:

Bank loans - 1-2 years

27,806

27,806

Amounts falling due between two and five years:

Bank loans - 2-5 years

63,893

63,893

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

203,478

231,748

8.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Factored Debts

139,836

139,770

The factored debts and overdraft are secured on a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery.

9.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

33,077

44,354

Deferred

tax

£

Balance at 1 April 2019

44,354

Credit to Statement of Income and Retained Earnings during year

(11,277

)

Balance at 31 March 2020

33,077

10.

RESERVES

Revaluation

reserve

£

At 1 April 2019

and 31 March 2020

240,333

11.	OTHER FINANCIAL COMMITMENTS

The company had total commitments at the balance sheet date of £14,400 (2019 £14,400).