Integrum Power Engineering Limited Filleted accounts for Companies House (small and micro)

Integrum Power Engineering Limited Filleted accounts for Companies House (small and micro)

INTEGRUM POWER ENGINEERING LTD - Company Information

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COMPANY REGISTRATION NUMBER: 10956687
INTEGRUM POWER ENGINEERING LIMITED
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 September 2020
INTEGRUM POWER ENGINEERING LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION
30 September 2020
2020
2019
Note
£
£
Fixed assets
Tangible assets
5
64,969
41,650
Current assets
Debtors
257,292
126,449
Cash at bank and in hand
493,927
168,085
----------
----------
751,219
294,534
Creditors: amounts falling due within one year
( 464,911)
( 223,097)
----------
----------
Net current assets
286,308
71,437
----------
----------
Total assets less current liabilities
351,277
113,087
----------
----------
Net assets
351,277
113,087
----------
----------
INTEGRUM POWER ENGINEERING LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)
30 September 2020
2020
2019
Note
£
£
Capital and reserves
Called up share capital
6
8
6
Profit and loss account
351,269
113,081
----------
----------
Shareholders funds
351,277
113,087
----------
----------
These abridged 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 Section 1A of 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 comprehensive income has not been delivered.
For the year ending 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged 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 abridged financial statements .
All of the members have consented to the preparation of the abridged statement of financial position for the year ending 30 September 2020 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 12 January 2021 , and are signed on behalf of the board by:
Mr B Anderson
Mr A Geary
Director
Director
Mr P Price
Director
Company registration number: 10956687
INTEGRUM POWER ENGINEERING LIMITED
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 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 Streets LLP, Windsor House, A1 Business Park at, Long Bennington, Notts, NG23 5JR.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, '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, and in sterling, which is the functional currency of the entity.
Going concern
The UK is currently experiencing a pandemic of the coronavirus and the potential effects to the company and its future prospects cannot be fully quantified. The directors remain committed to the protection of the business, a position which is being regularly reviewed. In addition the directors are mindful of the significant ongoing support being offered by the Government. Accordingly the financial statements have been prepared on a going concern basis.
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Plant and machinery
-
10% straight line
Fixtures and fittings
-
20% straight line
Motor vehicles
-
10% straight line
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
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 11 (2019: 12 ).
5. Tangible assets
£
Cost
At 1 October 2019
54,281
Additions
38,143
---------
At 30 September 2020
92,424
---------
Depreciation
At 1 October 2019
12,631
Charge for the year
14,824
---------
At 30 September 2020
27,455
---------
Carrying amount
At 30 September 2020
64,969
---------
At 30 September 2019
41,650
---------
6. Called up share capital
Issued, called up and fully paid
2020
2019
No.
£
No.
£
Ordinary A shares of £ 0.10 each
36
4
36
4
Ordinary B shares of £ 0.10 each
24
2
24
2
Ordinary C shares of £ 0.10 each
20
2
–
–
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80
8
60
6
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7. Controlling party
There is no one individual who controls the company however the company is under the control of the directors.