Interaxis Machinery Services Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07956820 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2020

FOR

INTERAXIS MACHINERY SERVICES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D L Jarrett

M Oldham

REGISTERED OFFICE:

Unit 29 Burtonwood Industrial Centre

Burtonwood

Warrington

Cheshire

WA5 4HX

REGISTERED NUMBER:

07956820 (England and Wales)

ACCOUNTANTS:

Wallwork Nelson & Johnson

Chandler House

7 Ferry Road Office Park

Riversway

Preston

Lancashire

PR2 2YH

FIXED ASSETS

Tangible assets

4

73,225

63,210

CURRENT ASSETS

Stocks

5

85,000

83,000

Debtors

6

175,599

175,920

Cash at bank and in hand

6,409

4,055

267,008

262,975

CREDITORS

Amounts falling due within one year

7

234,059

233,255

NET CURRENT ASSETS

32,949

29,720

TOTAL ASSETS LESS CURRENT LIABILITIES

106,174

92,930

CREDITORS

Amounts falling due after more than one year

8

(11,000

)

(1,981

)

PROVISIONS FOR LIABILITIES

(13,618

)

(11,695

)

NET ASSETS

81,556

79,254

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

81,456

79,154

SHAREHOLDERS' FUNDS

81,556

79,254

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

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 30 January 2021 and were signed on its behalf by:

M Oldham - Director

D L Jarrett - Director

1.	STATUTORY INFORMATION

Interaxis Machinery 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.

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.

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

-

10% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

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.

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.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational

existence for the foreseeable future and therefore continue to prepare the financial statements on a going concern

basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2019 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 March 2019

60,911

393

30,827

2,587

94,718

Additions

19,646

-

-

-

19,646

At 29 February 2020

80,557

393

30,827

2,587

114,364

DEPRECIATION

At 1 March 2019

17,724

166

12,073

1,545

31,508

Charge for year

5,613

34

3,751

233

9,631

At 29 February 2020

23,337

200

15,824

1,778

41,139

NET BOOK VALUE

At 29 February 2020

57,220

193

15,003

809

73,225

At 28 February 2019

43,187

227

18,754

1,042

63,210

5.

STOCKS

29/2/20

28/2/19

£

£

Work-in-progress

85,000

83,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29/2/20

28/2/19

£

£

Trade debtors

171,509

173,165

Other debtors

1,500

1,500

Prepayments

2,590

1,255

175,599

175,920

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29/2/20

28/2/19

£

£

Bank loans and overdrafts

7,067

3,000

Other loans

7,333

-

Hire purchase contracts (see note 9)

1,981

4,590

Trade creditors

70,932

100,553

Tax

32,264

31,109

Social security and other taxes

14,979

16,900

Pension control

962

993

VAT

49,432

39,215

Directors' current accounts

34,140

34,606

Accruals and deferred income

14,969

2,289

234,059

233,255

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

29/2/20

28/2/19

£

£

Other loans - 1-2 years

7,333

-

Other loans - 2-5 years

3,667

-

Hire purchase contracts (see note 9)

-

1,981

11,000

1,981

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

29/2/20

28/2/19

£

£

Net obligations repayable:

Within one year

1,981

4,590

Between one and five years

-

1,981

1,981

6,571

Non-cancellable operating

leases

29/2/20

28/2/19

£

£

Within one year

25,316

7,694

Between one and five years

72,886

3,487

98,202

11,181

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

29/2/20

28/2/19

value:

£

£

100

Ordinary

£1

100

100

11.	RELATED PARTY DISCLOSURES

During the year, total dividends of £48,000 (2019 - £67,000) were paid to the directors .