Compact Instruments Limited - Accounts to registrar (filleted) - small 18.2

Compact Instruments Limited - Accounts to registrar (filleted) - small 18.2

COMPACT INSTRUMENTS LIMITED - Company Information

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REGISTERED NUMBER: 04795150 (England and Wales)















COMPACT INSTRUMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020





DTE Business Advisers Limited
Chartered Accountants
The Exchange
5 Bank Street
Bury
BL9 0DN








COMPACT INSTRUMENTS LIMITED (REGISTERED NUMBER: 04795150)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


COMPACT INSTRUMENTS LIMITED


COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2020







DIRECTOR: B Jones



REGISTERED OFFICE: 61-65 Lever Street
Bolton
Lancashire
BL3 2AB



REGISTERED NUMBER: 04795150 (England and Wales)



ACCOUNTANTS: DTE Business Advisers Limited
Chartered Accountants
The Exchange
5 Bank Street
Bury
BL9 0DN



BANKERS: Handelsbanken
6 The Courtyard
Calvin Street
Bolton
BL1 8PB
1
COMPACT INSTRUMENTS LIMITED (REGISTERED NUMBER: 04795150)


STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2020

2020 2019
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 17,349 26,593

CURRENT ASSETS
Inventories 127,695 111,214
Debtors 5 90,693 106,157
Cash at bank and in hand 616,841 638,757
835,229 856,128
CREDITORS
Amounts falling due within one year 6 (60,329 ) (56,151 )
NET CURRENT ASSETS 774,900 799,977
TOTAL ASSETS LESS CURRENT
LIABILITIES
792,249
826,570

PROVISIONS FOR LIABILITIES (3,295 ) (5,052 )
NET ASSETS 788,954 821,518

CAPITAL AND RESERVES
Called up share capital 1 1
Other reserves 34,286 34,286
Retained earnings 754,667 787,231
788,954 821,518

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 notes form part of these financial statements

2 continued...
COMPACT INSTRUMENTS LIMITED (REGISTERED NUMBER: 04795150)


STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2020


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 28 April 2021 and were signed by:





B Jones - Director


The notes form part of these financial statements

3
COMPACT INSTRUMENTS LIMITED (REGISTERED NUMBER: 04795150)


NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020


1. STATUTORY INFORMATION

Compact Instruments Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 04795150 and registered office address is 61-65 Lever Street, Bolton, Lancashire, BL3 2AB.

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.

The director has considered the impact of the global Covid-19 pandemic on the company and recognises that the future cannot be predicted with certainty. However, the company has been able to continue trading, albeit at a reduced level. The company's key customers are still operational and profits will be generated from servicing their needs. Policies are in place to ensure all staff are working safely and in accordance with government guidelines. Should demand for the company's goods fall, the company would introduce cost control measures but would be able to retain staff using cash reserves. The director believes that the company is well placed to manage the risks at these challenging times and therefore continues to adopt the going concern basis in preparing these financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the director is required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Making judgement based on historical experience on the level of provision required for impairment of inventory. Further information received after the statement of financial position date may impact on the level of provision required.

The directors use judgement to provide against bad debts using knowledge of customers and experience. The provisions are revisited after the statement of financial position date to ensure appropriate.

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

Sale of goods are recognised when the company has delivered products to the customer, the customer has accepted the products and collectability of the related receivables is fairly stated.

4 continued...
COMPACT INSTRUMENTS LIMITED (REGISTERED NUMBER: 04795150)


NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2020


2. ACCOUNTING POLICIES - continued

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - Straight line over 3 years
Plant and machinery etc - 25% on cost and 20% on cost

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

Government grants
Grant income that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is the purchase price of the materials. Net realisable value is based on estimated selling price, less further costs expected to be incurred to completion and disposal.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

5 continued...
COMPACT INSTRUMENTS LIMITED (REGISTERED NUMBER: 04795150)


NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2020


2. ACCOUNTING POLICIES - continued

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 the income statement in the period to which they relate.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2019 - 14 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
Leasehold machinery
improvements etc Totals
£    £    £   
COST
At 1 January 2020
and 31 December 2020 9,430 324,001 333,431
DEPRECIATION
At 1 January 2020 9,430 297,408 306,838
Charge for year - 9,244 9,244
At 31 December 2020 9,430 306,652 316,082
NET BOOK VALUE
At 31 December 2020 - 17,349 17,349
At 31 December 2019 - 26,593 26,593

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade debtors 82,706 61,093
Other debtors 7,987 45,064
90,693 106,157

6 continued...
COMPACT INSTRUMENTS LIMITED (REGISTERED NUMBER: 04795150)


NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2020


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade creditors 9,633 3,134
Taxation and social security 11,234 33,602
Other creditors 39,462 19,415
60,329 56,151

7. LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:

2020 2019
£ £

Within one year 52,104 45,744
Between one and five years 1,116 1,860
53,220 47,604

7