Induscheme Limited 31/01/2022 iXBRL

Induscheme Limited 31/01/2022 iXBRL

INDUSCHEME LIMITED - Company Information

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0 31/01/2022 2022-01-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2021-02-01 Sage Accounts Production 2020 Update 1 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 08517870 2021-02-01 2022-01-31 08517870 2022-01-31 08517870 2021-01-31 08517870 bus:Director1 2021-02-01 2022-01-31 08517870 core:LandBuildings core:OwnedOrFreeholdAssets 2022-01-31 08517870 core:WithinOneYear 2022-01-31 08517870 core:WithinOneYear 2021-01-31 08517870 core:AfterOneYear 2022-01-31 08517870 core:ShareCapital 2022-01-31 08517870 core:ShareCapital 2021-01-31 08517870 core:RetainedEarningsAccumulatedLosses 2022-01-31 08517870 core:RetainedEarningsAccumulatedLosses 2021-01-31 08517870 core:CostValuation core:Non-currentFinancialInstruments 2021-01-31 08517870 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2022-01-31 08517870 core:CostValuation core:Non-currentFinancialInstruments 2022-01-31 08517870 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2021-01-31 08517870 core:DisposalsDecreaseInProvisionsForImpairmentInvestments core:Non-currentFinancialInstruments 2022-01-31 08517870 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2022-01-31 08517870 core:Non-currentFinancialInstruments 2022-01-31 08517870 core:Non-currentFinancialInstruments 2021-01-31 08517870 core:LandBuildings core:OwnedOrFreeholdAssets 2021-02-01 2022-01-31 08517870 bus:Director1 2021-01-31 08517870 bus:Director1 2022-01-31 08517870 bus:Director1 2020-01-31 08517870 bus:Director1 2021-01-31 08517870 bus:Director1 2020-02-01 2021-01-31 08517870 bus:SmallEntities 2021-02-01 2022-01-31 08517870 bus:AuditExemptWithAccountantsReport 2021-02-01 2022-01-31 08517870 bus:FullAccounts 2021-02-01 2022-01-31 08517870 bus:SmallCompaniesRegimeForAccounts 2021-02-01 2022-01-31 08517870 bus:PrivateLimitedCompanyLtd 2021-02-01 2022-01-31 08517870 core:AllAssociates 2021-02-01 2022-01-31 08517870 core:AllAssociates 2022-01-31
Company registration number: 08517870
Induscheme Limited
Unaudited filleted financial statements
31 January 2022
Induscheme Limited
Statement of financial position
31 January 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 4 157,748 -
Investments 5 150 150
_______ _______
157,898 150
Current assets
Debtors 6 367,746 796,874
Cash at bank and in hand 725,629 197,317
_______ _______
1,093,375 994,191
Creditors: amounts falling due
within one year 7 ( 6,539) ( 26,573)
_______ _______
Net current assets 1,086,836 967,618
_______ _______
Net assets 1,175,037 967,768
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 1,174,037 966,768
_______ _______
Shareholder funds 1,175,037 967,768
_______ _______
For the year ending 31 January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These 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.
These financial statements were approved by the board of directors and authorised for issue on 18 October 2022 , and are signed on behalf of the board by:
Mr D F Hughes
Director
Company registration number: 08517870
Induscheme Limited
Notes to the financial statements
Year ended 31 January 2022
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 35 Colworth House, Colworth Park, Sharnbrook, Bedford, MK44 1LQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The Board has reviewed the position of the company and its prospects for the following twelve months and believe that it is appropriate to prepare these accounts under the going concern concept.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Investment property - Nil
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Freehold property Total
£ £
Cost
At 1 February 2021 - -
Additions 157,748 157,748
_______ _______
At 31 January 2022 157,748 157,748
_______ _______
Depreciation
At 1 February 2021 and 31 January 2022 - -
_______ _______
Carrying amount
At 31 January 2022 157,748 157,748
_______ _______
At 31 January 2021 - -
_______ _______
The fair value of the company's investment property is reviewed annually. It is the opinion of the director that there is no material difference between cost and market value as of teh date of these accounts.
Investment property
Included within the above is investment property measured at fair value as follows:
£
Additions 157,748
_______
5. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 February 2021 350 350
Disposals ( 200) ( 200)
_______ _______
At 31 January 2022 150 150
_______ _______
Impairment
At 1 February 2021 200 200
Disposals ( 200) ( 200)
_______ _______
At 31 January 2022 - -
_______ _______
Carrying amount
At 31 January 2022 150 150
_______ _______
At 31 January 2021 150 150
_______ _______
6. Debtors
2022 2021
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 367,655 796,874
Other debtors 91 -
_______ _______
367,746 796,874
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 4,073 -
Corporation tax 1,645 -
Other creditors 821 26,573
_______ _______
6,539 26,573
_______ _______
The bank loan is secured by a fixed and floating charge over the company's investment property and is repayable by monthly installments over 15 years at a margin of 3.02% over base rate.
8. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 69,697 -
_______ _______
The bank loan is secured by a fixed and floating charge over the company's investment property and is repayable by monthly installments over 15 years at a margin of 3.02% over base rate.
Included within creditors: amounts falling due after more than one year is an amount of £ 52,005 (2021 £ - ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr D F Hughes ( 26,573) 25,752 ( 821)
_______ _______ _______
2021
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr D F Hughes ( 48,305) 21,732 ( 26,573)
_______ _______ _______
The directors loan is interest free and repayable on demand.
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2022 2021 2022 2021
£ £ £ £
Related companies 429,219 ( 253,768) 367,655 796,874
_______ _______ _______ _______
The loans to and from related companies are interest free and repayable on demand.