Integrated Valve Solutions Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC394605 (Scotland)

Unaudited Financial Statements

for the Period 1 April 2021 to 31 December 2021

for

INTEGRATED VALVE SOLUTIONS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J A Fowler

S R Cruickshanks

REGISTERED OFFICE:

The Old House

Inverebrie

Ellon

Aberdeenshire

AB41 8PX

REGISTERED NUMBER:

SC394605 (Scotland)

FIXED ASSETS

Tangible assets

4

8,288

231

CURRENT ASSETS

Debtors

5

34,573

15,288

Cash at bank

214,211

198,388

248,784

213,676

CREDITORS

Amounts falling due within one year

6

61,322

53,696

NET CURRENT ASSETS

187,462

159,980

TOTAL ASSETS LESS CURRENT LIABILITIES

195,750

160,211

CAPITAL AND RESERVES

Called up share capital

200

100

Retained earnings

195,550

160,111

195,750

160,211

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2021 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 4 November 2022 and were signed on its behalf by:

J A Fowler - Director

1.	STATUTORY INFORMATION

Integrated Valve Solutions Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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

-

33% on cost

Computer equipment

-

33% on cost

Taxation

Taxation for the period 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 period 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 (2021 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 April 2021

2,200

2,000

4,200

Additions

4,600

6,450

11,050

Disposals

(2,200

)

(2,000

)

(4,200

)

At 31 December 2021

4,600

6,450

11,050

DEPRECIATION

At 1 April 2021

2,079

1,890

3,969

Charge for period

1,271

1,722

2,993

Eliminated on disposal

(2,200

)

(2,000

)

(4,200

)

At 31 December 2021

1,150

1,612

2,762

NET BOOK VALUE

At 31 December 2021

3,450

4,838

8,288

At 31 March 2021

121

110

231

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2021

£

£

Trade debtors

-

15,288

Other debtors

34,573

-

34,573

15,288

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2021

£

£

Trade creditors

-

1,845

Taxation and social security

19,386

27,673

Other creditors

41,936

24,178

61,322

53,696

7.	ULTIMATE CONTROLLING PARTY

The controlling party is the directors.