Invar Systems Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 05084073 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2022

for

Invar Systems Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M G J Wright

T R A Wright

C J Whitehouse

REGISTERED OFFICE:

Aragon House

University Way

Cranfield Technology Park

Cranfield

Bedfordshire

MK43 0EQ

REGISTERED NUMBER:

05084073 (England and Wales)

ACCOUNTANTS:

Hardcastle Burton LLP

Lake House

Market Hill

Royston

Hertfordshire

SG8 9JN

FIXED ASSETS

Tangible assets

4

199,089

59,755

Investments

5

503,089

-

702,178

59,755

CURRENT ASSETS

Stocks

10,993

90,985

Debtors

1,723,995

2,507,858

Cash at bank

829,717

1,170,899

2,564,705

3,769,742

CREDITORS

Amounts falling due within one year

1,016,915

1,837,947

NET CURRENT ASSETS

1,547,790

1,931,795

TOTAL ASSETS LESS CURRENT LIABILITIES

2,249,968

1,991,550

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

2,249,868

1,991,450

SHAREHOLDERS' FUNDS

2,249,968

1,991,550

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2022 in accordance with Section 444(2A) of the Companies Act 2006.

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 27 October 2022 and were signed on its behalf by:

T R A Wright - Director

1.	STATUTORY INFORMATION

Invar Systems Limited 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.

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 as modified by the revaluation of certain assets.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

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

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contacts for on-going services is recognised by reference to the stage of completion.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold

-

10% on cost

Plant and machinery

-

25% on cost and 20% on cost

Fixtures and fittings

-

25% on cost

Computer equipment

-

Straight line over 3 years

Stocks

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

Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

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.

Investments

Investments are included in the accounts at fair value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 (2021 - 33 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2021

330,240

Additions

226,734

Disposals

(13,754

)

At 31 March 2022

543,220

DEPRECIATION

At 1 April 2021

270,485

Charge for year

77,576

Eliminated on disposal

(3,930

)

At 31 March 2022

344,131

NET BOOK VALUE

At 31 March 2022

199,089

At 31 March 2021

59,755

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST OR VALUATION

Additions

501,000

Revaluations

2,089

At 31 March 2022

503,089

NET BOOK VALUE

At 31 March 2022

503,089

Cost or valuation at 31 March 2022 is represented by:

Totals

£

Cost

503,089

6.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.22

31.3.21

£

£

Within one year

141,280

141,280

Between one and five years

353,200

635,760

494,480

777,040

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.22

31.3.21

value:

£

£

100

Ordinary

£1

100

100

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is The Invar Group Ltd (company number 08802740) with the registered office address: University Way, Cranfield Technology Park, Cranfield, Bedfordshire, MK43 OEQ.