Industrial Encoders Direct Limited Filleted accounts for Companies House (small and micro)

INDUSTRIAL ENCODERS DIRECT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03427825

Industrial Encoders Direct Limited

Filleted Unaudited Financial Statements

28 February 2022

Industrial Encoders Direct Limited

Statement of Financial Position

28 February 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5		64,736	82,538

Current assets

Stocks		20,000	12,000
Debtors	6	95,519	163,091
Cash at bank and in hand		215,772	243,127
		---------	---------
		331,291	418,218

Creditors: amounts falling due within one year	7	109,042		226,851
		---------		---------
Net current assets			222,249	191,367
			---------	---------
Total assets less current liabilities			286,985	273,905

Creditors: amounts falling due after more than one year	8		–	138

Provisions

Taxation including deferred tax	7,416	9,141
	---------	---------
Net assets	279,569	264,626
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	279,469	264,526
	---------	---------
Shareholder funds	279,569	264,626
	---------	---------

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 income and retained earnings has not been delivered.

For the year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Industrial Encoders Direct Limited

Statement of Financial Position (continued)

28 February 2022

These financial statements were approved by the board of directors and authorised for issue on 6 May 2022 , and are signed on behalf of the board by:

K A Lewis

Director

Company registration number: 03427825

Industrial Encoders Direct Limited

Notes to the Financial Statements

Year ended 28 February 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 10, Edison Court, Ellice Way, Wrexham Technology Park, Wrexham, LL13 7YT.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company accounting policies.

Revenue recognition

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.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Leasehold property improvements	-	25% straight line
Plant and machinery	-	15% reducing balance
Motor Vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are 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 are recognised in income in the period in which it becomes receivable.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

The following assets and liabilities within the accounts are classified as financial instruments - trade debtors, trade creditors and directors loans. Directors loans (being repayable upon demand), trade debtors and trade creditors, are measured at the undiscounted amount of cash or other consideration expected to be paid or received. Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of Income and Retained Earnings.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2021: 9 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 March 2021 and 28 February 2022	50,823	204,725	41,354	33,006	329,908
	--------	---------	--------	--------	---------
Depreciation
At 1 March 2021	17,765	174,253	26,796	28,556	247,370
Charge for the year	8,479	4,571	3,639	1,113	17,802
	--------	---------	--------	--------	---------
At 28 February 2022	26,244	178,824	30,435	29,669	265,172
	--------	---------	--------	--------	---------
Carrying amount
At 28 February 2022	24,579	25,901	10,919	3,337	64,736
	--------	---------	--------	--------	---------
At 28 February 2021	33,058	30,472	14,558	4,450	82,538
	--------	---------	--------	--------	---------

6. Debtors

	2022	2021
	£	£
Trade debtors	93,311	134,623
Other debtors	2,208	28,468
	--------	---------
	95,519	163,091
	--------	---------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	52,398	66,072
Social security and other taxes	32,549	27,632
Other creditors	24,095	133,147
	---------	---------
	109,042	226,851
	---------	---------

8. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Other creditors	–	138
	----	----

9. Directors' advances, credits and guarantees

The director operates a loan account with the company, the opening balance of which was £6,761 credit with net movement of £9,873 credit, resulting in a closing balance of £16,633 credit.