IN2 Design Engineering Limited Filleted accounts for Companies House (small and micro)

IN2 DESIGN ENGINEERING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI069190

IN2 DESIGN ENGINEERING LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2020

IN2 DESIGN ENGINEERING LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

CONTENTS	PAGE

Statement of financial position	1

Notes to the financial statements	3

IN2 DESIGN ENGINEERING LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2020

	2020	2019
Note	£	£

FIXED ASSETS

Tangible assets	6	288,436	55,402

CURRENT ASSETS

Stocks	7	214,023	83,745
Debtors	8	328,424	436,145
Cash at bank and in hand		94,437	75,453
		---------	---------
		636,884	595,343

CREDITORS: amounts falling due within one year	9	590,026	414,762
		---------	---------
NET CURRENT ASSETS		46,858	180,581
		---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES		335,294	235,983

CREDITORS: amounts falling due after more than one year	10	87,613	–
		---------	---------
NET ASSETS		247,681	235,983
		---------	---------

CAPITAL AND RESERVES

Called up share capital	100	100
Profit and loss account	247,581	235,883
	---------	---------
SHAREHOLDER FUNDS	247,681	235,983
	---------	---------

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 31 December 2020 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

IN2 DESIGN ENGINEERING LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2020

These financial statements were approved by the board of directors and authorised for issue on 30 September 2021 , and are signed on behalf of the board by:

Mr B Flynn
Director

Company registration number: NI069190

IN2 DESIGN ENGINEERING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 2nd Floor, 5-23 Hill Street, Belfast, BT1 2LA, Northern Ireland.

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.

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. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

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:

Fixtures and fittings	-	33% straight line
Motor vehicles	-	20% straight line

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are 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.

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 21 (2019: 20 ).

5. TAX ON PROFIT

Major components of tax expense

	2020	2019
	£	£

Current tax:

UK current tax expense	7,150	10,343
	-------	--------
Tax on profit	7,150	10,343
	-------	--------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2019: higher than) the standard rate of corporation tax in the UK of 19 % (2019: 19 %).

	2020	2019
	£	£
Profit on ordinary activities before taxation	18,848	12,527
	--------	--------
Profit on ordinary activities by rate of tax	3,581	2,380
Effect of expenses not deductible for tax purposes	2,454	4,247
Effect of capital allowances and depreciation	1,115	3,716
	--------	--------
Tax on profit	7,150	10,343
	--------	--------

6. TANGIBLE ASSETS

	Freehold property	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2020	–	144,949	99,704	244,653
Additions	254,500	12,732	–	267,232
	---------	---------	--------	---------
At 31 December 2020	254,500	157,681	99,704	511,885
	---------	---------	--------	---------
Depreciation
At 1 January 2020	–	127,209	62,042	189,251
Charge for the year	–	17,807	16,391	34,198
	---------	---------	--------	---------
At 31 December 2020	–	145,016	78,433	223,449
	---------	---------	--------	---------
Carrying amount
At 31 December 2020	254,500	12,665	21,271	288,436
	---------	---------	--------	---------
At 31 December 2019	–	17,740	37,662	55,402
	---------	---------	--------	---------

7. STOCKS

	2020	2019
	£	£
Work in progress	214,023	83,745
	---------	--------

8. DEBTORS

	2020	2019
	£	£
Trade debtors	287,709	316,235
Amounts owed by group undertakings and undertakings in which the company has a participating interest	( 41,847)	43,114
Other debtors	82,562	76,796
	---------	---------
	328,424	436,145
	---------	---------

9. CREDITORS: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	153,649	–
Trade creditors	33,703	87,279
Corporation tax	7,150	10,349
Social security and other taxes	346,736	283,528
Other creditors - Credit cards	3,542	2,535
Other creditors	45,246	31,071
	---------	---------
	590,026	414,762
	---------	---------

10. CREDITORS: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	87,613	–
	--------	----

11. EMPLOYEE BENEFITS

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 24,033 (2019: £ 38,770 ).

12. RELATED PARTY TRANSACTIONS

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2020	2019	2020	2019
	£	£	£	£
IN2 Design Partnership Limited	( 84,961)	131,211	( 41,847)	43,114
	--------	---------	--------	--------

The director of the company is also a director and majority shareholder in IN2 Design Partnership Limited