Induscheme Limited 31/01/2021 iXBRL

Induscheme Limited 31/01/2021 iXBRL

INDUSCHEME LIMITED - Company Information

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Company registration number: 08517870
Induscheme Limited
Unaudited filleted financial statements
31 January 2021
Induscheme Limited
Statement of financial position
31 January 2021
2021 2020
Note £ £ £ £
Fixed assets
Investments 4 150 350
_______ _______
150 350
Current assets
Debtors 5 796,874 543,374
Cash at bank and in hand 197,317 129,371
_______ _______
994,191 672,745
Creditors: amounts falling due
within one year 6 ( 26,573) ( 48,573)
_______ _______
Net current assets 967,618 624,172
_______ _______
Net assets 967,768 624,522
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 966,768 623,522
_______ _______
Shareholder funds 967,768 624,522
_______ _______
For the year ending 31 January 2021 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 20 October 2021 , 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 2021
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
As with most businesses we have been impacted by Coronavirus (Covid 19) although only to a minimal extent. Although the total impact is still uncertain the director believes that it is appropriate to prepare the accounts on a going concern basis.
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.
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.
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. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 February 2020 and 31 January 2021 350 350
_______ _______
Impairment
Impairment loss 200 200
At 1 February 2020 and 31 January 2021 200 200
_______ _______
Carrying amount
At 31 January 2021 150 150
_______ _______
At 31 January 2020 350 350
_______ _______
5. Debtors
2021 2020
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 796,874 543,374
_______ _______
6. Creditors: amounts falling due within one year
2021 2020
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 268
Other creditors 26,573 48,305
_______ _______
26,573 48,573
_______ _______
7. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2021
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr D F Hughes ( 48,305) 21,732 ( 26,573)
_______ _______ _______
2020
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr D F Hughes ( 15,637) ( 32,668) ( 48,305)
_______ _______ _______
The directors loan is interest free and repayable on demand.
8. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2021 2020 2021 2020
£ £ £ £
Related companies ( 253,768) ( 93,350) 796,874 543,106
_______ _______ _______ _______
The loans to and from related companies are interest free and repayable on demand.