Ironwood Structural Design Limited - Filleted accounts

IRONWOOD STRUCTURAL DESIGN LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MAY 2022

Company Registration Number: 07262982

IRONWOOD STRUCTURAL DESIGN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
CONTENTS									PAGES
Company information									1
Balance sheet									2 to 3
Notes to the financial statements									4 to 8

IRONWOOD STRUCTURAL DESIGN LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2022
DIRECTOR
J R Collins
SECRETARY
J R Collins
REGISTERED OFFICE
4 Witan Way
Witney
Oxon
OX28 6FF
COMPANY REGISTRATION NUMBER
07262982 England and Wales

IRONWOOD STRUCTURAL DESIGN LIMITED
BALANCE SHEET
AS AT 31 MAY 2022
			Notes		2022				2021
					£				£
FIXED ASSETS
Tangible assets			5				2,103				4,235
CURRENT ASSETS
Stock					10,000				19,500
Debtors			6		34,020				11,325
Cash at bank and in hand					115,856				174,747
					159,876				205,572
CREDITORS: Amounts falling due within one year			7		25,361				47,156
NET CURRENT ASSETS							134,515				158,416
TOTAL ASSETS LESS CURRENT LIABILITIES							136,618				162,651
Provisions for liabilities and charges							400				805
NET ASSETS							136,218				161,846
CAPITAL AND RESERVES
Called up share capital							100				100
Distributable profit and loss account							136,118				161,746
SHAREHOLDERS' FUNDS							136,218				161,846

IRONWOOD STRUCTURAL DESIGN LIMITED
BALANCE SHEET
AS AT 31 MAY 2022
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board
J R Collins
Director
Date approved by the board: 17 January 2023

IRONWOOD STRUCTURAL DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
1	GENERAL INFORMATION
	Ironwood Structural Design Limited is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business are:
	Registered office				Principal place of business
	4 Witan Way				Midwicket House
	Witney				37 Woodlands Road
	Oxon				Witney
	OX28 6FF				Oxon
					OX28 2DR
	The financial statements are presented in Sterling, which is the functional currency of the company.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of preparation of financial statements
	These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
	Revenue recognition

	Turnover represents the value of engineering consulting services rendered, stated net of trade discounts and value added tax. Revenue is recognised as contract activity progresses, in accordance with the terms of the contractual agreement and the stage of completion of the work. Revenue is reported in the period in which the services were rendered and reflects the partial performance of the company's contractual obligations where this can be measured reliably. Where recorded revenue exceeds amounts invoiced to clients, the excess is classified as income.
	The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

	Tangible fixed assets

	Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

	Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
	Computer equipment					Straight line basis at 33% per annum
	Furniture and fittings					Straight line basis at 20% per annum
	On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.

IRONWOOD STRUCTURAL DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Financial Instruments
	The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
	Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

	Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
	Impairment of non-financial assets

	At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
	If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.

	Work in progress

	Work in progress has been valued at the lower of cost and estimated selling price less cost to complete and sell. Cost comprises the cost of consultancy time relevant to the stage of the project.

	Debtors

	Short term debtors are measured at transaction price, less any impairment.

	Creditors
	Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.

IRONWOOD STRUCTURAL DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Taxation
	Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
	Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

	Current and deferred tax assets and liabilities are not discounted.
	Pensions
	The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
3	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

	No significant accounting estimates and judgements have had to be made by the director in preparing these financial statements.

4	EMPLOYEES
	The average number of persons employed by the company (including directors) during the year was:
									2022		2021
	Average number of employees								2		2

IRONWOOD STRUCTURAL DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
5	TANGIBLE ASSETS
							Computer equipment		Furniture and fittings		Total
							£		£		£
	Cost
	At 1 June 2021						26,823		3,519		30,342
	Additions						499		-		499
	At 31 May 2022						27,322		3,519		30,841
	Accumulated depreciation
	At 1 June 2021						23,089		3,018		26,107
	Charge for year						2,438		193		2,631
	At 31 May 2022						25,527		3,211		28,738
	Net book value
	At 1 June 2021						3,734		501		4,235
	At 31 May 2022						1,795		308		2,103
6	DEBTORS
									2022		2021
									£		£
	Trade debtors								28,483		4,557
	Prepayments and accrued income								2,734		2,692
	Other debtors								2,803		4,076
									34,020		11,325
7	CREDITORS: Amounts falling due within one year
									2022		2021
									£		£
	Trade creditors								2,200		-
	Taxation and social security								21,574		45,571
	Accruals and deferred income								1,576		1,574
	Other creditors								11		11
									25,361		47,156

IRONWOOD STRUCTURAL DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
8	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
	The following director's advances, credits and guarantees took place during the year
					Balance at 1 June 2021		Amounts advanced		Amounts repaid		Balance at 31 May 2022
					£		£		£		£
	J R Collins				2,127		64,679		65,000		1,806

This advance is interest free and repayable on demand.