Compact Instruments Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 04795150 (England and Wales)

COMPACT INSTRUMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

B Jones

REGISTERED OFFICE:

61-65 Lever Street

Bolton

Lancashire

BL3 2AB

REGISTERED NUMBER:

04795150 (England and Wales)

ACCOUNTANTS:

DTE Business Advisers Limited

Chartered Accountants

The Exchange

5 Bank Street

Bury

BL9 0DN

BANKERS:

Handelsbanken

6 The Courtyard

Calvin Street

Bolton

BL1 8PB

FIXED ASSETS

Property, plant and equipment

4

418,284

427,283

CURRENT ASSETS

Inventories

151,145

164,859

Debtors

5

83,640

102,300

Cash at bank and in hand

336,920

312,120

571,705

579,279

CREDITORS

Amounts falling due within one year

6

(56,830

)

(71,468

)

NET CURRENT ASSETS

514,875

507,811

TOTAL ASSETS LESS CURRENT LIABILITIES

933,159

935,094

PROVISIONS FOR LIABILITIES

(1,774

)

(3,058

)

NET ASSETS

931,385

932,036

CAPITAL AND RESERVES

Called up share capital

1

1

Other reserves

34,286

34,286

Retained earnings

897,098

897,749

931,385

932,036

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 April 2023 and were signed by:

B Jones - Director

1.	STATUTORY INFORMATION

Compact Instruments Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 04795150 and its registered office address is 61-65 Lever Street, Bolton, Lancashire, BL3 2AB.

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.

The director believes that the company is well placed to manage all relevant business risks at these challenging times and therefore continues to adopt the going concern basis in preparing these financial statements.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the director is required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Making judgement based on historical experience on the level of provision required for the impairment of inventory. Further information received after the statement of financial position date may impact on the level of provision required.

The director uses judgement to provide against bad debts using knowledge of customers and experience. The provisions are revisited after the statement of financial position date to ensure appropriate.

Revenue

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

Sales of goods are recognised when the company has delivered products to the customer, the customer has accepted the products and collection of the related receivables is anticipated.

Property, plant and equipment

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

Leasehold property

-

Straight line over 50 years

Improvements to leasehold

-

25% on cost

Plant and machinery

-

25% on cost

Fixtures and fittings

-

20% on cost

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

The depreciable value of leasehold property is considered to be £nil as, in the opinion of the director, its residual value is not materially different to its historic cost.

Inventories

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

Cost is the purchase price of the materials. Net realisable value is based on estimated selling price, less further costs expected to be incurred to completion and disposal.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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 the income statement in the period to which they relate.

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 and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost.

Leasing commitments

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2021 - 15 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Improvements

Leasehold

to

Plant and

property

leasehold

machinery

£

£

£

COST

At 1 January 2022

411,189

12,680

303,479

Additions

-

-

-

At 31 December 2022

411,189

12,680

303,479

DEPRECIATION

At 1 January 2022

-

10,175

296,086

Charge for year

-

812

6,652

At 31 December 2022

-

10,987

302,738

NET BOOK VALUE

At 31 December 2022

411,189

1,693

741

At 31 December 2021

411,189

2,505

7,393

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2022

17,558

10,280

755,186

Additions

-

933

933

At 31 December 2022

17,558

11,213

756,119

DEPRECIATION

At 1 January 2022

17,558

4,084

327,903

Charge for year

-

2,468

9,932

At 31 December 2022

17,558

6,552

337,835

NET BOOK VALUE

At 31 December 2022

-

4,661

418,284

At 31 December 2021

-

6,196

427,283

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

39,066

27,949

Other debtors

44,574

74,351

83,640

102,300

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

189

9,617

Taxation and social security

30,737

42,598

Other creditors

25,904

19,253

56,830

71,468

7.	LEASING AGREEMENTS

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

2022

2021

£

£

Within one year

397

794

Between one and five years

-

397

397

1,191

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the year end included within other debtors is an overdrawn director's loan account of £18,245 (2021: £64,799). This advance is unsecured, interest free and repayable on demand. The maximum overdrawn balance during the year was £73,620 (2021: £64,799) and there were no material advances.