Inta Electrical Services Ltd Filleted accounts for Companies House (small and micro)

Inta Electrical Services Ltd Filleted accounts for Companies House (small and micro)

INTA ELECTRICAL SERVICES LTD - Company Information

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COMPANY REGISTRATION NUMBER: 12143137
Inta Electrical Services Ltd
Filleted Unaudited Financial Statements
30 April 2023
Inta Electrical Services Ltd
Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
9,277
3,750
Current assets
Debtors
6
694,530
695,295
Cash at bank and in hand
218,888
5,723
---------
---------
913,418
701,018
Creditors: amounts falling due within one year
7
803,226
595,733
---------
---------
Net current assets
110,192
105,285
---------
---------
Total assets less current liabilities
119,469
109,035
Creditors: amounts falling due after more than one year
8
–
40,554
---------
---------
Net assets
119,469
68,481
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
119,369
68,381
---------
--------
Shareholders funds
119,469
68,481
---------
--------
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 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have 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 .
Inta Electrical Services Ltd
Statement of Financial Position (continued)
30 April 2023
These financial statements were approved by the board of directors and authorised for issue on 19 October 2023 , and are signed on behalf of the board by:
Mr M Lennon
Director
Company registration number: 12143137
Inta Electrical Services Ltd
Notes to the Financial Statements
Year ended 30 April 2023
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 8, Sovereign Park, Cleveland Way, Hemel Hempstead Industrial Estate, Herts, HP2 7DA.
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 measured at fair value through profit or loss.
Factoring
The company has entered into a factoring agreement, wherby it receives a proportion of its sales invoices as an advance. The relevant sales invoices are included in trade debtors, but are assigned to the factors. Advances are disclosed in the balance sheet as current liabilities.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss .
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.
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:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2022: 12 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 May 2022
5,000
–
5,000
Additions
1,988
6,385
8,373
-------
-------
--------
At 30 April 2023
6,988
6,385
13,373
-------
-------
--------
Depreciation
At 1 May 2022
1,250
–
1,250
Charge for the year
1,250
1,596
2,846
-------
-------
--------
At 30 April 2023
2,500
1,596
4,096
-------
-------
--------
Carrying amount
At 30 April 2023
4,488
4,789
9,277
-------
-------
--------
At 30 April 2022
3,750
–
3,750
-------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
339,168
312,624
Other debtors
355,362
382,671
---------
---------
694,530
695,295
---------
---------
Trade debtors subject to factoring amounts to £314,559 (2022:£301,624).
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
418,481
184,036
Corporation tax
46,994
30,371
Social security and other taxes
37,910
98,753
Factoring advances
232,735
200,718
Other creditors
67,106
81,855
---------
---------
803,226
595,733
---------
---------
A total of £232,734 (2022:£200,717) is due to factoring lenders. They are secured against the debtors they are advanced against .
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
–
40,554
----
--------
9. Change of name
The company changed its name on 15th October 2020 from Inta Electrical Services Ltd .
10. Related party transactions
There are no related party transactions to disclose.
11. Controlling party
The company is under the control of Mr M Lennon , who is director and majority shareholder.