ACCOUNTS - Final Accounts preparation

INDUSTRIAL COMMERCIAL DOMESTIC LTD - Company Information

Caseware UK (AP4) 2023.0.135 2023.0.135 2023-05-312023-05-31false2022-06-0112falseNo description of principal activity12trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08549384 2022-06-01 2023-05-31 08549384 2021-06-01 2022-05-31 08549384 2023-05-31 08549384 2022-05-31 08549384 c:Director1 2022-06-01 2023-05-31 08549384 d:PlantMachinery 2022-06-01 2023-05-31 08549384 d:OfficeEquipment 2022-06-01 2023-05-31 08549384 d:OtherPropertyPlantEquipment 2023-05-31 08549384 d:OtherPropertyPlantEquipment 2022-05-31 08549384 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 08549384 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 08549384 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 08549384 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 08549384 d:Non-currentFinancialInstruments d:AfterOneYear 2022-05-31 08549384 d:ShareCapital 2023-05-31 08549384 d:ShareCapital 2022-05-31 08549384 d:RetainedEarningsAccumulatedLosses 2023-05-31 08549384 d:RetainedEarningsAccumulatedLosses 2022-05-31 08549384 c:OrdinaryShareClass1 2022-06-01 2023-05-31 08549384 c:OrdinaryShareClass1 2023-05-31 08549384 c:OrdinaryShareClass1 2022-05-31 08549384 c:FRS102 2022-06-01 2023-05-31 08549384 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 08549384 c:AbridgedAccounts 2022-06-01 2023-05-31 08549384 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 08549384 e:PoundSterling 2022-06-01 2023-05-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08549384

INDUSTRIAL COMMERCIAL DOMESTIC LTD

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2023

INDUSTRIAL COMMERCIAL DOMESTIC LTD

REGISTERED NUMBER: 08549384

BALANCE SHEET

AS AT 31 MAY 2023


	2023	2022
Note	£	£

Fixed assets
Tangible assets	4		5,793		7,265
			5,793		7,265
Current assets
Stocks		417		350
Debtors		127,285		136,196
		127,702		136,546
Creditors: amounts falling due within one year		(175,627)		(169,337)
Net current liabilities			(47,925)		(32,791)
Total assets less current liabilities			(42,132)		(25,526)
Creditors: amounts falling due after more than one year			(36,461)		(42,094)
Provisions for liabilities			-		(4)
Net liabilities			(78,593)		(67,624)

Page 1

INDUSTRIAL COMMERCIAL DOMESTIC LTD

REGISTERED NUMBER: 08549384

BALANCE SHEET (CONTINUED)

AS AT 31 MAY 2023


	2023	2022
Note	£	£

Capital and reserves
Called up share capital	5	1	1
Profit and loss account		(78,594)	(67,625)
		(78,593)	(67,624)

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 February 2024.

Jonathan Oakes

Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

INDUSTRIAL COMMERCIAL DOMESTIC LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

1.	General information

Industrial Commercial Domestic Ltd is a private company limited by shares, registration number 08549384 and is registered in England and Wales. The registered office and principal place of business is Hampden House, Monument Business Park, Chalgrove, Ocon, OX44 7RW.
The company's principal activity continues to be providing industrial, domestic cleaning and construction services.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 3

INDUSTRIAL COMMERCIAL DOMESTIC LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

INDUSTRIAL COMMERCIAL DOMESTIC LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Plant and machinery	-	20%
				Office equipment	-	15%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

INDUSTRIAL COMMERCIAL DOMESTIC LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Employees

The average monthly number of employees, including directors, during the year was 12 (2022 - 12).

Page 6

INDUSTRIAL COMMERCIAL DOMESTIC LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

4.	Tangible fixed assets

		Total fixed assets
		£
	Cost or valuation
	At 1 June 2022	22,806
	At 31 May 2023	22,806
	Depreciation
	At 1 June 2022	15,541
	Charge for the year on owned assets	1,472
	At 31 May 2023	17,013
	Net book value
	At 31 May 2023	5,793
	At 31 May 2022	7,265

5.	Share capital
		2023	2022
		£	£

Allotted, called up and fully paid

1,000 (2022 - 1,000) Ordinary shares of £0.001 each	1	1

6.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £7,475 (2022 - £7,918). Contributions totalling £665 (2022 - £1,886) were payable to the fund at the balance sheet date and are included in creditors.

Page 7