IPS (Southern) Limited - Accounts to registrar - small 17.2
IPS (Southern) Limited - Accounts to registrar - small 17.2
| REGISTERED NUMBER: |
| INSTRUMENTATION AND PROCESS SYSTEMS |
| (SOUTHERN) LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2017 |
| INSTRUMENTATION AND PROCESS SYSTEMS |
| (SOUTHERN) LIMITED (REGISTERED NUMBER: 02319924) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 | to | 3 |
| Notes to the Financial Statements | 4 | to | 7 |
| INSTRUMENTATION AND PROCESS SYSTEMS |
| (SOUTHERN) LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 JANUARY 2017 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 3 New Mill Court |
| Swansea Enterprise Park |
| Swansea |
| SA7 9FG |
| INSTRUMENTATION AND PROCESS SYSTEMS |
| (SOUTHERN) LIMITED (REGISTERED NUMBER: 02319924) |
| BALANCE SHEET |
| 31 JANUARY 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges her 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. |
| INSTRUMENTATION AND PROCESS SYSTEMS |
| (SOUTHERN) LIMITED (REGISTERED NUMBER: 02319924) |
| BALANCE SHEET - continued |
| 31 JANUARY 2017 |
| 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 on |
| INSTRUMENTATION AND PROCESS SYSTEMS |
| (SOUTHERN) LIMITED (REGISTERED NUMBER: 02319924) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2017 |
| 1. | STATUTORY INFORMATION |
| Instrumentation and Process Systems (Southern) Limited is a |
| registered in England and Wales. The company's registered number and registered office address can |
| be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparation |
| Going concern |
| The current economic environment presents challenges in the demand for the company's products. |
| The company has in recent years widened its customer base and the sectors to which it supplies its |
| goods. The company finances its working capital requirements by an invoice discounting facility and no |
| indication has been given to the director that this facility will not continue. |
| The company has made a profit in the year and has both net current liabilities and net assets at the |
| balance sheet date. However the director has assessed the position and believes that the company is |
| well placed to manage its business risks successfully and has a reasonable expectation that the |
| company has adequate resources to continue in operational existence for the foreseeable future. |
| Accordingly, the director will continue to adopt the going concern basis of accounting in preparing the |
| financial statements. |
| Turnover and revenue recognition |
| Turnover represents net invoiced sales of goods, excluding value added tax. Revenue is recognised |
| on the despatch of goods to customers. |
| Tangible fixed assets |
| Property improvements | - |
| Long leasehold | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
| obsolete and slow moving items. |
| 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 balance sheet date. |
| INSTRUMENTATION AND PROCESS SYSTEMS |
| (SOUTHERN) LIMITED (REGISTERED NUMBER: 02319924) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
| the balance sheet 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. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. |
| Those held under hire purchase contracts are depreciated over their estimated useful lives. Those |
| held under finance leases are depreciated over their estimated useful lives or the lease term, |
| whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The |
| capital element of the future payments is treated as a liability. |
| 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 profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Property | Long | and | Motor |
| improvements | leasehold | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 February 2016 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 January 2017 |
| DEPRECIATION |
| At 1 February 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 January 2017 |
| NET BOOK VALUE |
| At 31 January 2017 |
| At 31 January 2016 |
| INSTRUMENTATION AND PROCESS SYSTEMS |
| (SOUTHERN) LIMITED (REGISTERED NUMBER: 02319924) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2017 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| The net book value of tangible fixed assets includes £ 10,557 (2016 - £ 4,736 ) in respect of assets |
| held under hire purchase contracts. |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Bank loans |
| Hire purchase contracts |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more than 5 years |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2017 | 2016 |
| £ | £ |
| Hire purchase contracts |
| Invoice discounting advances | 76,480 | 50,053 |
| INSTRUMENTATION AND PROCESS SYSTEMS |
| (SOUTHERN) LIMITED (REGISTERED NUMBER: 02319924) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2017 |
| 9. | TRANSACTIONS WITH DIRECTOR |
| 2017 | 2016 |
| £ | £ |
| Mrs T Squires |
| Balance outstanding at start of year | (30,628 | ) | (28,452 | ) |
| Amounts advanced | (9,165 | ) | (12,176 | ) |
| Amounts repaid | 51,065 | 10,000 |
| Balance outstanding at end of the year | 11,271 | (30,628 | ) |
| The loan from/to the director is interest free and is repayable on demand. |
| During the year a dividend of £5,000 (2016:- £10,000) was paid to Mrs T Squires. |
| 10. | ULTIMATE CONTROLLING PARTY |
| 11. | FIRST YEAR ADOPTION |
| This is the first year that the company has presented its financial statements under the Financial |
| Reporting Standard 102 Section 1A small entities (FRS 102 1A) issued by the Financial Reporting |
| Council. The following disclosures are required in the year of transition. The last financial statements |
| under the previous Financial Reporting Standard for Smaller Entities (effective January 2015) (under |
| UK GAAP for Smaller Entities) were for the year ended 31 January 2016 and the date of transition to |
| FRS 102 1A was therefore 1 February 2015. No adjustments have been made as a result of the |
| transition. |