Intelligent Facility Solutions Limited - Period Ending 2017-03-31

Registration number: 08301680

Intelligent Facility Solutions Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

Jones Cooper Limited
Hedley Court
Boothferry Road
Goole
East Yorkshire
DN14 6AA

Intelligent Facility Solutions Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 10

Intelligent Facility Solutions Limited

Company Information

Director

Mr Andrew Donald Cameron

Registered office

Intelligent Facility Solutions Electric Works 3 Concourse Way Sheffield South Yorkshire S1 2BJ

Accountants

Jones Cooper Limited Hedley Court Boothferry Road Goole East Yorkshire DN14 6AA

Page 1

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Intelligent Facility Solutions Limited
for the Year Ended 31 March 2017

The financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act that relate to preparing the financial statements of the company for the year ended 31 March 2017.

We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.

On the balance sheet you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give "a true and fair view".

You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.

The financial statements are provided exclusively to the directors for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.

......................................

Jones Cooper Limited
Hedley Court
Boothferry Road
Goole
East Yorkshire
DN14 6AA

22 August 2017

Page 2

Intelligent Facility Solutions Limited

(Registration number: 08301680)
Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	4,453	9,950
Current assets
Stocks	5	37,837	1,340
Debtors	6	149,631	49,244
Cash at bank and in hand		39,370	47,507
		226,838	98,091
Creditors: Amounts falling due within one year	7	-150,615	-83,589
Net current assets		76,223	14,502
Total assets less current liabilities		80,676	24,452
Creditors: Amounts falling due after more than one year	7	-	-3,175
Provisions for liabilities		-890	-1,991
Net assets		79,786	19,286
Capital and reserves
Called up share capital		110	110
Profit and loss account		79,676	19,176
Total equity		79,786	19,286

For the financial year ending 31 March 2017 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 5 to 10 form an integral part of these financial statements.

Page 3

Intelligent Facility Solutions Limited

(Registration number: 08301680)
Balance Sheet as at 31 March 2017

Approved and authorised by the director on 22 August 2017
 

.........................................

Mr Andrew Donald Cameron

Director

The notes on pages 5 to 10 form an integral part of these financial statements.

Page 4

Intelligent Facility Solutions Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
Intelligent Facility Solutions
Electric Works 3 Concourse Way
Sheffield
South Yorkshire
S1 2BJ

These financial statements were authorised for issue by the director on 22 August 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Computer Equipment	33.3% Straight Line
Fixtures & Fittings	15.0% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Page 5

Intelligent Facility Solutions Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Page 6

Intelligent Facility Solutions Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2016 - 3).

Page 7

Intelligent Facility Solutions Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2016	17,047	17,047
At 31 March 2017	17,047	17,047
Depreciation
At 1 April 2016	7,097	7,097
Charge for the year	5,497	5,497
At 31 March 2017	12,594	12,594
Carrying amount
At 31 March 2017	4,453	4,453
At 31 March 2016	9,950	9,950

5

Stocks

	2017 £	2016 £
Other inventories	37,837	1,340

6

Debtors

	2017 £	2016 £
Trade debtors	75,101	45,654
Other debtors	74,530	3,590
Total current trade and other debtors	149,631	49,244

7

Creditors

Page 8

Intelligent Facility Solutions Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

	Note	2017 £	2016 £
Due within one year
Bank loans and overdrafts	8	53,392	55,153
Trade creditors		62,988	18,726
Taxation and social security		10,400	3,101
Other creditors		23,835	6,609
		150,615	83,589
Due after one year
Loans and borrowings	8	-	3,175

8	Loans and borrowings

	2017 £	2016 £
Non-current loans and borrowings
Other borrowings	-	3,175

	2017 £	2016 £
Current loans and borrowings
Other borrowings	53,392	55,153

9

Dividends

Final dividends paid

	2017 £	2016 £
Final dividend of £278.50 (2016 - £0) per each Ordianry A share	27,850.00	-

10	Related party transactions

Transactions with directors

2017	At 1 April 2016 £	Advances to directors £	Repayments by director £	At 31 March 2017 £
Mr Andrew Donald Cameron
	-55,153	48,155	-46,393	-53,392

Page 9

Intelligent Facility Solutions Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

2016	At 1 April 2015 £	Repayments by director £	At 31 March 2016 £
Mr Andrew Donald Cameron
	-14,636	-40,517	-55,153

Directors' remuneration

The director's remuneration for the year was as follows:

	2017 £	2016 £
Remuneration	10,000	12,916

Summary of transactions with other related parties

During the Year £68,106.39 was pre-paid to Global Dryers and Accessories Ltd towards future purchase invoices.
 

Expenditure with and payables to related parties

2017	Other related parties £
Purchase of goods	331,807

2016	Other related parties £
Purchase of goods	233,728

Loans to related parties

2017	Other related parties £
At start of period	-3,175
Advanced	8,359
At end of period	5,184

2016	Other related parties £
Repaid	3,175

Terms of loans to related parties

During the period the company advanced funds of £8,359.29 to Global Dryers and Accessories Limited, a company in which Mr Andrew Donald Cameron's Wife, Mrs Helen Cameron, is a director. At the year end £5,184.29 was due to Intelligent Facility Solutions Limited as a connected company loan.

Page 10