Independent Ductwork Limited - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: 02693398 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30th April 2017

for

Independent Ductwork Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S K O'Keeffe

B Chiswick

Mrs M O'Keeffe

SECRETARY:

J Bennett

REGISTERED OFFICE:

Stephenson Road

Houndmills

Basingstoke

Hampshire

RG21 6XR

REGISTERED NUMBER:

02693398 (England and Wales)

ACCOUNTANTS:

Wheeler & Co Ltd

Chartered Accountants

The Shrubbery

14 Church Street

Whitchurch

Hampshire

RG28 7AB

FIXED ASSETS

Tangible assets

4

46,450

60,700

Investment property

5

537,200

525,900

583,650

586,600

CURRENT ASSETS

Stocks

47,700

44,280

Debtors

6

560,540

546,557

Cash at bank and in hand

803,552

690,198

1,411,792

1,281,035

CREDITORS

Amounts falling due within one year

7

333,609

311,800

NET CURRENT ASSETS

1,078,183

969,235

TOTAL ASSETS LESS CURRENT LIABILITIES

1,661,833

1,555,835

PROVISIONS FOR LIABILITIES

33,517

35,322

NET ASSETS

1,628,316

1,520,513

CAPITAL AND RESERVES

Called up share capital

8

8

Fair value reserve

8

115,434

104,969

Retained earnings

1,512,874

1,415,536

SHAREHOLDERS' FUNDS

1,628,316

1,520,513

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 4th September 2017 and were signed on its behalf by:

S K O'Keeffe - Director

1.	STATUTORY INFORMATION

Independent Ductwork Limited is a private company, limited by shares , 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 preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Land and buildings

-

at varying rates on cost

Plant and machinery etc

-

25% on reducing balance, 25% on cost and 20% on reducing balance

Investment property

The investment properties have been revalued by the directors at the prevailing market rate. Any movements

on revaluation are taken to the revaluation reserve.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due

allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

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 that have been enacted

or substantively enacted by the balance sheet date.

Deferred tax

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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 21 (2016 - 20 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1st May 2016

and 30th April 2017

42,879

132,720

42,152

DEPRECIATION

At 1st May 2016

40,719

87,505

36,857

Charge for year

2,140

9,040

1,060

At 30th April 2017

42,859

96,545

37,917

NET BOOK VALUE

At 30th April 2017

20

36,175

4,235

At 30th April 2016

2,160

45,215

5,295

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1st May 2016

and 30th April 2017

16,750

16,618

251,119

DEPRECIATION

At 1st May 2016

8,730

16,608

190,419

Charge for year

2,010

-

14,250

At 30th April 2017

10,740

16,608

204,669

NET BOOK VALUE

At 30th April 2017

6,010

10

46,450

At 30th April 2016

8,020

10

60,700

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st May 2016

525,900

Additions

11,300

At 30th April 2017

537,200

NET BOOK VALUE

At 30th April 2017

537,200

At 30th April 2016

525,900

Cost or valuation at 30th April 2017 is represented by:

£

Valuation in 2015

142,511

Cost

394,689

537,200

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

519,146

508,658

Prepayments and accrued income

41,394

37,899

560,540

546,557

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

257,813

220,937

Tax

30,711

23,849

Social security and other taxes

10,324

9,331

VAT

31,600

41,508

Accrued expenses

3,161

16,175

333,609

311,800

8.

RESERVES

Fair

value

reserve

£

At 1st May 2016

104,969

Non-distributable profits

10,465

At 30th April 2017

115,434

9.	RELATED PARTY DISCLOSURES

During the year the company paid dividends of £15,000 to the directors and their families.

The company rents equipment from Independent Supplies Limited, which is under the common control of the

directors and shareholders of this company. The cost of this activity in the year was £159,092 (2016 -

£159,092).