IPS (Southern) Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 02319924 (England and Wales)

INSTRUMENTATION AND PROCESS SYSTEMS

(SOUTHERN) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2018

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

8

DIRECTOR:

Mrs T Squires

REGISTERED OFFICE:

Unit 3, Ash Court

Viking Way

Winch Wen Industrial Estate

Swansea

SA1 7DA

REGISTERED NUMBER:

02319924 (England and Wales)

ACCOUNTANTS:

Gerald Thomas

3 New Mill Court

Swansea Enterprise Park

Swansea

SA7 9FG

FIXED ASSETS

Tangible assets

4

155,160

141,139

CURRENT ASSETS

Stocks

86,319

82,451

Debtors

5

106,392

122,393

192,711

204,844

CREDITORS

Amounts falling due within one year

6

224,932

239,102

NET CURRENT LIABILITIES

(32,221

)

(34,258

)

TOTAL ASSETS LESS CURRENT LIABILITIES

122,939

106,881

CREDITORS

Amounts falling due after more than one year

7

(84,922

)

(74,301

)

PROVISIONS FOR LIABILITIES

(534

)

-

NET ASSETS

37,483

32,580

CAPITAL AND RESERVES

Called up share capital

2,200

2,200

Retained earnings

35,283

30,380

SHAREHOLDERS' FUNDS

37,483

32,580

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2018 in accordance with Section 476 of the Companies Act 2006.

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.

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 director on 8 May 2018 and were signed by:

Mrs T Squires - Director

1.	STATUTORY INFORMATION

Instrumentation and Process Systems (Southern) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparation

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.

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, has net current liabilities and net assets at the balance

sheet date. 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.

Significant judgements and estimates

In the application of the company's accounting policies, the director is required to make judgements,

estimates and assumptions about the carrying amounts of assets and liabilities that are not readily

apparent from other sources. The estimates and associated assumptions are based on historical

experience and other factors which are considered to be relevant. Actual results may differ from these

estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised if the revision only effects that

period, or in the period of the revision and future periods if the revision affects both current and future

periods.

The following are the critical judgements that the director has made in the process of applying the

company's accounting policies and that have the most significant effect on the amounts recognised in

the financial statements.

Impairment of assets

Assets are assessed for indicators of impairment at each balance sheet date. If there is objective

evidence of impairment, an impairment loss is recognised in the income statement.

Provisions and contingencies

Provisions are recognised when the company has a present obligation as a result of a past event and a

reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities

are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only

disclosed if an inflow of economic benefits is probable.

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Long leasehold

-

over term of lease

Fixtures and fittings

-

15% on cost

Motor vehicles

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Financial instruments

Basic financial assets which include trade and other debtors and cash and bank balances, are initially

measured at transaction price 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.

Basic financial liabilities, including trade and other creditors and bank loans, are initially recognised at

transaction price unless the arrangement constitutes a financing transaction, where the debt

instrument is measured at the present value of the future receipts discounted at a market rate of

interest.

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

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.

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.

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 5 (2017 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

and

Motor

leasehold

fittings

vehicles

Totals

£

£

£

£

COST

At 1 February 2017

129,207

11,828

28,403

169,438

Additions

-

-

29,795

29,795

Disposals

-

-

(28,403

)

(28,403

)

At 31 January 2018

129,207

11,828

29,795

170,830

DEPRECIATION

At 1 February 2017

1,846

8,608

17,845

28,299

Charge for year

1,846

703

2,667

5,216

Eliminated on disposal

-

-

(17,845

)

(17,845

)

At 31 January 2018

3,692

9,311

2,667

15,670

NET BOOK VALUE

At 31 January 2018

125,515

2,517

27,128

155,160

At 31 January 2017

127,361

3,220

10,558

141,139

The net book value of tangible fixed assets includes £ 27,128 (2017 - £ 10,557 ) in respect of assets

held under hire purchase contracts.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

85,261

106,139

Other debtors

21,131

16,254

106,392

122,393

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

35,597

8,936

Hire purchase contracts (see note 8)

4,837

4,781

Trade creditors

88,901

111,115

Taxation and social security

14,583

13,490

Other creditors

81,014

100,780

224,932

239,102

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

62,907

68,000

Hire purchase contracts (see note 8)

22,015

6,301

84,922

74,301

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

24,027

28,000

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2018

2017

£

£

Gross obligations repayable:

Within one year

6,901

5,037

Between one and five years

25,403

6,301

32,304

11,338

Finance charges repayable:

Within one year

2,064

256

Between one and five years

3,388

-

5,452

256

Net obligations repayable:

Within one year

4,837

4,781

Between one and five years

22,015

6,301

26,852

11,082

Non-cancellable

operating leases

2018

2017

£

£

Within one year

3,421

-

Between one and five years

13,685

-

In more than five years

6,630

-

23,736

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

69,787

76,000

Hire purchase contracts

26,852

11,082

Invoice discounting advances

62,243

76,480

158,882

163,562

10.	TRANSACTIONS WITH DIRECTOR