Industrial Encoders Direct Limited Company Accounts

Industrial Encoders Direct Limited Company Accounts

INDUSTRIAL ENCODERS DIRECT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03427825
Industrial Encoders Direct Limited
Filleted Unaudited Financial Statements
28 February 2018
Industrial Encoders Direct Limited
Financial Statements
Year ended 28 February 2018
Contents
Pages
Statement of financial position
1 to 2
Statement of changes in equity
3
Notes to the financial statements
4 to 8
The following pages do not form part of the financial statements
Chartered accountants and business advisers report to the board of directors on the preparation of the unaudited statutory financial statements
10
Industrial Encoders Direct Limited
Statement of Financial Position
28 February 2018
2018
2017
Note
£
£
£
Fixed assets
Tangible assets
5
82,197
69,166
Current assets
Stocks
21,000
10,000
Debtors
6
107,831
87,302
Cash at bank and in hand
208,631
216,564
---------
---------
337,462
313,866
Creditors: amounts falling due within one year
7
118,753
116,330
---------
---------
Net current assets
218,709
197,536
---------
---------
Total assets less current liabilities
300,906
266,702
Creditors: amounts falling due after more than one year
8
6,686
6,870
Provisions
Taxation including deferred tax
15,944
13,229
---------
---------
Net assets
278,276
246,603
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
278,176
246,503
---------
---------
Member funds
278,276
246,603
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Industrial Encoders Direct Limited
Statement of Financial Position (continued)
28 February 2018
These financial statements were approved by the board of directors and authorised for issue on 6 November 2018 , and are signed on behalf of the board by:
K A Lewis
Director
Company registration number: 03427825
Industrial Encoders Direct Limited
Statement of Changes in Equity
Year ended 28 February 2018
Called up share capital
Profit and loss account
Total
£
£
£
At 1 March 2016
2
217,407
217,409
Profit for the year
82,096
82,096
----
---------
---------
Total comprehensive income for the year
–
82,096
82,096
Issue of shares
98
–
98
Dividends paid and payable
–
( 53,000)
( 53,000)
----
---------
---------
Total investments by and distributions to owners
98
( 53,000)
( 52,902)
At 28 February 2017
100
246,503
246,603
Profit for the year
84,673
84,673
----
---------
---------
Total comprehensive income for the year
–
84,673
84,673
Dividends paid and payable
–
( 53,000)
( 53,000)
----
--------
--------
Total investments by and distributions to owners
–
( 53,000)
( 53,000)
----
---------
---------
At 28 February 2018
100
278,176
278,276
----
---------
---------
Industrial Encoders Direct Limited
Notes to the Financial Statements
Year ended 28 February 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 10, Edison Court, Ellice Way, Wrexham Technology Park, Wrexham, LL13 7YT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company accounting policies.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property improvements
-
25% straight line
Plant and machinery
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The following assets and liabilities within the accounts are classified as financial instruments - trade debtors, trade creditors and directors loans. Directors loans (being repayable upon demand), trade debtors and trade creditors, are measured at the undiscounted amount of cash or other consideration expected to be paid or received. Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of Income and Retained Earnings.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2017: 9 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 March 2017
–
203,734
11,647
25,382
240,763
Additions
16,913
–
6,999
9,137
33,049
--------
---------
--------
--------
---------
At 28 February 2018
16,913
203,734
18,646
34,519
273,812
--------
---------
--------
--------
---------
Depreciation
At 1 March 2017
–
148,370
2,912
20,315
171,597
Charge for the year
4,228
8,305
3,934
3,551
20,018
--------
---------
--------
--------
---------
At 28 February 2018
4,228
156,675
6,846
23,866
191,615
--------
---------
--------
--------
---------
Carrying amount
At 28 February 2018
12,685
47,059
11,800
10,653
82,197
--------
---------
--------
--------
---------
At 28 February 2017
–
55,364
8,735
5,067
69,166
--------
---------
--------
--------
---------
6. Debtors
2018
2017
£
£
Trade debtors
106,434
85,188
Other debtors
1,397
2,114
---------
--------
107,831
87,302
---------
--------
7. Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
70,943
66,756
Social security and other taxes
32,546
35,893
Other creditors
15,264
13,681
---------
---------
118,753
116,330
---------
---------
8. Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
6,686
6,870
-------
-------
9. Directors' advances, credits and guarantees
In the year the company paid £53,000 dividends to directors who are also shareholders. The directors operate a current account with the company. As follows:
2018
£
Opening Balance 4,483
Movements (1,238)
-------
Closing Balance 3,245
-------
10. Related party transactions
During the year the company employed the two sons of the Directors. The aggregate gross salary was £45,396.
Industrial Encoders Direct Limited
Management Information
Year ended 28 February 2018
The following pages do not form part of the financial statements.
Industrial Encoders Direct Limited
Chartered Accountants and Business Advisers Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Industrial Encoders Direct Limited
Year ended 28 February 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Industrial Encoders Direct Limited for the year ended 28 February 2018, which comprise the statement of financial position, statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Industrial Encoders Direct Limited, as a body, in accordance with the terms of our engagement letter dated 1 March 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Industrial Encoders Direct Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Industrial Encoders Direct Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Industrial Encoders Direct Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Industrial Encoders Direct Limited. You consider that Industrial Encoders Direct Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Industrial Encoders Direct Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
BRUCE ROBERTS & CO LIMITED Chartered Accountants and Business Advisers
Unit 10, Edison Court Ellice Way Wrexham Technology Park Wrexham LL13 7YT
7 November 2018