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Company registration number: 03302642
Iles Systems Limited
Unaudited filleted financial statements
31 March 2022
Iles Systems Limited
Statement of financial position
31 March 2022
2022 2021
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 18,369 32,383
_______ _______
18,369 32,383
Current assets
Stocks 10,790 7,647
Debtors 7 28,070 24,454
Cash at bank and in hand 52,726 72,885
_______ _______
91,586 104,986
Creditors: amounts falling due
within one year 8 ( 41,388) ( 34,332)
_______ _______
Net current assets 50,198 70,654
_______ _______
Total assets less current liabilities 68,567 103,037
Creditors: amounts falling due
after more than one year 9 ( 36,680) ( 50,273)
Provisions for liabilities 5,594 3,735
_______ _______
Net assets 37,481 56,499
_______ _______
Capital and reserves
Called up share capital 300 300
Profit and loss account 37,181 56,199
_______ _______
Shareholders funds 37,481 56,499
_______ _______
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have 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.
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 Section 1A of 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.
These financial statements were approved by the board of directors and authorised for issue on 27 July 2022 , and are signed on behalf of the board by:
Mr D F Iles
Director
Company registration number: 03302642
Iles Systems Limited
Notes to the financial statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 20 Lynn Close, Elstow, Bedfordshire, MK42 9YW.
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 Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
Going concern
As with most businesses we have been impacted to an extent by Coronavirus (Covid 19). This has had an impact on our operations, customers, suppliers and staff. We have (where appropriate) utilised the grants and benefits available from the Government and are taking all the steps we can to protect the future of our business. The directors believe that it is appropriate to prepare the accounts on a going concern basis.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fittings fixtures and equipment - 33 % reducing balance
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Government grants
During this and the previous year the company received various support from H M Government in response to the Coronavirus pandemic including:" Furlough grants in respect of employees" A Bounce Back Loan from the company's bankers which is partially guaranteed by the GovernmentThese grants have been accounted for under the accruals method.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs 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 4 (2021: 4 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2021 and 31 March 2022 40,000 40,000
_______ _______
Amortisation
At 1 April 2021 and 31 March 2022 40,000 40,000
_______ _______
Carrying amount
At 31 March 2022 - -
_______ _______
At 31 March 2021 - -
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2021 50,478 44,970 95,448
Additions 1,111 - 1,111
_______ _______ _______
At 31 March 2022 51,589 44,970 96,559
_______ _______ _______
Depreciation
At 1 April 2021 39,824 23,241 63,065
Charge for the year 3,882 11,243 15,125
_______ _______ _______
At 31 March 2022 43,706 34,484 78,190
_______ _______ _______
Carrying amount
At 31 March 2022 7,883 10,486 18,369
_______ _______ _______
At 31 March 2021 10,654 21,729 32,383
_______ _______ _______
7. Debtors
2022 2021
£ £
Trade debtors 26,502 23,850
Other debtors 1,568 604
_______ _______
28,070 24,454
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 4,500 7,500
Trade creditors 6,212 5,492
Corporation tax 6,663 8,042
Social security and other taxes 7,088 5,949
Other creditors 16,925 7,349
_______ _______
41,388 34,332
_______ _______
The Obligations under Finance Leases are secured by a charge over the asset to which they relate.
The company obtained a 'Bounce Back Loan' from its bankers during the previous year. During the first twelve months H M Government pays the interest on this loan and thereafter the company pays 2.5% pa interest on the reducing balance. The loan is unsecured and over a term of ten years.
9. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 36,680 37,500
Other creditors - 12,773
_______ _______
36,680 50,273
_______ _______
The Obligations under Finance Leases are secured by a charge over the asset to which they relate.
The company obtained a 'Bounce Back Loan' from its bankers during the previous year. During the first twelve months H M Government pays the interest on this loan and thereafter the company pays 2.5% pa interest on the reducing balance. The loan is unsecured and over a term of ten years.
Included within creditors: amounts falling due after more than one year is an amount of £ 18,680 (2021 £ 1,500 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr D F Iles ( 312) ( 150) ( 462)
Mr D G Iles ( 57) 38 ( 19)
_______ _______ _______
( 369) ( 112) ( 481)
_______ _______ _______
2021
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr D F Iles ( 12,719) 12,407 ( 312)
Mr D G Iles ( 374) 317 ( 57)
_______ _______ _______
( 13,093) 12,724 ( 369)
_______ _______ _______
The directors loans are interest free and repayable on demand.