IO Controls Limited 05117494 false 2021-06-01 2022-05-31 2022-05-31 The principal activity of the company is mechanical engineering. Digita Accounts Production Advanced 6.30.9574.0 true 05117494 2021-06-01 2022-05-31 05117494 2022-05-31 05117494 bus:Director2 1 2022-05-31 05117494 bus:Director5 1 2022-05-31 05117494 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2022-05-31 05117494 core:CurrentFinancialInstruments 2022-05-31 05117494 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 05117494 core:Non-currentFinancialInstruments 2022-05-31 05117494 core:Non-currentFinancialInstruments core:AfterOneYear 2022-05-31 05117494 core:Goodwill 2022-05-31 05117494 core:FurnitureFittingsToolsEquipment 2022-05-31 05117494 bus:SmallEntities 2021-06-01 2022-05-31 05117494 bus:AuditExemptWithAccountantsReport 2021-06-01 2022-05-31 05117494 bus:FullAccounts 2021-06-01 2022-05-31 05117494 bus:SmallCompaniesRegimeForAccounts 2021-06-01 2022-05-31 05117494 bus:RegisteredOffice 2021-06-01 2022-05-31 05117494 bus:CompanySecretary1 2021-06-01 2022-05-31 05117494 bus:Director1 2021-06-01 2022-05-31 05117494 bus:Director2 2021-06-01 2022-05-31 05117494 bus:Director2 1 2021-06-01 2022-05-31 05117494 bus:Director4 2021-06-01 2022-05-31 05117494 bus:Director5 2021-06-01 2022-05-31 05117494 bus:Director5 1 2021-06-01 2022-05-31 05117494 bus:PrivateLimitedCompanyLtd 2021-06-01 2022-05-31 05117494 core:Goodwill 2021-06-01 2022-05-31 05117494 core:FurnitureFittings 2021-06-01 2022-05-31 05117494 core:FurnitureFittingsToolsEquipment 2021-06-01 2022-05-31 05117494 core:OfficeEquipment 2021-06-01 2022-05-31 05117494 countries:AllCountries 2021-06-01 2022-05-31 05117494 2021-05-31 05117494 bus:Director2 1 2021-05-31 05117494 bus:Director5 1 2021-05-31 05117494 core:Goodwill 2021-05-31 05117494 core:FurnitureFittingsToolsEquipment 2021-05-31 05117494 2020-06-01 2021-05-31 05117494 2021-05-31 05117494 bus:Director2 1 2021-05-31 05117494 bus:Director5 1 2021-05-31 05117494 core:CurrentFinancialInstruments 2021-05-31 05117494 core:CurrentFinancialInstruments core:WithinOneYear 2021-05-31 05117494 core:Non-currentFinancialInstruments 2021-05-31 05117494 core:Non-currentFinancialInstruments core:AfterOneYear 2021-05-31 05117494 core:Goodwill 2021-05-31 05117494 core:FurnitureFittingsToolsEquipment 2021-05-31 05117494 bus:Director2 1 2020-06-01 2021-05-31 05117494 bus:Director5 1 2020-06-01 2021-05-31 05117494 bus:Director2 1 2020-05-31 05117494 bus:Director5 1 2020-05-31 iso4217:GBP xbrli:pure

Registration number: 05117494

IO Controls Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 May 2022

image-name
 

IO Controls Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

IO Controls Limited

Company Information

Directors

MS Eydman

NR Parker

Mr NV Goddard

Mr DB McManus

Company secretary

MA McManus

Registered office

Birch House
10 Romar Court
Bletchley
Milton Keynes
Buckinghamshire
MK1 1RH

Accountants

Michael J.Emery & Co
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

IO Controls Limited

(Registration number: 05117494)
Balance Sheet as at 31 May 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

174,337

184,023

Tangible assets

5

83,581

83,587

Other financial assets

6

311

311

 

258,229

267,921

Current assets

 

Stocks

7

35,000

35,000

Debtors

8

766,322

777,604

Cash at bank and in hand

 

57,750

42,140

 

859,072

854,744

Creditors: Amounts falling due within one year

9

(874,385)

(858,506)

Net current liabilities

 

(15,313)

(3,762)

Total assets less current liabilities

 

242,916

264,159

Creditors: Amounts falling due after more than one year

9

(130,261)

(54,327)

Provisions for liabilities

(15,880)

(15,882)

Net assets

 

96,775

193,950

Capital and reserves

 

Called up share capital

400

400

Profit and loss account

96,375

193,550

Shareholders' funds

 

96,775

193,950

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

 

IO Controls Limited

(Registration number: 05117494)
Balance Sheet as at 31 May 2022

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.

Approved and authorised by the Board on 12 September 2022 and signed on its behalf by:
 

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

NR Parker
Director

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

Mr DB McManus
Director

 

IO Controls Limited

Notes to the Financial Statements for the Year Ended 31 May 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales, Registration number 05117494.

The address of its registered office is:
Birch House
10 Romar Court
Bletchley
Milton Keynes
Buckinghamshire
MK1 1RH

These financial statements were authorised for issue by the Board on 12 September 2022.

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.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

IO Controls Limited

Notes to the Financial Statements for the Year Ended 31 May 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

Office equipment

20% reducing balance

Fixtures and fittings

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 20 years

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.

 

IO Controls Limited

Notes to the Financial Statements for the Year Ended 31 May 2022

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.

 

IO Controls Limited

Notes to the Financial Statements for the Year Ended 31 May 2022

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 during the year, including directors, was 29 (2021 - 26).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2021

193,708

193,708

At 31 May 2022

193,708

193,708

Amortisation

At 1 June 2021

9,685

9,685

Amortisation charge

9,686

9,686

At 31 May 2022

19,371

19,371

Carrying amount

At 31 May 2022

174,337

174,337

At 31 May 2021

184,023

184,023

 

IO Controls Limited

Notes to the Financial Statements for the Year Ended 31 May 2022

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2021

100,461

100,461

Additions

8,777

8,777

At 31 May 2022

109,238

109,238

Depreciation

At 1 June 2021

16,980

16,980

Charge for the year

8,677

8,677

At 31 May 2022

25,657

25,657

Carrying amount

At 31 May 2022

83,581

83,581

At 31 May 2021

83,587

83,587

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 June 2021

311

311

At 31 May 2022

311

311

Impairment

Carrying amount

At 31 May 2022

311

311

 

IO Controls Limited

Notes to the Financial Statements for the Year Ended 31 May 2022

7

Stocks

2022
£

2021
£

Inventory

35,000

35,000

8

Debtors

2022
£

2021
£

Trade debtors

492,985

517,376

Prepayments

18,864

29,674

Other debtors

126,971

93,602

Accrued income

25,000

25,000

Directors loan account

102,502

111,952

Total current trade and other debtors

766,322

777,604

 

IO Controls Limited

Notes to the Financial Statements for the Year Ended 31 May 2022

9

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Bank loans and overdrafts

10

129,449

34,892

Trade creditors

 

264,155

260,488

Other creditors

 

311,997

331,836

PAYE and NIC creditor

 

37,484

34,694

VAT Control account

 

92,540

182,271

Accruals

 

15,050

14,325

Corporation tax control

 

23,710

-

 

874,385

858,506

Due after one year

 

Loans and borrowings

10

130,261

54,327

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

10

130,261

54,327

10

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

99,515

13,833

Other borrowings

30,746

40,494

130,261

54,327

2022
£

2021
£

Current loans and borrowings

Bank overdrafts

129,449

34,892

 

IO Controls Limited

Notes to the Financial Statements for the Year Ended 31 May 2022

11

Related party transactions

Transactions with directors

2022

At 1 June 2021
£

Advances to directors
£

Repayments by director
£

At 31 May 2022
£

Mr DB McManus

62,376

48,785

(62,376)

48,785

         
       

NR Parker

49,576

53,717

(49,576)

53,717

         
       

 

2021

At 1 June 2020
£

Advances to directors
£

Repayments by director
£

At 31 May 2021
£

Mr DB McManus

47,219

62,376

(47,219)

62,376

         
       

NR Parker

41,159

49,576

(41,159)

49,576

         
       

 

The overdrawn directors' loan account will be repaid within 9 months.