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Company No: 03394252 (England and Wales)

INDUSTRIAL COMPUTING LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

INDUSTRIAL COMPUTING LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

INDUSTRIAL COMPUTING LIMITED

COMPANY INFORMATION

For the financial year ended 30 June 2023
INDUSTRIAL COMPUTING LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 June 2023
DIRECTORS Mrs F M Dean
Mr W G Dean
SECRETARY Mrs F M Dean
REGISTERED OFFICE Elmcroft
Wyke Road
Gillingham
Dorset
SP8 4NG
United Kingdom
COMPANY NUMBER 03394252 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Hitchcock House
Hilltop Park
Devizes Road
Salisbury
Wiltshire SP3 4UF
INDUSTRIAL COMPUTING LIMITED

BALANCE SHEET

As at 30 June 2023
INDUSTRIAL COMPUTING LIMITED

BALANCE SHEET (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 8,996 9,337
8,996 9,337
Current assets
Debtors 4 59,503 77,191
Cash at bank and in hand 283,867 112,758
343,370 189,949
Creditors: amounts falling due within one year 5 ( 151,681) ( 89,003)
Net current assets 191,689 100,946
Total assets less current liabilities 200,685 110,283
Provision for liabilities ( 2,073) ( 2,265)
Net assets 198,612 108,018
Capital and reserves
Called-up share capital 100 100
Profit and loss account 198,512 107,918
Total shareholders' funds 198,612 108,018

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Industrial Computing Limited (registered number: 03394252) were approved and authorised for issue by the Board of Directors on 02 October 2023. They were signed on its behalf by:

Mr W G Dean
Director
INDUSTRIAL COMPUTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
INDUSTRIAL COMPUTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Industrial Computing Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Elmcroft, Wyke Road, Gillingham, Dorset, SP8 4NG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

In respect of long-term projects and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term projects and contracts for on-going services is recognised by reference to the stage of completion.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery etc. 20 % reducing balance
3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, 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 Statement of Income and Retained Earnings as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 July 2022 37,442 37,442
Additions 2,184 2,184
0 0
At 30 June 2023 39,626 39,626
Accumulated depreciation
At 01 July 2022 28,105 28,105
Charge for the financial year 2,525 2,525
Rounding 0 0
At 30 June 2023 30,630 30,630
Net book value
At 30 June 2023 8,996 8,996
At 30 June 2022 9,337 9,337

4. Debtors

2023 2022
£ £
Trade debtors 57,479 72,505
Other debtors 2,024 4,686
59,503 77,191

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 2,156 4,486
Taxation and social security 111,020 32,909
Other creditors 38,505 51,608
151,681 89,003