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Registration number: 2730573

Instantina Limited
Annual Report and
Unaudited Financial Statements

31 March 2023

 

Instantina Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 11

 

Instantina Limited

Balance Sheet
31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

434,046

409,134

Current assets

 

Stocks

7

98,830

163,377

Debtors

8

205,113

216,085

Cash at bank and in hand

 

487,896

367,526

 

791,839

746,988

Creditors: Amounts falling due within one year

9

(154,824)

(177,198)

Net current assets

 

637,015

569,790

Total assets less current liabilities

 

1,071,061

978,924

Creditors: Amounts falling due after more than one year

9

(41,243)

(33,285)

Net assets

 

1,029,818

945,639

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

85,167

85,167

Retained earnings

944,551

860,372

Shareholders' funds

 

1,029,818

945,639

For the financial year ending 31 March 2023 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.

 

Instantina Limited

Balance Sheet
31 March 2023

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 October 2023 and signed on its behalf by:
 

.........................................
Mr G P Hackney
Director

Company Registration Number: 2730573

 

Instantina Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2023

1

General information

The Company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Tower House
269 Walmersley Road
Bury
Lancashire
BL9 6NX
United Kingdom

The principal place of business is:
Units 1 & 2 Laneside,
Metcalf Drive
Altham Industrial Estate, Altham
Accrington
Lancashire
BB5 5TU

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

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.

 

Instantina Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2023

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current 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.

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

Freehold property

2% Straight line

Plant & machinery

10% Stright line

Furniture, fittings etc

20% Straight line

Motor vehicles

20% Straight line

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

Formulae

10% Straight line

 

Instantina Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2023

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.

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.

 

Instantina Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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 (including Directors) during the year, was 9 (2022 - 10).

 

Instantina Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2023

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

23,505

29,810

5

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 April 2022

20,000

20,000

At 31 March 2023

20,000

20,000

Amortisation

At 1 April 2022

20,000

20,000

At 31 March 2023

20,000

20,000

Carrying amount

At 31 March 2023

-

-

 

Instantina Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2023

6

Tangible assets

Freehold land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and Machinery
 £

Total
£

Cost or valuation

At 1 April 2022

403,795

51,895

46,144

424,621

926,455

Additions

-

2,341

90,036

2,475

94,852

Disposals

-

-

(67,200)

-

(67,200)

At 31 March 2023

403,795

54,236

68,980

427,096

954,107

Depreciation

At 1 April 2022

67,657

38,541

18,457

392,666

517,321

Charge for the year

8,024

6,746

4,606

4,128

23,504

Eliminated on disposal

-

-

(20,764)

-

(20,764)

At 31 March 2023

75,681

45,287

2,299

396,794

520,061

Carrying amount

At 31 March 2023

328,114

8,949

66,681

30,302

434,046

At 31 March 2022

336,138

13,354

27,687

31,955

409,134

 

Instantina Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2023

7

Stocks

2023
£

2022
£

Raw materials and consumables

98,830

163,377

8

Debtors

Current

2023
£

2022
£

Trade debtors

156,963

132,771

Prepayments

15,407

24,459

Other debtors

32,743

58,855

 

205,113

216,085

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

26,106

21,104

Trade creditors

 

70,894

99,449

Taxation and social security

 

46,473

37,324

Accruals and deferred income

 

10,687

10,518

Other creditors

 

664

8,803

 

154,824

177,198

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

41,243

33,285

 

Instantina Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2023

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

17,566

32,757

Hire purchase contracts

23,677

528

41,243

33,285

2023
£

2022
£

Current loans and borrowings

Bank borrowings

15,467

13,908

Hire purchase contracts

10,639

7,196

26,106

21,104

 

Instantina Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2023

11

Related party transactions

Directors' remuneration

The directors are remunerated by the company. The directors consider that their remuneration meets the criteria of being under normal market conditions.
The directors who are also shareholders receive dividends as part of this remuneration package.