Registered number
03485904
Associated Instruments Repairs Limited
Filleted Accounts
31 March 2023
Associated Instruments Repairs Limited
Registered number: 03485904
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 9,719 7,341
Current assets
Stocks 98,771 117,912
Debtors 5 169,608 148,930
Cash at bank and in hand 935,402 814,314
1,203,781 1,081,156
Creditors: amounts falling due within one year 6 (93,527) (75,955)
Net current assets 1,110,254 1,005,201
Total assets less current liabilities 1,119,973 1,012,542
Provisions for liabilities (1,644) (1,141)
Net assets 1,118,329 1,011,401
Capital and reserves
Called up share capital 2 2
Profit and loss account 1,118,327 1,011,399
Shareholders' funds 1,118,329 1,011,401
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
F H Khimji
Director
Approved by the board on 19 October 2023
Associated Instruments Repairs Limited
Notes to the Accounts
for the period from 1 February 2022 to 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Patents 10% straight line
Research and development 20% straight line
Plant and machinery 25% reducing balance
Office equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Intangible fixed assets
Patents Research & development Total
£ £ £
Cost
At 1 February 2022 78,781 18,458 97,239
At 31 March 2023 78,781 18,458 97,239
Amortisation
At 1 February 2022 78,781 18,458 97,239
At 31 March 2023 78,781 18,458 97,239
Net book value
At 31 March 2023 - - -
4 Tangible fixed assets
Plant and machinery etc Office Equipment Total
£ £ £
Cost
At 1 February 2022 141,951 19,278 161,229
Additions 4,723 895 5,618
At 31 March 2023 146,674 20,173 166,847
Depreciation
At 1 February 2022 136,184 17,704 153,888
Charge for the period 2,623 617 3,240
At 31 March 2023 138,807 18,321 157,128
Net book value
At 31 March 2023 7,867 1,852 9,719
At 31 January 2022 5,767 1,574 7,341
5 Debtors 2023 2022
£ £
Trade debtors 164,690 146,533
Other debtors 4,918 2,397
169,608 148,930
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 33,517 30,904
Corporation tax 22,455 27,808
Other taxes and social security costs 13,709 8,778
Other creditors 23,846 8,465
93,527 75,955
7 Controlling party
F H Khimji and Mrs A Khimji both have a 50% shareholding in the company. Neither party is considered to have overall control.
8 Other information
Associated Instruments Repairs Limited is a private company limited by shares and incorporated in England. Its registered office is:
Ebenezer House
5A Poole Road
Bournemouth
Dorset
BH2 5QJ
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