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REGISTERED NUMBER: 02693398 (England and Wales)











Unaudited Financial Statements

for the Year Ended 30th April 2023

for

Independent Ductwork Limited

Independent Ductwork Limited (Registered number: 02693398)






Contents of the Financial Statements
for the Year Ended 30th April 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Independent Ductwork Limited

Company Information
for the Year Ended 30th April 2023







DIRECTORS: S K O'Keeffe
J D O'Keeffe





SECRETARY: J Bennett





REGISTERED OFFICE: Stephenson Road
Houndmills
Basingstoke
Hampshire
RG21 6XR





REGISTERED NUMBER: 02693398 (England and Wales)





ACCOUNTANTS: Wheeler & Co Ltd
Chartered Accountants
The Shrubbery
14 Church Street
Whitchurch
Hampshire
RG28 7AB

Independent Ductwork Limited (Registered number: 02693398)

Balance Sheet
30th April 2023

30.4.23 30.4.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 614,363 606,029

CURRENT ASSETS
Stocks 80,360 69,400
Debtors 5 667,799 1,109,849
Cash at bank and in hand 886,893 258,739
1,635,052 1,437,988
CREDITORS
Amounts falling due within one year 6 428,251 620,473
NET CURRENT ASSETS 1,206,801 817,515
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,821,164

1,423,544

CREDITORS
Amounts falling due after more than one
year

7

(38,462

)

(17,978

)

PROVISIONS FOR LIABILITIES (10,970 ) (4,580 )
NET ASSETS 1,771,732 1,400,986

CAPITAL AND RESERVES
Called up share capital 8 8
Retained earnings 8 1,771,724 1,400,978
SHAREHOLDERS' FUNDS 1,771,732 1,400,986

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Independent Ductwork Limited (Registered number: 02693398)

Balance Sheet - continued
30th April 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4th August 2023 and were signed on its behalf by:





S K O'Keeffe - Director


Independent Ductwork Limited (Registered number: 02693398)

Notes to the Financial Statements
for the Year Ended 30th April 2023

1. STATUTORY INFORMATION

Independent Ductwork Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - in accordance with the remaining lease
Plant and machinery etc - 25% on reducing balance, 25% on cost, 20% on reducing balance and in accordance with the property

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Independent Ductwork Limited (Registered number: 02693398)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2022 - 23 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
Long to and
leasehold property fittings
£    £    £   
COST
At 1st May 2022 568,673 64,929 43,240
Additions - - -
At 30th April 2023 568,673 64,929 43,240
DEPRECIATION
At 1st May 2022 45,713 5,230 41,495
Charge for year 10,971 2,165 350
At 30th April 2023 56,684 7,395 41,845
NET BOOK VALUE
At 30th April 2023 511,989 57,534 1,395
At 30th April 2022 522,960 59,699 1,745

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st May 2022 28,815 16,618 722,275
Additions 37,530 774 38,304
At 30th April 2023 66,345 17,392 760,579
DEPRECIATION
At 1st May 2022 7,200 16,608 116,246
Charge for year 16,330 154 29,970
At 30th April 2023 23,530 16,762 146,216
NET BOOK VALUE
At 30th April 2023 42,815 630 614,363
At 30th April 2022 21,615 10 606,029

Independent Ductwork Limited (Registered number: 02693398)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1st May 2022 28,815
Additions 37,530
At 30th April 2023 66,345
DEPRECIATION
At 1st May 2022 7,200
Charge for year 16,330
At 30th April 2023 23,530
NET BOOK VALUE
At 30th April 2023 42,815
At 30th April 2022 21,615

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Trade debtors 631,222 984,051
Other debtors 2,192 68,965
Tax 296 -
Prepayments and accrued income 34,089 56,833
667,799 1,109,849

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Hire purchase contracts 12,340 5,111
Trade creditors 228,826 484,916
Tax 93,205 46,367
Social security and other taxes 11,391 11,765
VAT 70,424 52,388
Directors' current accounts 4,395 4,395
Accrued expenses 7,670 15,531
428,251 620,473

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.23 30.4.22
£    £   
Hire purchase contracts 38,462 17,978

Independent Ductwork Limited (Registered number: 02693398)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2023

8. RESERVES
Retained
earnings
£   

At 1st May 2022 1,400,978
Profit for the year 398,246
Dividends (27,500 )
At 30th April 2023 1,771,724

9. RELATED PARTY DISCLOSURES

From March 2021 the company has rented equipment from United Machinery Rental Ltd, which is under the common control of the directors and shareholders of this company. The cost of this activity in the year was £134,000 (2022 - £120,000).