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Registration number: 02257654

Industrial Calibration Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Industrial Calibration Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Industrial Calibration Limited

Company Information

Directors

Mr C Beech

Mrs B Beech

Company secretary

Mrs B Beech

Registered office

Calibration House
Woburn Road Industrial Estate
Kempston
Bedford
Bedfordshire
MK42 7BZ

Accountants

Russells (Accountants) Limited
Certified Accountants
20 Riverview Way
Kempston
Bedford
Bedfordshire
MK42 7BB

 

Industrial Calibration Limited

(Registration number: 02257654)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

88,714

89,781

Current assets

 

Stocks

5

20,618

23,379

Debtors

6

166,926

135,789

Cash at bank and in hand

 

163,131

153,781

 

350,675

312,949

Creditors: Amounts falling due within one year

7

(151,206)

(122,723)

Net current assets

 

199,469

190,226

Total assets less current liabilities

 

288,183

280,007

Creditors: Amounts falling due after more than one year

7

(20,000)

(30,000)

Provisions for liabilities

(16,856)

(16,882)

Net assets

 

251,327

233,125

Capital and reserves

 

Called up share capital

200

200

Retained earnings

251,127

232,925

Shareholders' funds

 

251,327

233,125

For the financial year ending 31 May 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.

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 9 November 2023 and signed on its behalf by:
 

 

Industrial Calibration Limited

(Registration number: 02257654)
Balance Sheet as at 31 May 2023

.........................................
Mr C Beech
Director

   
     
 

Industrial Calibration Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

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

The address of its registered office is:
Calibration House
Woburn Road Industrial Estate
Kempston
Bedford
Bedfordshire
MK42 7BZ

These financial statements were authorised for issue by the Board on 9 November 2023.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

Industrial Calibration Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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

Motor vehicles

25% reducing balance

Office equipment

10% and 20% reducing balance

Computer equipment

25% straight line

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.

 

Industrial Calibration Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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.

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.

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 16 (2022 - 16).

 

Industrial Calibration Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Office equipment
£

Other property, plant and equipment
 £

Cost or valuation

At 1 June 2022

110,405

25,239

85,850

319,043

Additions

1,413

-

4,845

5,742

At 31 May 2023

111,818

25,239

90,695

324,785

Depreciation

At 1 June 2022

102,077

16,694

84,054

247,931

Charge for the year

1,029

2,136

2,212

7,690

At 31 May 2023

103,106

18,830

86,266

255,621

Carrying amount

At 31 May 2023

8,712

6,409

4,429

69,164

At 31 May 2022

8,328

8,545

1,796

71,112

Total
£

Cost or valuation

At 1 June 2022

540,537

Additions

12,000

At 31 May 2023

552,537

Depreciation

At 1 June 2022

450,756

Charge for the year

13,067

At 31 May 2023

463,823

Carrying amount

At 31 May 2023

88,714

At 31 May 2022

89,781

5

Stocks

2023
£

2022
£

Other inventories

20,618

23,379

 

Industrial Calibration Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

155,148

121,357

Prepayments

11,678

14,432

Other debtors

100

-

 

166,926

135,789

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

10,000

10,000

Trade creditors

 

31,094

17,527

Taxation and social security

 

36,010

35,263

Corporation tax

 

8,987

6,551

Accruals and deferred income

 

8,933

6,398

Other creditors

 

546

1,275

Directors current accounts

 

55,636

45,709

 

151,206

122,723

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

20,000

30,000

 

Industrial Calibration Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

20,000

30,000

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

9

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

9,096

1,516

Dividends paid to directors

   

2023
£

 

2022
£

Mrs B Beech

       

Interim dividends

 

15,500

 

15,500

         

Mrs B Beech

       

Interim dividends

 

4,500

 

4,500