Registered number
07658983
Irwin Installations Limited
Filleted Accounts
30 June 2023
Irwin Installations Limited
Registered number: 07658983
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 60,047 49,865
Current assets
Debtors 4 43,976 68,744
Cash at bank and in hand 75,921 55,090
119,897 123,834
Creditors: amounts falling due within one year 5 (69,570) (86,667)
Net current assets 50,327 37,167
Total assets less current liabilities 110,374 87,032
Creditors: amounts falling due after more than one year 6 (278) (2,222)
Provisions for liabilities (11,409) (9,488)
Net assets 98,687 75,322
Capital and reserves
Called up share capital 100 100
Profit and loss account 98,587 75,222
Shareholders' funds 98,687 75,322
The director is 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 director acknowledges his 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.
Mr J R Irwin
Director
Approved by the board on 15 November 2023
Irwin Installations Limited
Notes to the Accounts
for the year ended 30 June 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.
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:
Plant and machinery 15% reducing balance
Motor vehicles 25% reducing balance
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2022 55,195 44,974 100,169
Additions 9,052 32,040 41,092
Disposals - (36,474) (36,474)
At 30 June 2023 64,247 40,540 104,787
Depreciation
At 1 July 2022 21,439 28,865 50,304
Charge for the year 6,791 12,037 18,828
On disposals - (24,392) (24,392)
At 30 June 2023 28,230 16,510 44,740
Net book value
At 30 June 2023 36,017 24,030 60,047
At 30 June 2022 33,756 16,109 49,865
4 Debtors 2023 2022
£ £
Trade debtors 15,838 51,840
Other debtors 28,138 16,904
43,976 68,744
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 1,944 7,642
Trade creditors 11,531 30,333
Loans from directors 35,000 35,000
Taxation and social security costs 17,492 10,192
Other creditors 3,150 3,500
69,570 86,667
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 278 2,222
7 Other information
Irwin Installations Limited is a private company limited by shares and incorporated in England. Its registered office is:
9 Miller Road
Chalk
Gravesend
Kent
DA12 4TP
Irwin Installations Limited 07658983 false 2022-07-01 2023-06-30 2023-06-30 VT Final Accounts October 2023 release 2 Mr J R Irwin No description of principal activity 07658983 2021-07-01 2022-06-30 07658983 core:WithinOneYear 2022-06-30 07658983 core:AfterOneYear 2022-06-30 07658983 core:ShareCapital 2022-06-30 07658983 core:RetainedEarningsAccumulatedLosses 2022-06-30 07658983 2022-07-01 2023-06-30 07658983 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 07658983 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 07658983 bus:Director40 2022-07-01 2023-06-30 07658983 1 2022-07-01 2023-06-30 07658983 2 2022-07-01 2023-06-30 07658983 core:PlantMachinery 2022-07-01 2023-06-30 07658983 core:Vehicles 2022-07-01 2023-06-30 07658983 countries:England 2022-07-01 2023-06-30 07658983 bus:FRS102 2022-07-01 2023-06-30 07658983 bus:FullAccounts 2022-07-01 2023-06-30 07658983 2023-06-30 07658983 core:WithinOneYear 2023-06-30 07658983 core:AfterOneYear 2023-06-30 07658983 core:ShareCapital 2023-06-30 07658983 core:RetainedEarningsAccumulatedLosses 2023-06-30 07658983 core:PlantMachinery 2023-06-30 07658983 core:Vehicles 2023-06-30 07658983 2022-06-30 07658983 core:PlantMachinery 2022-06-30 07658983 core:Vehicles 2022-06-30 iso4217:GBP xbrli:pure