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REGISTERED NUMBER: SC105188 (Scotland)















Financial Statements for the Year Ended 31 March 2023

for

Industrial Systems and Control Limited

Industrial Systems and Control Limited (Registered number: SC105188)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Industrial Systems and Control Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: M J Grimble
A C Clegg
G van der Molen



REGISTERED OFFICE: Culzean House
36 Renfield Street
Glasgow
G2 1LU



REGISTERED NUMBER: SC105188 (Scotland)



SENIOR STATUTORY AUDITOR: Robert Pollock BA CA



AUDITORS: Sharles Audit Limited
Statutory Auditor
29 Brandon Street
Hamilton
ML3 6DA

Industrial Systems and Control Limited (Registered number: SC105188)

Balance Sheet
31 March 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Stocks 52,718 56,303
Debtors 6 197,043 140,610
Cash at bank and in hand 105,110 134,997
354,871 331,910
CREDITORS
Amounts falling due within one year 7 143,093 82,797
NET CURRENT ASSETS 211,778 249,113
TOTAL ASSETS LESS CURRENT
LIABILITIES

211,778

249,113

CREDITORS
Amounts falling due after more than one
year

8

39,049

44,676
NET ASSETS 172,729 204,437

CAPITAL AND RESERVES
Called up share capital 75,098 75,098
Share premium 107,232 107,232
Retained earnings (9,601 ) 22,107
SHAREHOLDERS' FUNDS 172,729 204,437

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 February 2024 and were signed on its behalf by:





A C Clegg - Director


Industrial Systems and Control Limited (Registered number: SC105188)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Industrial Systems and Control Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover
Turnover is derived from various consultancy and training services supplied by the company.

Turnover is measured at the fair value of consultancy and training services supplied, net of discounts and excluding value added tax, and is recognised at the point that the company obtains the right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 50% on cost

Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment loss.

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the income statement in the period it is incurred.

Government grants
Grants considered to be revenue in nature are credited to the profit and loss account in the period to which they relate. Grants of a capital nature are reflected as deferred income in the balance sheet and released to the profit and loss account over the estimated useful life of the assets to which they relate.

Industrial Systems and Control Limited (Registered number: SC105188)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. ACCOUNTING POLICIES - continued

Work in progress
Stocks, being work in progress, are stated at the lower of cost and net realisable value. Costs comprise direct material and labour costs, plus attributable overheads based on a normal level of activity. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

Basic financial instruments
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 taxation
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.

Research and development
Expenditure on research activities is recognised in profit or loss as incurred.

Development expenditure is capitalised only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the company intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognised in profit or loss as incurred. Subsequent to initial recognition, development expenditure is measured at cost less accumulated amortisation and any accumulated impairment losses.

Foreign currencies
Transactions in currencies, other than the functional currency of the company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items are measured at historic cost in a foreign currency are not retranslated.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

Industrial Systems and Control Limited (Registered number: SC105188)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 April 2022
and 31 March 2023 11,502
DEPRECIATION
At 1 April 2022
and 31 March 2023 11,502
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 116,928 67,923
Other debtors 80,115 72,687
197,043 140,610

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,628 5,497
Trade creditors 24,978 7,801
Taxation and social security 31,662 24,521
Other creditors 80,825 44,978
143,093 82,797

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 39,049 44,676

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 15,167 21,349

Industrial Systems and Control Limited (Registered number: SC105188)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 44,677 50,173

The bank loan is supported by a 100% guarantee from the UK Government.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Robert Pollock BA CA (Senior Statutory Auditor)
for and on behalf of Sharles Audit Limited

11. RELATED PARTY DISCLOSURES

During the year the company made the following payments to directors for services provided at normal commercial terms:

- M Grimble (Consultancy Fees) £43,355 (2022 - £41,670)

The amounts owing to the directors at the year end are as follows:

- M Grimble £3,457 (2022 - £3,273)