Company Registration No. 03584766 (England and Wales)
IndustrialMachines.Net Limited
Unaudited accounts
for the year ended 30 June 2023
IndustrialMachines.Net Limited
Unaudited accounts
Contents
IndustrialMachines.Net Limited
Company Information
for the year ended 30 June 2023
Director
Benjamin James Fowler
Company Number
03584766 (England and Wales)
Registered Office
5 ARDEN COURT
ARDEN ROAD
ALCESTER
B49 6HN
ENGLAND
Accountants
The Ledger House Accountancy Ltd
Minerva Mill, Office 34
Station Road
Alcester
Warwickshire
B49 5ET
IndustrialMachines.Net Limited
Statement of financial position
as at 30 June 2023
Tangible assets
45,937
82,640
Cash at bank and in hand
188,796
243,886
Creditors: amounts falling due within one year
(301,586)
(239,917)
Net current assets
191,954
202,601
Total assets less current liabilities
237,891
285,241
Creditors: amounts falling due after more than one year
(21,385)
(29,923)
Net assets
216,506
255,318
Called up share capital
100
100
Capital redemption reserve
35
35
Profit and loss account
216,371
255,183
Shareholders' funds
216,506
255,318
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 16 January 2024 and were signed on its behalf by
Benjamin James Fowler
Director
Company Registration No. 03584766
IndustrialMachines.Net Limited
Notes to the Accounts
for the year ended 30 June 2023
IndustrialMachines.Net Limited is a private company, limited by shares, registered in England and Wales, registration number 03584766. The registered office is 5 ARDEN COURT, ARDEN ROAD, ALCESTER, B49 6HN, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% reducing balance
Fixtures & fittings
10% straight line
Computer equipment
33.3% straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
IndustrialMachines.Net Limited
Notes to the Accounts
for the year ended 30 June 2023
4
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 July 2022
125,088
23,299
14,012
162,399
Additions
-
5,000
675
5,675
Disposals
(68,420)
-
-
(68,420)
At 30 June 2023
56,668
28,299
14,687
99,654
At 1 July 2022
53,723
13,052
12,984
79,759
Charge for the year
10,625
2,149
739
13,513
On disposals
(39,555)
-
-
(39,555)
At 30 June 2023
24,793
15,201
13,723
53,717
At 30 June 2023
31,875
13,098
964
45,937
At 30 June 2022
71,365
10,247
1,028
82,640
Amounts falling due within one year
Trade debtors
236,753
156,654
Accrued income and prepayments
22,256
20,910
6
Creditors: amounts falling due within one year
2023
2022
Trade creditors
68,426
32,641
Taxes and social security
62,438
53,027
Other creditors
12,969
63,722
Deferred income
105,750
90,000
7
Creditors: amounts falling due after more than one year
2023
2022
Taxes and social security
1,477
-
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
IndustrialMachines.Net Limited
Notes to the Accounts
for the year ended 30 June 2023
9
Average number of employees
During the year the average number of employees was 3 (2022: 3).