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Instalrite Design Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

Registration number: 06038645

 

Instalrite Design Ltd

Contents

Statement of financial position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Instalrite Design Ltd

(Registration number: 06038645)
Statement of financial position as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

18,906

59,485

Current assets

 

Debtors

5

263,442

232,479

Cash at bank and in hand

 

23,718

116,693

 

287,160

349,172

Creditors: Amounts falling due within one year

6

(241,619)

(284,957)

Net current assets

 

45,541

64,215

Total assets less current liabilities

 

64,447

123,700

Creditors: Amounts falling due after more than one year

6

(35,382)

(39,977)

Provisions for liabilities

(3,592)

(11,302)

Net assets

 

25,473

72,421

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

25,471

72,419

Shareholders' funds

 

25,473

72,421

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.

 

Instalrite Design Ltd

(Registration number: 06038645)
Statement of financial position as at 31 May 2023

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 Income statement.

Approved and authorised by the Board on 20 November 2023 and signed on its behalf by:
 

.........................................
Mr S Papworth
Director

 

Instalrite Design Ltd

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.

These financial statements were authorised for issue by the Board on 20 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).The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities 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.

Government grants

Government grants are recognised in the same period as any underlying expenditure. During the year the entity was in receipt of grant income from the Job Retention Scheme and the Covid-19 Business Challenges Grant. Income from the Job Retention Scheme was recognised in the same period as the underlying salary expenditure and income from the Covid-19 Business Challenges Grant was recognised when it was received.

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.

 

Instalrite Design Ltd

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 statement of financial position 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

Plant and machinery

20% on reducing balance

Fixtures, fittings and equipment

25% straight line

Motor vehicles

25% on reducing balance

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Instalrite Design Ltd

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

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 8 (2022 - 9).

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

52,022

155,804

86,475

294,301

Disposals

-

(115,885)

(30,435)

(146,320)

At 31 May 2023

52,022

39,919

56,040

147,981

Depreciation

At 1 June 2022

48,217

119,581

67,018

234,816

Charge for the year

1,555

755

3,573

5,883

Eliminated on disposal

-

(86,355)

(25,269)

(111,624)

At 31 May 2023

49,772

33,981

45,322

129,075

Carrying amount

At 31 May 2023

2,250

5,938

10,718

18,906

At 31 May 2022

3,805

36,223

19,457

59,485

5

Debtors

Current

2023
£

2022
£

Trade debtors

20,201

26,343

Other debtors

243,241

206,136

 

263,442

232,479

 

Instalrite Design Ltd

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

5,514

5,514

Trade creditors

 

43,447

69,802

Taxation and social security

 

95,294

121,170

Accruals and deferred income

 

3,100

3,100

Other creditors

 

94,264

85,371

 

241,619

284,957

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

35,382

39,977

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         
 

Instalrite Design Ltd

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

35,382

39,977

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,514

5,514

9

Related party transactions

Transactions with directors

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

Mr S Papworth

Directors loan

145,537

130,345

(80,000)

195,882

         
       

 

2022

At 1 June 2021
£

Advances to director
£

Repayments by director
£

At 31 May 2022
£

Mr S Papworth

Directors loan

81,920

145,537

(81,920)

145,537