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COMPANY REGISTRATION NUMBER: 05002156
Ingham Design and Installation Limited
Filleted Unaudited Financial Statements
31 December 2023
Ingham Design and Installation Limited
Financial Statements
Year Ended 31 December 2023
Contents
Page
Statement of Financial Position
1
Notes to the Financial Statements
3
Ingham Design and Installation Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
5
19,703
23,776
Current Assets
Stocks
3,000
2,707
Debtors
6
11,080
12,928
Cash at bank and in hand
9,055
408
--------
--------
23,135
16,043
Creditors: amounts falling due within one year
7
30,900
28,538
--------
--------
Net Current Liabilities
7,765
12,495
--------
--------
Total Assets Less Current Liabilities
11,938
11,281
Creditors: amounts falling due after more than one year
8
10,762
18,865
--------
--------
Net Assets/(Liabilities)
1,176
( 7,584)
--------
--------
Capital and Reserves
Called up share capital
3
3
Profit and loss account
1,173
( 7,587)
-------
-------
Shareholders Funds/(Deficit)
1,176
( 7,584)
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Ingham Design and Installation Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 7 February 2024 , and are signed on behalf of the board by:
C J Ramshaw
Director
Company registration number: 05002156
Ingham Design and Installation Limited
Notes to the Financial Statements
Year Ended 31 December 2023
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Gowhole Cottage, Gowhole, Furness Vale, High Peak, SK23 7QE.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going Concern
The company had retained losses as at the balance sheet date which were not covered by the share capital of the company. The directors consider the company to be a going concern, notwithstanding that there are losses of £30,808. They have reviewed the potential future of the company and consider that it will continue to trade profitably for the foreseeable future. The company's business was adversely affected by the outbreak of Covid-19 in spring 2020. Whilst the long-term effect of the virus to the business is uncertain, the director of the company considers the going concern basis to be appropriate.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10% straight line
Fixtures and fittings
-
10% straight line
Motor vehicles
-
25% reducing balance
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible Assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
4,106
9,392
40,625
54,123
Additions
1,033
665
1,698
Disposals
( 1,489)
( 1,489)
-------
--------
--------
--------
At 31 December 2023
5,139
10,057
39,136
54,332
-------
--------
--------
--------
Depreciation
At 1 January 2023
2,979
6,347
21,021
30,347
Charge for the year
292
558
4,894
5,744
Disposals
( 1,462)
( 1,462)
-------
--------
--------
--------
At 31 December 2023
3,271
6,905
24,453
34,629
-------
--------
--------
--------
Carrying amount
At 31 December 2023
1,868
3,152
14,683
19,703
-------
--------
--------
--------
At 31 December 2022
1,127
3,045
19,604
23,776
-------
--------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
6,000
8,606
Other debtors
5,080
4,322
--------
--------
11,080
12,928
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,490
3,531
Trade creditors
3,113
6,154
Other creditors
23,297
18,853
--------
--------
30,900
28,538
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
4,500
7,500
Other creditors
6,262
11,365
--------
--------
10,762
18,865
--------
--------
9. Directors' Advances, Credits and Guarantees
There were no directors advances, credits or guarantees in the current or previous year.
10. Related Party Transactions
During the year C J Ramshaw , a director, provided clerical assistance to the value of £1,030 (2022 - £900). The company was controlled by the directors throughout the current and previous year.