Registered number
11830610
INFINITY SPRINGS LTD
Filleted Accounts
31 December 2022
INFINITY SPRINGS LTD
Registered number: 11830610
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 510,249 517,728
Current assets
Stocks 1,109,015 1,235,515
Debtors 4 3,639,889 1,903,414
Cash at bank and in hand 135,940 336,073
4,884,844 3,475,002
Creditors: amounts falling due within one year 5 (4,428,155) (3,054,565)
Net current assets 456,689 420,437
Total assets less current liabilities 966,938 938,165
Creditors: amounts falling due after more than one year 6 (884,292) (893,137)
Net assets 82,646 45,028
Capital and reserves
Called up share capital 100 100
Profit and loss account 82,546 44,928
Shareholder's funds 82,646 45,028
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 member has 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.
I Hussain
Director
Approved by the board on 20 February 2024
INFINITY SPRINGS LTD
Notes to the Accounts
for the year ended 31 December 2022
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:
Leasehold land and buildings over the lease term
Plant and machinery over 10 years
Motor vehicles over 10 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 14 8
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2022 20,155 485,337 68,155 573,647
Additions - 27,684 - 27,684
At 31 December 2022 20,155 513,021 68,155 601,331
Depreciation
At 1 January 2022 5,833 45,542 4,544 55,919
Charge for the year 2,015 26,332 6,816 35,163
At 31 December 2022 7,848 71,874 11,360 91,082
Net book value
At 31 December 2022 12,307 441,147 56,795 510,249
At 31 December 2021 14,322 439,795 63,611 517,728
4 Debtors 2022 2021
£ £
Trade debtors 3,624,033 1,898,610
Other debtors 15,856 4,804
3,639,889 1,903,414
5 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 9,636 9,374
Trade creditors 4,411,933 3,032,003
Taxation and social security costs 1,162 11,025
Other creditors 5,424 2,163
4,428,155 3,054,565
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 29,392 38,237
Other creditors 854,900 854,900
884,292 893,137
7 Controlling party
There is no ultimate controlling party.
8 Other information
INFINITY SPRINGS LTD is a private company limited by shares and incorporated in England. Its registered office is:
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