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REGISTERED NUMBER: 02319924 (England and Wales)


















INSTRUMENTATION AND PROCESS SYSTEMS
(SOUTHERN) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 FEBRUARY 2022 TO 31 JULY 2023






INSTRUMENTATION AND PROCESS SYSTEMS
(SOUTHERN) LIMITED (REGISTERED NUMBER: 02319924)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 FEBRUARY 2022 TO 31 JULY 2023










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 9


INSTRUMENTATION AND PROCESS SYSTEMS
(SOUTHERN) LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 FEBRUARY 2022 TO 31 JULY 2023







DIRECTOR: Mrs T Squires





REGISTERED OFFICE: Unit 3, Ash Court
Viking Way
Winch Wen Industrial Estate
Swansea
SA1 7DA





REGISTERED NUMBER: 02319924 (England and Wales)





ACCOUNTANTS: MHA
Chartered Accountants
MHA House
Charter Court
Swansea Enterprise Park
Swansea
SA7 9FS

INSTRUMENTATION AND PROCESS SYSTEMS
(SOUTHERN) LIMITED (REGISTERED NUMBER: 02319924)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 120,300 121,383

CURRENT ASSETS
Stocks 107,000 97,425
Debtors 6 113,481 169,581
220,481 267,006
CREDITORS
Amounts falling due within one year 7 286,911 254,915
NET CURRENT (LIABILITIES)/ASSETS (66,430 ) 12,091
TOTAL ASSETS LESS CURRENT
LIABILITIES

53,870

133,474

CREDITORS
Amounts falling due after more than one
year

8

38,938

68,639
NET ASSETS 14,932 64,835

CAPITAL AND RESERVES
Called up share capital 2,200 2,200
Retained earnings 12,732 62,635
SHAREHOLDERS' FUNDS 14,932 64,835

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

INSTRUMENTATION AND PROCESS SYSTEMS
(SOUTHERN) LIMITED (REGISTERED NUMBER: 02319924)

BALANCE SHEET - continued
31 JULY 2023


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 6 March 2024 and were signed by:





Mrs T Squires - Director


INSTRUMENTATION AND PROCESS SYSTEMS
(SOUTHERN) LIMITED (REGISTERED NUMBER: 02319924)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 FEBRUARY 2022 TO 31 JULY 2023


1. STATUTORY INFORMATION

Instrumentation and Process Systems (Southern) Limited is a private company, limited by shares , registered in England and Wales. 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 (£) and has been rounded to the nearest pound.

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.

3. ACCOUNTING POLICIES

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

The current accounting period has been extended for a period of 18 months and therefore the comparative figures are not directly comparable with the current period's results.

Going concern
The current economic environment presents challenges in the demand for the company's products. The company has in recent years widened its customer base and the sectors to which it supplies its goods. The company finances its working capital requirements by an invoice discounting facility and no indication has been given to the director that this facility will not continue.

The company has made a loss in the year due to non-recurring costs that were exceptional in nature. The director has assessed the position and believes that the company is well placed to manage its business risks successfully and has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director will continue to adopt the going concern basis of accounting in preparing the financial statements.

INSTRUMENTATION AND PROCESS SYSTEMS
(SOUTHERN) LIMITED (REGISTERED NUMBER: 02319924)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 FEBRUARY 2022 TO 31 JULY 2023


3. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors which 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 only effects that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The following are the critical judgements that the director has made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Impairment of assets
Assets are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the income statement.

Provisions and contingencies
Provisions are recognised when the company has a present obligation as a result of a past event and a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only disclosed if an inflow of economic benefits is probable.

Turnover and revenue recognition
Turnover represents net invoiced sales of goods, excluding value added tax. Revenue is recognised on the despatch of goods to customers.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - over term of lease
Plant and machinery etc - 25% on cost and 15% on cost

Stocks
Stocks are valued at the lower of cost and estimated selling price, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial assets which include trade and other debtors and cash and bank balances, are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities, including trade and other creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.


INSTRUMENTATION AND PROCESS SYSTEMS
(SOUTHERN) LIMITED (REGISTERED NUMBER: 02319924)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 FEBRUARY 2022 TO 31 JULY 2023


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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
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 tax
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 period 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals payable under operating leases are charged in the income statement account on a straight line basis over the term of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 6 (2022 - 6 ) .

INSTRUMENTATION AND PROCESS SYSTEMS
(SOUTHERN) LIMITED (REGISTERED NUMBER: 02319924)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 FEBRUARY 2022 TO 31 JULY 2023


5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 February 2022 129,207 19,628 148,835
Additions - 5,490 5,490
At 31 July 2023 129,207 25,118 154,325
DEPRECIATION
At 1 February 2022 11,075 16,377 27,452
Charge for period 2,769 3,804 6,573
At 31 July 2023 13,844 20,181 34,025
NET BOOK VALUE
At 31 July 2023 115,363 4,937 120,300
At 31 January 2022 118,132 3,251 121,383

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 February 2022
and 31 July 2023 6,800
DEPRECIATION
At 1 February 2022 4,108
Charge for period 2,550
At 31 July 2023 6,658
NET BOOK VALUE
At 31 July 2023 142
At 31 January 2022 2,692

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 86,484 112,055
Other debtors 26,997 57,526
113,481 169,581

INSTRUMENTATION AND PROCESS SYSTEMS
(SOUTHERN) LIMITED (REGISTERED NUMBER: 02319924)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 FEBRUARY 2022 TO 31 JULY 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 38,251 33,547
Hire purchase contracts (see note 9) 1,596 1,396
Trade creditors 156,751 127,555
Taxation and social security 30,148 30,092
Other creditors 60,165 62,325
286,911 254,915

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 38,659 66,016
Hire purchase contracts (see note 9) 279 2,623
38,938 68,639

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Gross obligations repayable:
Within one year 1,690 1,690
Between one and five years 282 2,817
1,972 4,507

Finance charges repayable:
Within one year 94 294
Between one and five years 3 194
97 488

Net obligations repayable:
Within one year 1,596 1,396
Between one and five years 279 2,623
1,875 4,019

INSTRUMENTATION AND PROCESS SYSTEMS
(SOUTHERN) LIMITED (REGISTERED NUMBER: 02319924)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 FEBRUARY 2022 TO 31 JULY 2023


9. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 3,421 3,421
Between one and five years 750 6,631
4,171 10,052

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 58,137 83,516
Hire purchase contracts 1,875 4,019
Invoice discounting advances 20,833 53,484
80,845 141,019

11. TRANSACTIONS WITH DIRECTOR

At the balance sheet date, the company owed its director £25,853 (2022: the director owed the company £35,050). The loan to the director is interest free and is repayable on demand.

During the year dividends of £nil (2022: £5,000) were paid to the director.

The director has given a guarantee limited to £8,000 to the bank to secure all liabilities of the company.