Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-315true2022-04-01falseSteel works6trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12505728 2022-04-01 2023-03-31 12505728 2021-04-01 2022-03-31 12505728 2023-03-31 12505728 2022-03-31 12505728 c:Director1 2022-04-01 2023-03-31 12505728 d:PlantMachinery 2022-04-01 2023-03-31 12505728 d:PlantMachinery 2023-03-31 12505728 d:PlantMachinery 2022-03-31 12505728 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 12505728 d:MotorVehicles 2022-04-01 2023-03-31 12505728 d:MotorVehicles 2023-03-31 12505728 d:MotorVehicles 2022-03-31 12505728 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 12505728 d:OfficeEquipment 2022-04-01 2023-03-31 12505728 d:OfficeEquipment 2023-03-31 12505728 d:OfficeEquipment 2022-03-31 12505728 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 12505728 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 12505728 d:CurrentFinancialInstruments 2023-03-31 12505728 d:CurrentFinancialInstruments 2022-03-31 12505728 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 12505728 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 12505728 d:ShareCapital 2023-03-31 12505728 d:ShareCapital 2022-03-31 12505728 d:RetainedEarningsAccumulatedLosses 2023-03-31 12505728 d:RetainedEarningsAccumulatedLosses 2022-03-31 12505728 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 12505728 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 12505728 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 12505728 d:TaxLossesCarry-forwardsDeferredTax 2022-03-31 12505728 c:OrdinaryShareClass1 2022-04-01 2023-03-31 12505728 c:OrdinaryShareClass1 2023-03-31 12505728 c:OrdinaryShareClass1 2022-03-31 12505728 c:OrdinaryShareClass2 2022-04-01 2023-03-31 12505728 c:OrdinaryShareClass2 2023-03-31 12505728 c:OrdinaryShareClass2 2022-03-31 12505728 c:FRS102 2022-04-01 2023-03-31 12505728 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 12505728 c:FullAccounts 2022-04-01 2023-03-31 12505728 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 12505728 2 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12505728










I T JERMAN LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
I T JERMAN LTD
REGISTERED NUMBER: 12505728

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
90,675
95,521

  
90,675
95,521

Current assets
  

Stocks
 6 
50,000
30,000

Debtors: amounts falling due within one year
 7 
208,535
472,205

Cash at bank and in hand
 8 
29,022
166,320

  
287,557
668,525

Creditors: amounts falling due within one year
 9 
(210,383)
(553,400)

Net current assets
  
 
 
77,174
 
 
115,125

Total assets less current liabilities
  
167,849
210,646

Provisions for liabilities
  

Deferred tax
 10 
(22,642)
(23,854)

  
 
 
(22,642)
 
 
(23,854)

Net assets
  
145,207
186,792


Capital and reserves
  

Called up share capital 
 11 
100
100

Profit and loss account
  
145,107
186,692

  
145,207
186,792


Page 1

 
I T JERMAN LTD
REGISTERED NUMBER: 12505728
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 March 2024.




Gareth Conlin
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
I T JERMAN LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

I T Jerman Ltd, 12505728, is a private company limited by shares, incorporated in England and Wales, with its registered office and principal place of business at Oakfields, Cyfronydd, Welshpool, Powys, SY21 9ET.
The principal activity of the Company is steel works. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
I T JERMAN LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
I T JERMAN LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Motor vehicles
-
25%
Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
I T JERMAN LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 6

 
I T JERMAN LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations or future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the directors there are no estimates nor assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.


4.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 5).

Page 7

 
I T JERMAN LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2022
137,806
-
8,565
146,371


Additions
8,212
14,500
1,700
24,412



At 31 March 2023

146,018
14,500
10,265
170,783



Depreciation


At 1 April 2022
48,458
-
2,392
50,850


Charge for the year on owned assets
24,390
2,900
1,968
29,258



At 31 March 2023

72,848
2,900
4,360
80,108



Net book value



At 31 March 2023
73,170
11,600
5,905
90,675



At 31 March 2022
89,349
-
6,172
95,521

Page 8

 
I T JERMAN LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Stocks

2023
2022
£
£

Raw materials and consumables
50,000
30,000

50,000
30,000



7.


Debtors

2023
2022
£
£


Trade debtors
167,273
443,560

Other debtors
150
-

Prepayments and accrued income
41,112
28,645

208,535
472,205



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
29,022
166,320

29,022
166,320



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
150,762
237,759

Other taxation and social security
40,939
128,335

Other creditors
15,209
175,309

Accruals and deferred income
3,473
11,997

210,383
553,400


Page 9

 
I T JERMAN LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Deferred taxation




2023


£






At beginning of year
23,854


Charged to profit or loss
(1,212)



At end of year
22,642

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
22,669
23,880

Short term timing differences
(27)
(26)

22,642
23,854


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



60 (2022 - 60) Ordinary A shares of £1.00 each
60
60
40 (2022 - 40) Ordinary B shares of £1.00 each
40
40

100

100



12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £1,368 (2022: £1,221). Contributions totaling £253 (2022: £244) were payable to the fund at the balance sheet date and are included in creditors. 

 
Page 10