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REGISTERED NUMBER: 04816306 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 August 2023

for

Industrial Electronic Repairs Ltd

Industrial Electronic Repairs Ltd (Registered number: 04816306)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Industrial Electronic Repairs Ltd

Company Information
for the Year Ended 31 August 2023







DIRECTOR: L V Wardall





SECRETARY: M S Oliver





REGISTERED OFFICE: Unit 10/11
Business Centre West
Avenue One
Letchworth
SG6 2HB





REGISTERED NUMBER: 04816306 (England and Wales)





ACCOUNTANTS: Thompsons Accountancy Services Limited
Chartered Accountants
Grove House
1 Grove Place
Bedford
Bedfordshire
MK40 3JJ

Industrial Electronic Repairs Ltd (Registered number: 04816306)

Statement of Financial Position
31 August 2023

31.8.23 31.8.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 285,921 251,936

CURRENT ASSETS
Stocks 6 64,522 61,450
Debtors 7 761,082 596,427
Cash at bank and in hand 72,849 93,110
898,453 750,987
CREDITORS
Amounts falling due within one year 8 379,254 387,397
NET CURRENT ASSETS 519,199 363,590
TOTAL ASSETS LESS CURRENT
LIABILITIES

805,120

615,526

CREDITORS
Amounts falling due after more than one
year

9

85,022

73,459
NET ASSETS 720,098 542,067

CAPITAL AND RESERVES
Allotted, called up and fully
paid share capital 20 20
Retained earnings 720,078 542,047
SHAREHOLDERS' FUNDS 720,098 542,067

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

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

The director acknowledges his 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.

Industrial Electronic Repairs Ltd (Registered number: 04816306)

Statement of Financial Position - continued
31 August 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 March 2024 and were signed by:





L V Wardall - Director


Industrial Electronic Repairs Ltd (Registered number: 04816306)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Industrial Electronic Repairs Ltd 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 (£).


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 preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 year 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.

Industrial Electronic Repairs Ltd (Registered number: 04816306)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

3. ACCOUNTING POLICIES - continued

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 paid under operating leases are charged to profit or loss on a straight line basis over the period 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 year was 23 (2022 - 19 ) .

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 September 2022 5,300 10,838 12,668
Additions - 1,591 -
Disposals - - -
At 31 August 2023 5,300 12,429 12,668
DEPRECIATION
At 1 September 2022 2,650 8,877 11,713
Charge for year 530 572 239
Eliminated on disposal - - -
At 31 August 2023 3,180 9,449 11,952
NET BOOK VALUE
At 31 August 2023 2,120 2,980 716
At 31 August 2022 2,650 1,961 955

Industrial Electronic Repairs Ltd (Registered number: 04816306)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 September 2022 319,356 14,735 362,897
Additions 148,532 5,944 156,067
Disposals (99,032 ) - (99,032 )
At 31 August 2023 368,856 20,679 419,932
DEPRECIATION
At 1 September 2022 75,378 12,343 110,961
Charge for year 45,739 2,150 49,230
Eliminated on disposal (26,180 ) - (26,180 )
At 31 August 2023 94,937 14,493 134,011
NET BOOK VALUE
At 31 August 2023 273,919 6,186 285,921
At 31 August 2022 243,978 2,392 251,936

6. STOCKS
31.8.23 31.8.22
£    £   
Stocks 64,522 61,450

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade debtors 401,363 354,955
Other debtors 9,183 94,983
Sales finance 340,113 134,571
Prepayments 10,423 11,918
761,082 596,427

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Hire purchase contracts and finance leases 68,425 73,438
Trade creditors 137,216 135,335
Tax 31,918 22,042
Social security and other taxes 21,982 20,017
VAT 61,256 71,014
Other creditors 15,079 13,892
Directors' current accounts 41,702 41,163
Accrued expenses 1,676 10,496
379,254 387,397

Industrial Electronic Repairs Ltd (Registered number: 04816306)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.23 31.8.22
£    £   
Hire purchase contracts and finance leases 85,022 73,459

10. SECURED DEBTS

The following secured debts are included within creditors:

31.8.23 31.8.22
£    £   
Hire purchase contracts and finance leases 153,447 146,897

Hire purchase and lease finance contracts are secured over the assets to which they relate.

The company's bank account and invoice discounting facilities are secured by a general debenture against the company's assets.

11. OTHER FINANCIAL COMMITMENTS

The company had total guarantees and commitments as at the balance sheet date of £98,502 (2022 - £167,185).

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2023 and 31 August 2022:

31.8.23 31.8.22
£    £   
L V Wardall
Balance outstanding at start of year - -
Amounts advanced 50,457 91,113
Amounts repaid (50,457 ) (91,113 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

The director pays interest at the rate of 2.50% on the average outstanding balance when the loan from the company exceeds £10,000. During the year the director was required to pay interest of £210.69. (2022 £335.07).

13. RELATED PARTY DISCLOSURES

Kathcal Industrial Electronic Repairs Limited
Associated company

At the balance sheet date Kathcal Industrial Electronic Repairs Limited owed the company £NIL (2022 - £83,000). The loan is interest free and repayable on demand.