REGISTERED NUMBER: |
INSTRUMENTATION AND PROCESS SYSTEMS |
(SOUTHERN) LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 FEBRUARY 2022 TO 31 JULY 2023 |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£) and has been rounded to the nearest pound. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparation |
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 |
Land and buildings | - |
Plant and machinery etc | - |
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 |
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 |
Additions |
At 31 July 2023 |
DEPRECIATION |
At 1 February 2022 |
Charge for period |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 January 2022 |
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 |
DEPRECIATION |
At 1 February 2022 |
Charge for period |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 January 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
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 |
Hire purchase contracts (see note 9) |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 9) |
9. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
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 |
Between one and five years |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts | 1,875 | 4,019 |
Invoice discounting advances | 20,833 | 53,484 |
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. |