COMPANY REGISTRATION NUMBER:
02964936
Injection Mouldings Limited |
|
Filleted Unaudited Abridged Financial Statements |
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Injection Mouldings Limited |
|
Abridged Financial Statements |
|
Year ended 31 August 2023
Abridged statement of financial position |
1 |
|
|
Notes to the abridged financial statements |
3 |
|
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Injection Mouldings Limited |
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Abridged Statement of Financial Position |
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31 August 2023
Fixed assets
Tangible assets |
5 |
180,804 |
217,886 |
|
|
|
|
Current assets
Stocks |
81,659 |
115,324 |
Debtors |
600,303 |
639,793 |
Cash at bank and in hand |
273,419 |
321,069 |
|
--------- |
------------ |
|
955,381 |
1,076,186 |
|
|
|
Creditors: amounts falling due within one year |
204,673 |
274,621 |
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--------- |
------------ |
Net current assets |
750,708 |
801,565 |
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--------- |
------------ |
Total assets less current liabilities |
931,512 |
1,019,451 |
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|
|
Provisions |
45,201 |
31,016 |
|
--------- |
------------ |
Net assets |
886,311 |
988,435 |
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--------- |
------------ |
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|
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Capital and reserves
Called up share capital |
47,000 |
47,000 |
Other reserves |
5,000 |
5,000 |
Profit and loss account |
834,311 |
936,435 |
|
--------- |
--------- |
Shareholders funds |
886,311 |
988,435 |
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--------- |
--------- |
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|
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These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 August 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Injection Mouldings Limited |
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Abridged Statement of Financial Position (continued) |
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31 August 2023
These abridged financial statements were approved by the
board of directors
and authorised for issue on
6 March 2024
, and are signed on behalf of the board by:
Company registration number:
02964936
Injection Mouldings Limited |
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Notes to the Abridged Financial Statements |
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Year ended 31 August 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit C, Staverton Connection, Staverton, Cheltenham, Glos, GL51 0TF.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on a discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Plant & machinery |
- |
20% & 25% Reducing balance |
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Motor vehicles |
- |
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Office equipment |
- |
25% & 35% Reducing balance |
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|
|
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
20
(2022:
25
).
5.
Tangible assets
|
£ |
Cost |
|
At 1 September 2022 |
921,574 |
Additions |
9,267 |
|
--------- |
At 31 August 2023 |
930,841 |
|
--------- |
Depreciation |
|
At 1 September 2022 |
703,688 |
Charge for the year |
46,349 |
|
--------- |
At 31 August 2023 |
750,037 |
|
--------- |
Carrying amount |
|
At 31 August 2023 |
180,804 |
|
--------- |
At 31 August 2022 |
217,886 |
|
--------- |
|
|
6.
Other financial commitments
At the year end the company had the following commitments: £453,333 (2022 - £521,333)
7.
Related party transactions
The company paid rent of £68,000 (2022: £68,000) to the Trustees of a pension scheme of which Mr B N Tee is the Beneficiary and a Trustee. There have been loans made during the year to Parsonage Estates Limited, for a total sum of £0 (2022 - £100,000) and to Parsonage Shipton Limited for a total sum of £400,000 (2022 - £300,000), both of which Mr B N Tee was a director during the year.