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2023-06-30
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No description of principal activities is disclosed
2022-07-01
Sage Accounts Production 21.0 - FRS102_2021
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03698267
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2022-06-30
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03698267
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core:ShortLeaseholdAssets
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03698267
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03698267
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03698267
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core:ShortLeaseholdAssets
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03698267
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03698267
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03698267
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03698267
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03698267
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03698267
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03698267
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2023-06-30
03698267
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03698267
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03698267
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03698267
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03698267
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03698267
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03698267
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2023-06-30
03698267
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2022-06-30
03698267
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2022-07-01
2023-06-30
03698267
core:IntangibleAssetsOtherThanGoodwill
2022-06-30
03698267
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core:ShortLeaseholdAssets
2022-06-30
03698267
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2022-06-30
03698267
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03698267
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03698267
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03698267
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03698267
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Company registration number:
03698267
Install Automation Limited
Unaudited filleted financial statements
for the year ended
30 June 2023
Prepared by:
THOMAS NOCK MARTIN LIMITED
CHARTERED ACCOUNTANTS
BRIERLEY HILL
Install Automation Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Install Automation Limited
Directors and other information
|
|
|
|
|
Directors |
Marvin Jon Lee |
(Appointed 26 April 2023) |
|
|
|
|
|
|
|
|
|
Company number |
03698267 |
|
|
|
|
|
|
|
|
|
|
Registered office |
109-111 Pope Street |
|
|
|
Birmingham |
|
|
|
West Midlands |
|
|
|
B1 3AG |
|
|
|
|
|
|
|
|
|
|
Accountants |
Thomas Nock Martin Limited |
|
|
|
5 Hagley Court South |
|
|
|
The Waterfront |
|
|
|
Brierley Hill |
|
|
|
West Midlands |
|
|
|
DY5 1XE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankers |
National Westminster Bank plc |
|
|
141 High Street |
|
|
Solihull Commercial Office |
|
|
Solihull |
|
|
West Midlands |
|
|
B91 3SR |
|
|
|
Install Automation Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Install Automation Limited
Year ended 30 June 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Install Automation Limited for the year ended 30 June 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Install Automation Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Install Automation Limited and state those matters that we have agreed to state to the board of directors of Install Automation Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Install Automation Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Install Automation Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Install Automation Limited. You consider that Install Automation Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Install Automation Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Thomas Nock Martin Limited
Chartered Accountants
5 Hagley Court South
The Waterfront
Brierley Hill
West Midlands
DY5 1XE
8 March 2024
Install Automation Limited
Statement of financial position
30 June 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
5 |
76,144 |
|
|
|
95,180 |
|
|
Tangible assets |
|
6 |
107,194 |
|
|
|
169,464 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
183,338 |
|
|
|
264,644 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
51,400 |
|
|
|
34,499 |
|
|
Debtors |
|
7 |
51,232 |
|
|
|
31,274 |
|
|
Cash at bank and in hand |
|
|
144,584 |
|
|
|
90,893 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
247,216 |
|
|
|
156,666 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
8 |
(
205,035) |
|
|
|
(
157,858) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets/(liabilities) |
|
|
|
|
42,181 |
|
|
|
(
1,192) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
225,519 |
|
|
|
263,452 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
9 |
|
|
(
94,347) |
|
|
|
(
169,523) |
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
|
|
|
(
150) |
|
|
|
(
10,150) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
131,022 |
|
|
|
83,779 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
10 |
|
|
100 |
|
|
|
100 |
Profit and loss account |
|
|
|
|
130,922 |
|
|
|
83,679 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholder funds |
|
|
|
|
131,022 |
|
|
|
83,779 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The member has not required the company to obtain an audit of its 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 financial statements.
These 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
08 March 2024
, and are signed on behalf of the board by:
Marvin Jon Lee
Director
Company registration number:
03698267
Install Automation Limited
Notes to the financial statements
Year ended 30 June 2023
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 109-111 Pope Street, Birmingham, West Midlands, B1 3AG.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the yearand derives from the provision of goods and services falling within the company's ordinary activities.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Intangible assets acquired as part of a business combination are recorded at the fair value at the aquisition date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
|
|
|
Development costs |
- |
10 years |
straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
|
|
|
|
|
|
Leasehold improvements |
- |
11 years straight line |
|
|
Fittings fixtures and equipment |
- |
15 % |
straight line |
|
Motor vehicles |
- |
20 % |
reducing balance |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.
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 stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
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 statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and trade creditors, other debtors and creditors, and loans from banks
.
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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
5
(2022:
7
).
5.
Intangible assets
|
|
Development costs |
Total |
|
|
|
|
|
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
At 1 July 2022 and 30 June 2023 |
190,355 |
190,355 |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
Amortisation |
|
|
|
|
|
|
At 1 July 2022 |
95,175 |
95,175 |
|
|
|
|
Charge for the year |
19,036 |
19,036 |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
At 30 June 2023 |
114,211 |
114,211 |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
At 30 June 2023 |
76,144 |
76,144 |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
At 30 June 2022 |
95,180 |
95,180 |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
6.
Tangible assets
|
|
Leasehold improvements |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 July 2022 |
259,999 |
100,356 |
128,095 |
488,450 |
|
|
|
Disposals |
- |
- |
(
76,380) |
(
76,380) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
At 30 June 2023 |
259,999 |
100,356 |
51,715 |
412,070 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
Depreciation |
|
|
|
|
|
|
|
At 1 July 2022 |
143,958 |
99,658 |
75,370 |
318,986 |
|
|
|
Charge for the year |
29,010 |
190 |
4,915 |
34,115 |
|
|
|
Disposals |
- |
- |
(
48,225) |
(
48,225) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
At 30 June 2023 |
172,968 |
99,848 |
32,060 |
304,876 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 30 June 2023 |
87,031 |
508 |
19,655 |
107,194 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
At 30 June 2022 |
116,041 |
698 |
52,725 |
169,464 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
7.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
|
|
|
|
|
Trade debtors |
|
6,821 |
9,060 |
|
Amounts owed by group undertakings |
|
20,000 |
- |
|
Other debtors |
|
24,411 |
22,214 |
|
|
|
_______ |
_______ |
|
|
|
51,232 |
31,274 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
|
|
|
|
|
Bank loans |
|
32,500 |
32,500 |
|
Trade creditors |
|
53,790 |
66,586 |
|
Corporation tax |
|
2,426 |
2,138 |
|
Social security and other taxes |
|
21,901 |
15,860 |
|
Other creditors |
|
94,418 |
40,774 |
|
|
|
_______ |
_______ |
|
|
|
205,035 |
157,858 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Creditors: amounts falling due after more than one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
|
|
|
|
|
Bank loans |
|
27,083 |
59,583 |
|
Other creditors |
|
67,264 |
109,940 |
|
|
|
_______ |
_______ |
|
|
|
94,347 |
169,523 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Called up share capital
Issued, called up and fully paid
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares of £
1.00 each |
|
100 |
|
100 |
|
100 |
|
100 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
11.
Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
|
|
|
£ |
£ |
|
|
|
Later than 1 year and not later than 5 years |
126,000 |
168,000 |
|
_______ |
_______ |
|
|
|
12.
Directors advances, credits and guarantees
|
During the year the directors entered into the following advances and credits with the company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances to the directors |
Amounts repaid |
Balance carried forward |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
|
|
|
|
|
|
|
|
Adam David Kent |
(
1,178) |
1,478 |
- |
300 |
|
|
|
(former director, resigned 26 April 2023) |
|
|
|
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances to the directors |
Amounts repaid |
Balance carried forward |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
|
|
|
|
|
|
|
|
Adam David Kent |
660 |
- |
(
1,838) |
(
1,178) |
|
|
|
(former director, resigned 26 April 2023) |
|
|
|
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
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13.
Related party transactions
Included within debtors is £20,000 (2022 £nil) due from ML Hold Co Ltd, the ultimate parent company. This amount represents the sale proceeds of a vehicle sold to the former director of
Install Automation Limited
, as part of a share purchase agreement. The £20,000 was deemed to be the market value of the vehicle given its age and condition.
14.
Controlling party
ML Hold Co Ltd, the ultimate parent company, controls the company by virtue of a controlling interest of 100% of the issued share capital.The registered office address and principal place of business of ML Hold Co Ltd is:109-111 Pope StreetBirminghamWest MiidlandsB1 3AG