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INGLECRAY INSULATION CO. LIMITED

Unaudited Financial Statements

for the Year Ended 30th September 2023






INGLECRAY INSULATION CO. LIMITED (REGISTERED NUMBER: 01774519)






Contents of the Financial Statements
for the year ended 30th September 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


INGLECRAY INSULATION CO. LIMITED

Company Information
for the year ended 30th September 2023







DIRECTORS: K G Howe
S G McGettrick
Ms M Temple





REGISTERED OFFICE: Unit 19 Wheatland Business Park
Wheatland Lane
Wallasey
Wirral
CH44 7ER





REGISTERED NUMBER: 01774519 (England and Wales)






INGLECRAY INSULATION CO. LIMITED (REGISTERED NUMBER: 01774519)

Balance Sheet
30th September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 37,994 41,297

CURRENT ASSETS
Stocks 1,000 1,000
Debtors 5 108,987 72,897
Cash at bank and in hand 201,065 131,551
311,052 205,448
CREDITORS
Amounts falling due within one year 6 172,860 131,485
NET CURRENT ASSETS 138,192 73,963
TOTAL ASSETS LESS CURRENT LIABILITIES 176,186 115,260

PROVISIONS FOR LIABILITIES 1,980 2,498
NET ASSETS 174,206 112,762

CAPITAL AND RESERVES
Called up share capital 205 205
Capital redemption reserve 7 205 205
Retained earnings 7 173,796 112,352
SHAREHOLDERS' FUNDS 174,206 112,762

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

INGLECRAY INSULATION CO. LIMITED (REGISTERED NUMBER: 01774519)

Balance Sheet - continued
30th September 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16th November 2023 and were signed on its behalf by:




Ms M Temple - Director



S G McGettrick - Director


INGLECRAY INSULATION CO. LIMITED (REGISTERED NUMBER: 01774519)

Notes to the Financial Statements
for the year ended 30th September 2023

1. STATUTORY INFORMATION

Inglecray Insulation Co. Limited 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.

2. ACCOUNTING POLICIES

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

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates. The areas in the financial statements where these judgements and estimates have been made include:

The useful lives of property, plant and equipment which are estimated based on the period over which the assets are expected to be available for use. The estimated useful lives are reviewed periodically and are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limits on the use of the relevant assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - land - nil and buildings - 2% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

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

Financial instruments
Debtors, creditors, directors loan (being repayable on demand) and inter company loans (being repayable on demand) are measured at the undiscounted amount of cash or other consideration expected to be paid or received.

Taxation
Taxation for the year 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 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.


INGLECRAY INSULATION CO. LIMITED (REGISTERED NUMBER: 01774519)

Notes to the Financial Statements - continued
for the year ended 30th September 2023

2. ACCOUNTING POLICIES - continued
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 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1st October 2022 51,159 22,044 14,346 43,669 131,218
Disposals - - - (8,499 ) (8,499 )
At 30th September 2023 51,159 22,044 14,346 35,170 122,719
DEPRECIATION
At 1st October 2022 21,760 19,720 13,158 35,283 89,921
Charge for year 680 349 178 2,096 3,303
Eliminated on disposal - - - (8,499 ) (8,499 )
At 30th September 2023 22,440 20,069 13,336 28,880 84,725
NET BOOK VALUE
At 30th September 2023 28,719 1,975 1,010 6,290 37,994
At 30th September 2022 29,399 2,324 1,188 8,386 41,297

INGLECRAY INSULATION CO. LIMITED (REGISTERED NUMBER: 01774519)

Notes to the Financial Statements - continued
for the year ended 30th September 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1st October 2022 18,407
Transfer to ownership (18,407 )
At 30th September 2023 -
DEPRECIATION
At 1st October 2022 10,642
Transfer to ownership (10,642 )
At 30th September 2023 -
NET BOOK VALUE
At 30th September 2023 -
At 30th September 2022 7,765

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 100,417 63,388
Other debtors 8,570 9,509
108,987 72,897

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts - 1,268
Trade creditors 99,025 80,304
Taxation and social security 55,113 31,763
Other creditors 18,722 18,150
172,860 131,485

7. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1st October 2022 112,352 205 112,557
Profit for the year 167,307 167,307
Dividends (105,863 ) (105,863 )
At 30th September 2023 173,796 205 174,001