Registered number
04089086
Irugasa Remote Control Systems Ltd
Filleted Accounts
31 December 2023
Irugasa Remote Control Systems Ltd
Registered number: 04089086
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 15,443 18,392
Current assets
Stocks 158,595 142,026
Debtors 4 363,976 82,376
Cash at bank and in hand 798,475 867,030
1,321,046 1,091,432
Creditors: amounts falling due within one year 5 (728,526) (667,395)
Net current assets 592,520 424,037
Total assets less current liabilities 607,963 442,429
Creditors: amounts falling due after more than one year 6 (227,795) (215,632)
Provisions for liabilities (3,860) (3,494)
Net assets 376,308 223,303
Capital and reserves
Called up share capital 200 200
Profit and loss account 376,108 223,103
Shareholder's funds 376,308 223,303
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr P W Johnston
Director
Approved by the board on 29 March 2024
Irugasa Remote Control Systems Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% - 33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 5
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 65,087
Additions 3,075
At 31 December 2023 68,162
Depreciation
At 1 January 2023 46,695
Charge for the year 6,024
At 31 December 2023 52,719
Net book value
At 31 December 2023 15,443
At 31 December 2022 18,392
4 Debtors 2023 2022
£ £
Trade debtors 363,976 82,376
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 2,058 2,845
Trade creditors 449,341 449,253
Amounts owed to group undertakings and undertakings in which the company has a participating interest 179,977 144,421
Directors loan accounts 12,354 12,354
Taxation and social security costs 81,558 55,239
Other creditors 3,238 3,283
728,526 667,395
6 Creditors: amounts falling due after one year 2023 2022
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 227,795 215,632
7 Other information
Irugasa Remote Control Systems Ltd is a private company limited by shares and incorporated in England. Its registered office is:
The Old Chapel
20A Bradley Cottages
Consett
County Durham
DH8 6JZ
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