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REGISTERED NUMBER: 02650947 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 August 2023

for

Ionic Systems Limited

Ionic Systems Limited (Registered number: 02650947)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Ionic Systems Limited

Company Information
for the Year Ended 31 August 2023







DIRECTOR: C R Mawlam





REGISTERED OFFICE: 7-8 Westerngate Hillmead Enterprise Park
Langley Road
Swindon
SN5 5WN





REGISTERED NUMBER: 02650947 (England and Wales)





ACCOUNTANTS: Venture
Chartered Accountants
Venture House
Calne Road
Lyneham
Chippenham
SN15 4PP

Ionic Systems Limited (Registered number: 02650947)

Statement of Financial Position
31 August 2023

31.8.23 31.8.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 390,850 1,078,831
390,850 1,078,831

CURRENT ASSETS
Inventories 731,266 785,130
Debtors 6 166,584 284,466
Prepayments and accrued income 54,562 35,540
Cash at bank and in hand 310,515 261,441
1,262,927 1,366,577
CREDITORS
Amounts falling due within one year 7 428,215 507,354
NET CURRENT ASSETS 834,712 859,223
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,225,562

1,938,054

CREDITORS
Amounts falling due after more than one
year

8

(65,464

)

(218,787

)

PROVISIONS FOR LIABILITIES (86,765 ) (61,642 )
NET ASSETS 1,073,333 1,657,625

CAPITAL AND RESERVES
Called up share capital 11 2 2
Revaluation reserve 12 - 20,247
Retained earnings 1,073,331 1,637,376
SHAREHOLDERS' FUNDS 1,073,333 1,657,625

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Ionic Systems Limited (Registered number: 02650947)

Statement of Financial Position - continued
31 August 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 director and authorised for issue on 4 April 2024 and were signed by:





C R Mawlam - Director


Ionic Systems Limited (Registered number: 02650947)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Ionic Systems 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.

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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - in accordance with the property
Plant and machinery etc - 25% on reducing balance and 20% on reducing balance

Tangible fixed assets are measured at cost or revalued amount less accumulative depreciation and any accumulative impairment losses.

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

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised 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. Such assets are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies, 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


Ionic Systems Limited (Registered number: 02650947)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to profit and loss over the relevant period. The capital element of the lease payments is treated as a liability.

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.

Going concern
The director remains satisfied that the Company continues to trade satisfactorily and has adequate resources to continue to operate for the foreseeable future. For this reason, he continues to adopt the going concern basis for preparing these financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2022 - 32 ) .

Ionic Systems Limited (Registered number: 02650947)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2022
and 31 August 2023 43,830
AMORTISATION
At 1 September 2022
and 31 August 2023 43,830
NET BOOK VALUE
At 31 August 2023 -
At 31 August 2022 -

5. PROPERTY, PLANT AND EQUIPMENT
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 September 2022 739,485 1,317,926 2,057,411
Additions - 165,508 165,508
Disposals (679,740 ) (275,288 ) (955,028 )
At 31 August 2023 59,745 1,208,146 1,267,891
DEPRECIATION
At 1 September 2022 51,232 927,348 978,580
Charge for year 6,066 110,461 116,527
Eliminated on disposal - (218,066 ) (218,066 )
At 31 August 2023 57,298 819,743 877,041
NET BOOK VALUE
At 31 August 2023 2,447 388,403 390,850
At 31 August 2022 688,253 390,578 1,078,831

Included in cost of freehold land and buildings is £NIL (2022 - £679,740) relating to land and buildings which had not been depreciated as the director had calculated that the realisable value is at least equal to the carrying value. The property has been disposed of during this year.

If freehold land and buildings had not been previously revalued, they would have been included at a historical cost of £659,493, however these have been disposed of during the year.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade debtors 155,481 209,263
Other debtors 11,103 75,203
166,584 284,466

Ionic Systems Limited (Registered number: 02650947)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Bank loans and overdrafts 10,000 30,658
Hire purchase contracts (see note 9) 51,934 49,662
Trade creditors 159,306 184,151
Taxation and social security 24,278 105,416
Other creditors 182,697 137,467
428,215 507,354

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.23 31.8.22
£    £   
Bank loans 19,167 157,208
Hire purchase contracts (see note 9) 46,297 61,579
65,464 218,787

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 40,166

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.8.23 31.8.22
£    £   
Net obligations repayable:
Within one year 51,934 49,662
Between one and five years 46,297 61,579
98,231 111,241

Non-cancellable operating leases
31.8.23 31.8.22
£    £   
Within one year 165,736 163,770
Between one and five years 625,633 636,215
In more than five years 71,383 227,400
862,752 1,027,385

Ionic Systems Limited (Registered number: 02650947)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

10. SECURED DEBTS

The following secured debts are included within creditors:

31.8.23 31.8.22
£    £   
Bank loan - 148,699

The bank loan was secured by way of a mortgage on freehold property, the property has been sold during the year..

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.23 31.8.22
value: £    £   
2 Ordinary £1 2 2

12. RESERVES
Revaluation
reserve
£   
At 1 September 2022 20,247
Transfer on sale of asset (20,247 )

At 31 August 2023 -