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I.S.T.L. Engineering Limited

Financial Statements for the Year Ended 31 July 2023






I.S.T.L. Engineering Limited

Company Information
for the Year Ended 31 July 2023







DIRECTOR: C Norman





REGISTERED OFFICE: Unit 1 Bedwas Business Centre
Bedwas House Industrial Estate
Bedwas
Caerphilly
CF83 8DU





REGISTERED NUMBER: 04029932 (England and Wales)





ACCOUNTANTS: BPU Limited
Chartered Accountants
Radnor House
Greenwood Close
Cardiff Gate Business Park
Cardiff
CF23 8AA

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
I.S.T.L. Engineering Limited


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of I.S.T.L. Engineering Limited for the year ended 31 July 2023 which comprise the Profit & Loss Account, Balance Sheet and the 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of I.S.T.L. Engineering Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of I.S.T.L. Engineering Limited and state those matters that we have agreed to state to the director of I.S.T.L. Engineering Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than I.S.T.L. Engineering Limited and its director for our work or for this report.

It is your duty to ensure that I.S.T.L. Engineering 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 I.S.T.L. Engineering Limited. You consider that I.S.T.L. Engineering 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 I.S.T.L. Engineering 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.






BPU Limited
Chartered Accountants


22 April 2024

I.S.T.L. Engineering Limited (Registered number: 04029932)

Balance Sheet
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 3 4,591 4,591
Tangible assets 4 120,507 108,514
Investments 5 22,000 22,000
147,098 135,105

CURRENT ASSETS
Stocks 110,285 191,710
Debtors 6 803,091 379,863
Cash at bank 290,344 149,884
1,203,720 721,457
CREDITORS
Amounts falling due within one
year

7

711,351

270,052
NET CURRENT ASSETS 492,369 451,405
TOTAL ASSETS LESS
CURRENT LIABILITIES

639,467

586,510

CREDITORS
Amounts falling due after more
than one year

8

(227,811

)

(275,818

)

PROVISIONS FOR LIABILITIES (4,000 ) -
NET ASSETS 407,656 310,692

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 407,556 310,592
SHAREHOLDERS' FUNDS 407,656 310,692

I.S.T.L. Engineering Limited (Registered number: 04029932)

Balance Sheet - continued
31 July 2023


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

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 Profit & Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 April 2024 and were signed by:





C Norman - Director


I.S.T.L. Engineering Limited (Registered number: 04029932)

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


1. 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, excluding discounts, rebates, value added tax and other sales taxes.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced.Turnover in respect of long term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of fifteen years.

Intangible assets
Intangible assets generally are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. The Cherished number plate specifically is recorded at cost and not amortised.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold property - over the lease term
Plant and machinery - 25% reducing balance
Motor vehicles - 25% reducing balance
Office equipment & fixtures - 25% reducing balance

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.


I.S.T.L. Engineering Limited (Registered number: 04029932)

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


1. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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.

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 held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

Pension costs
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.

2. EMPLOYEES AND DIRECTORS

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

I.S.T.L. Engineering Limited (Registered number: 04029932)

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


3. INTANGIBLE FIXED ASSETS
Cherished
number
Goodwill plate Totals
£    £    £   
COST
At 1 August 2022
and 31 July 2023 31,600 4,591 36,191
AMORTISATION
At 1 August 2022
and 31 July 2023 31,600 - 31,600
NET BOOK VALUE
At 31 July 2023 - 4,591 4,591
At 31 July 2022 - 4,591 4,591

4. TANGIBLE FIXED ASSETS
Long Office
leasehold Plant and Motor equipment
property machinery vehicles & fixtures Totals
£    £    £    £    £   
COST
At 1 August 2022 108,255 46,172 - 38,386 192,813
Additions - - 15,233 3,364 18,597
At 31 July 2023 108,255 46,172 15,233 41,750 211,410
DEPRECIATION
At 1 August 2022 6,069 41,513 - 36,717 84,299
Charge for year 1,096 1,592 2,539 1,377 6,604
At 31 July 2023 7,165 43,105 2,539 38,094 90,903
NET BOOK VALUE
At 31 July 2023 101,090 3,067 12,694 3,656 120,507
At 31 July 2022 102,186 4,659 - 1,669 108,514

5. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
2023 2022
£    £   
Other investments 22,000 22,000

I.S.T.L. Engineering Limited (Registered number: 04029932)

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


5. FIXED ASSET INVESTMENTS - continued

Other investments are WRU debentures that expire 2032 year. They are included at current Market Value.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
2023 2022
£    £   
Trade debtors 749,624 329,304
Other debtors & prepayments 53,467 50,559
803,091 379,863

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
2023 2022
£    £   
Bank loans and overdrafts 20,479 20,074
Hire purchase contracts 2,625 -
Trade creditors 395,945 149,786
Taxes & social security costs 64,752 7,029
Other creditors & accruals 227,550 93,163
711,351 270,052

8. CREDITORS: AMOUNTS FALLING DUE AFTER
MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 38,548 59,027
Hire purchase contracts 10,921 -
Other creditors 178,342 216,791
227,811 275,818

£227,811 (2022 £238,421) is due within two to five years and £0 (2022 £37,397) is due five years after the year end 31st July 2023.