Company Registration No. 07803327 (England and Wales)
Integration Made Simple Ltd
Unaudited accounts
for the year ended 31 October 2023
Integration Made Simple Ltd
Unaudited accounts
Contents
Integration Made Simple Ltd
Company Information
for the year ended 31 October 2023
Directors
D J Russell
G R R Russell
Company Number
07803327 (England and Wales)
Registered Office
20 MONCKTON ROAD
BOROUGH GREEN
SEVENOAKS
KENT
TN15 8SD
United Kingdom
Accountants
Meredith GB Consultants Ltd
49 Westerham Road
Bessels Green
Sevenoaks
Kent
TN13 2QB
Integration Made Simple Ltd
Statement of financial position
as at 31 October 2023
Tangible assets
21,112
22,332
Cash at bank and in hand
12,023
67,076
Creditors: amounts falling due within one year
(121,236)
(152,030)
Net current (liabilities)/assets
(37,526)
24,963
Total assets less current liabilities
(16,414)
47,295
Creditors: amounts falling due after more than one year
(39,316)
(45,738)
Net (liabilities)/assets
(55,730)
1,557
Called up share capital
2
2
Profit and loss account
(55,732)
1,555
Shareholders' funds
(55,730)
1,557
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 27 July 2024 and were signed on its behalf by
D J Russell
Director
Company Registration No. 07803327
Integration Made Simple Ltd
Notes to the Accounts
for the year ended 31 October 2023
Integration Made Simple Ltd is a private company, limited by shares, registered in England and Wales, registration number 07803327. The registered office is 20 MONCKTON ROAD, BOROUGH GREEN, SEVENOAKS, KENT, TN15 8SD, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
The company operates a defined contribution scheme for the benefit of its employees operated under the Government's NEST scheme. Contributions payable are recognised in the profit and loss account when due.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
33.33%pa Straight line basis
Motor vehicles
25%pa Straight line basis
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Integration Made Simple Ltd
Notes to the Accounts
for the year ended 31 October 2023
The director has confirmed that he will continue to give financial support to the company until such time as its position improves.
The Company had been adversely affected by Government policy regarding industrial closures during the Coronavirus pandemic crisis. The director has confirmed that he will not recall his loan within 12 months.
The director considers that it is appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result if any financial support were withdrawn.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 November 2022
24,528
27,013
51,541
Disposals
-
(25,618)
(25,618)
At 31 October 2023
24,528
27,787
52,315
At 1 November 2022
21,649
7,560
29,209
Charge for the year
1,787
6,612
8,399
On disposals
-
(6,405)
(6,405)
At 31 October 2023
23,436
7,767
31,203
At 31 October 2023
1,092
20,020
21,112
At 31 October 2022
2,879
19,453
22,332
Amounts falling due within one year
Trade debtors
7,741
26,358
Accrued income and prepayments
-
565
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
5,641
5,000
Obligations under finance leases and hire purchase contracts
16,711
-
Taxes and social security
3,365
1,091
Proposed dividends
-
12,000
Other creditors
891
36,591
Loans from directors
91,813
90,252
Integration Made Simple Ltd
Notes to the Accounts
for the year ended 31 October 2023
7
Creditors: amounts falling due after more than one year
2023
2022
Other creditors
7,821
7,821
Aggregate of amounts that fall due for payment after five years
16,753
25,738
Long term credits are comprised of two loans:
From I Russell £7821 which is interest free and has no fixed date for repayment, and
Barclays Coronavirus Loan of £50000 taken out in May 2020; where the loan is over 10 years with no repayments payable in the first year and interest is at a fixed rate of 2.5%. The loan is underwritten by the Government. Total falling due after 5 years is £18932.
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
National Employment Savings Trust ('NEST')
The Company has an auto-enrolment pension scheme which is administered by NEST. The National Employment Savings Trust ('NEST') is a statutory, contributory, defined contribution scheme, governed by the National Employment Savings Trust Order 2010 and operated by a non-departmental public body as Trustee, the NEST Corporation Membership is available under the auto-enrolment scheme where contributions are made by employees and the Company, although employees are able to opt out. In the year the Company contributed £170 (2022: £240) on behalf of 1 (2022: 2) employees.
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Operating lease commitments
2023
2022
At 31 October 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
2,018
3,484
Later than one year and not later than five years
6,053
9,584
11
Average number of employees
During the year the average number of employees was 5 (2022: 5).