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Install Technologies Ltd

Registered Number
05506466
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

Install Technologies Ltd
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

Joanne Lee
Philip James Lee

Company Secretary

Joanne Lee

Registered Address

Unit 2 Alliance Court Devonshire Road
Heathpark Industrial Estate
Honiton
EX14 1YL

Registered Number

05506466 (England and Wales)
Install Technologies Ltd
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets321,48317,079
21,48317,079
Current assets
Stocks10,13012,787
Debtors41,6461,329
Cash at bank and on hand112,93289,752
124,708103,868
Creditors amounts falling due within one year5(86,296)(78,769)
Net current assets (liabilities)38,41225,099
Total assets less current liabilities59,89542,178
Provisions for liabilities(4,082)(3,263)
Net assets55,81338,915
Capital and reserves
Called up share capital1,0021,002
Profit and loss account54,81137,913
Shareholders' funds55,81338,915
The financial statements were approved and authorised for issue by the Board of Directors on 29 July 2024, and are signed on its behalf by:
Joanne Lee
Director
Philip James Lee
Director

Registered Company No. 05506466
Install Technologies Ltd
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from rendering of services
Revenue 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery25-
Fixtures and fittings15-
Vehicles25-
Office Equipment-3
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20232022
Average number of employees during the year53
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 January 2373,295
Additions10,274
Disposals(656)
At 31 December 2381,064
Depreciation and impairment
At 01 January 2356,216
Charge for year5,214
At 31 December 2359,580
Net book value
At 31 December 2321,483
At 31 December 2217,079
4.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables608418
Prepayments and accrued income1,038911
Total1,6461,329
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables5,0963,890
Bank borrowings and overdrafts4144,537
Amounts owed to related parties41,97338,834
Taxation and social security34,42125,585
Other creditors2,1534,000
Accrued liabilities and deferred income2,2391,923
Total86,29678,769
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.