Registered number
09295866
Invisible Wind Factory Limited
Filleted Accounts
31 October 2023
Invisible Wind Factory Limited
Registered number: 09295866
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 569 2,244
Tangible assets 4 16,240 25,820
16,809 28,064
Current assets
Stocks 26,064 21,907
Debtors 5 66,765 131,566
Cash at bank and in hand 55,927 177,940
148,756 331,413
Creditors: amounts falling due within one year 6 (220,538) (205,211)
Net current (liabilities)/assets (71,782) 126,202
Total assets less current liabilities (54,973) 154,266
Creditors: amounts falling due after more than one year 7 (30,330) (58,620)
Net (liabilities)/assets (85,303) 95,646
Capital and reserves
Called up share capital 60 60
Profit and loss account (85,363) 95,586
Shareholders' funds (85,303) 95,646
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 members have 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.
Liam Naughton
Director
Approved by the board on 31 July 2024
Invisible Wind Factory Limited
Notes to the Accounts
for the year ended 31 October 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Land & buildings 10% or length of the term of the property lease if less than 10 years
Plant and machinery 33% straight line
Motor vehicles 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 34 40
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2022 8,750
At 31 October 2023 8,750
Amortisation
At 1 November 2022 6,506
Provided during the year 1,675
At 31 October 2023 8,181
Net book value
At 31 October 2023 569
At 31 October 2022 2,244
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 November 2022 26,348 80,483 10,000 116,831
Additions - 3,200 - 3,200
At 31 October 2023 26,348 83,683 10,000 120,031
Depreciation
At 1 November 2022 24,743 64,601 1,667 91,011
Charge for the year 1,322 8,125 3,333 12,780
At 31 October 2023 26,065 72,726 5,000 103,791
Net book value
At 31 October 2023 283 10,957 5,000 16,240
At 31 October 2022 1,605 15,882 8,333 25,820
5 Debtors 2023 2022
£ £
Trade debtors 35,065 81,828
Other debtors 31,700 49,738
66,765 131,566
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,056 9,547
Trade creditors 50,897 86,547
Taxation and social security costs (13,643) 13,643
Other creditors 173,228 95,474
220,538 205,211
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 18,215 27,953
Obligations under finance lease and hire purchase contracts 3,165 4,001
Other creditors 8,950 26,666
30,330 58,620
8 Other information
Invisible Wind Factory Limited is a private company limited by shares and incorporated in England. Its registered office is:
25 Carlton Street
Liverpool
L3 7ED
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