Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-315false2023-01-01Fully automate your process at all levels, from plant sensors and control right through to report presentation in an MS Office® environment6truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 06973050 2023-01-01 2023-12-31 06973050 2022-01-01 2022-12-31 06973050 2023-12-31 06973050 2022-12-31 06973050 c:Director1 2023-01-01 2023-12-31 06973050 d:OfficeEquipment 2023-01-01 2023-12-31 06973050 d:OfficeEquipment 2023-12-31 06973050 d:OfficeEquipment 2022-12-31 06973050 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06973050 d:Goodwill 2023-01-01 2023-12-31 06973050 d:Goodwill 2023-12-31 06973050 d:Goodwill 2022-12-31 06973050 d:CurrentFinancialInstruments 2023-12-31 06973050 d:CurrentFinancialInstruments 2022-12-31 06973050 d:Non-currentFinancialInstruments 2023-12-31 06973050 d:Non-currentFinancialInstruments 2022-12-31 06973050 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 06973050 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 06973050 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 06973050 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 06973050 d:ShareCapital 2023-12-31 06973050 d:ShareCapital 2022-12-31 06973050 d:RetainedEarningsAccumulatedLosses 2023-12-31 06973050 d:RetainedEarningsAccumulatedLosses 2022-12-31 06973050 c:OrdinaryShareClass1 2023-01-01 2023-12-31 06973050 c:OrdinaryShareClass1 2023-12-31 06973050 c:OrdinaryShareClass1 2022-12-31 06973050 c:OrdinaryShareClass2 2023-01-01 2023-12-31 06973050 c:OrdinaryShareClass2 2023-12-31 06973050 c:OrdinaryShareClass2 2022-12-31 06973050 c:OrdinaryShareClass3 2023-01-01 2023-12-31 06973050 c:OrdinaryShareClass3 2023-12-31 06973050 c:OrdinaryShareClass3 2022-12-31 06973050 c:FRS102 2023-01-01 2023-12-31 06973050 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 06973050 c:FullAccounts 2023-01-01 2023-12-31 06973050 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06973050 2 2023-01-01 2023-12-31 06973050 d:Goodwill d:OwnedIntangibleAssets 2023-01-01 2023-12-31 06973050 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 06973050









I4 AUTOMATION LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
I4 AUTOMATION LIMITED
REGISTERED NUMBER: 06973050

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Intangible assets
 4 
1,193
2,388

Tangible assets
 5 
2,105
1,601

  
3,298
3,989

CURRENT ASSETS
  

Stocks
  
220,984
97,527

Debtors: amounts falling due within one year
 6 
89,475
80,254

Cash at bank and in hand
  
87,890
148,575

  
398,349
326,356

Creditors: amounts falling due within one year
 7 
(135,001)
(162,687)

NET CURRENT ASSETS
  
 
 
263,348
 
 
163,669

TOTAL ASSETS LESS CURRENT LIABILITIES
  
266,646
167,658

Creditors: amounts falling due after more than one year
 8 
(14,806)
(24,947)

  

NET ASSETS
  
251,840
142,711


CAPITAL AND RESERVES
  

Called up share capital 
 9 
430
430

Profit and loss account
  
251,410
142,281

  
251,840
142,711


Page 1

 
I4 AUTOMATION LIMITED
REGISTERED NUMBER: 06973050
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






A C Johnson-Chapman
Director

Date: 5 August 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
I4 AUTOMATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

I4 Automation Limited is a private company limited by shares and incorporated in Engalnd and Wales. Its registered office is Unit 5 Home Farm, The Street Diddington, St Neots, PE19 5XT.
The Company's functional and presentational curency is GBP.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 
2.2

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
I4 AUTOMATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.3

TURNOVER

Turnover comprises revenue recognised by the Company in respect of the distribution of industrial automation instrumentation during the year, exlusive of Value Added Tax.



Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
I4 AUTOMATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.10

INTANGIBLE ASSETS

GOODWILL

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.




 
2.11

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
I4 AUTOMATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.12

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 6 (2022 - 5).

Page 6

 
I4 AUTOMATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


INTANGIBLE ASSETS




Goodwill

£



COST


At 1 January 2023
5,973



At 31 December 2023

5,973



AMORTISATION


At 1 January 2023
3,585


Charge for the year on owned assets
1,195



At 31 December 2023

4,780



NET BOOK VALUE



At 31 December 2023
1,193



At 31 December 2022
2,388



Page 7

 
I4 AUTOMATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


TANGIBLE FIXED ASSETS





Office equipment

£



COST OR VALUATION


At 1 January 2023
6,398


Additions
1,444



At 31 December 2023

7,842



DEPRECIATION


At 1 January 2023
4,797


Charge for the year on owned assets
940



At 31 December 2023

5,737



NET BOOK VALUE



At 31 December 2023
2,105



At 31 December 2022
1,601


6.


DEBTORS

2023
2022
£
£


Trade debtors
85,045
76,598

Prepayments and accrued income
4,430
3,656

89,475
80,254


Page 8

 
I4 AUTOMATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Bank loans
10,141
9,890

Trade creditors
39,806
53,862

Corporation tax
32,175
14,328

Other taxation and social security
47,843
32,161

Other creditors
-
49,546

Accruals and deferred income
5,036
2,900

135,001
162,687


Bank loans comprise a Government backed 'bounce back' loan, which was drawn down in May 2020.  This loan is 100% guaranteed by the Government and interest is charged at 2.5% per annum.


8.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Bank loans
14,806
24,947


Bank loans comprise a Government backed 'bounce back' loan, which was drawn down in May 2020.  This loan is 100% guaranteed by the Government and interest is charged at 2.5% per annum.


9.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



200 (2022 - 200) Ordinary A shares of £1.00 each
200
200
10 (2022 - 10) Ordinary B shares of £1.00 each
10
10
220 (2022 - 220) Ordinary C shares of £1.00 each
220
220

430

430


Page 9