2023-01-01 03305326 2023-12-31 03305326 2023-01-01 2023-12-31 03305326 2022-12-31 03305326 2022-01-01 2022-12-31 03305326 uk-core:WithinOneYear 2022-12-31 03305326 uk-core:WithinOneYear 2023-12-31 03305326 uk-core:AfterOneYear 2022-12-31 03305326 uk-core:AfterOneYear 2023-12-31 03305326 uk-core:ShareCapital 2023-12-31 03305326 uk-core:ShareCapital 2022-12-31 03305326 uk-core:RevaluationReserve 2023-12-31 03305326 uk-core:RevaluationReserve 2022-12-31 03305326 uk-core:RetainedEarningsAccumulatedLosses 2023-12-31 03305326 uk-core:RetainedEarningsAccumulatedLosses 2022-12-31 03305326 uk-bus:Director1 2023-01-01 2023-12-31 03305326 uk-core:PlantMachinery 2023-01-01 2023-12-31 03305326 uk-core:PlantMachinery 2022-12-31 03305326 uk-core:Buildings 2022-12-31 03305326 uk-core:Buildings 2023-01-01 2023-12-31 03305326 uk-core:Buildings 2023-12-31 03305326 uk-core:PlantMachinery 2023-12-31 03305326 uk-core:WithinOneYear 2023-12-31 03305326 uk-core:WithinOneYear 2022-12-31 iso4217:GBP xbrli:pure 03305326 uk-bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03305326 uk-bus:FRS102 2023-01-01 2023-12-31 03305326 uk-bus:FilletedAccounts 2023-01-01 2023-12-31 03305326 uk-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31
Institute of Spring Technology Limited
Registered Number:03305326
For the year ended 31 December 2023
England and Wales
Unaudited Financial Statements
2
For the year ended 31 December 2023
Institute of Spring Technology Limited
Contents Page
1
Statement of Financial Position
2 to 5
Notes to the Financial Statements
3
Registered Number :
03305326
As at 31 December 2023
Institute of Spring Technology Limited
Statement of Financial Position
£
£
2022
2023
Notes
Fixed assets
Property, plant and equipment
580,839
576,989
2
580,839
576,989
Current assets
Inventories
6,046
6,046
3
Trade and other receivables
274,971
321,515
4
46,526
Cash and cash equivalents
134,948
462,509
327,543
Trade and other payables: amounts falling due within one year
(187,332)
(213,479)
5
140,211
249,030
Net current assets
Total assets less current liabilities
829,869
717,200
Trade and other payables: amounts falling due after more than one year
(250,000)
(250,000)
6
579,869
Net assets
467,200
Capital and reserves
Called up share capital
2
2
Revaluation reserve
406,610
406,610
7
Retained earnings
173,257
60,588
579,869
467,200
Shareholders' funds
For the year ended 31 December 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 of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section 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.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Bruce William Clark Director
These financial statements were approved and authorised for issue by the Board on 25 March 2024 and were signed by:
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4
Registered Number :
03305326
For the year ended 31 December 2023
Institute of Spring Technology Limited
Statement of Financial Position Continued
The notes form part of these financial statements
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5
For the year ended 31 December 2023
Institute of Spring Technology Limited
Notes to the Financial Statements
Statutory Information
Institute of Spring Technology Limited is a private limited company, limited by shares, domiciled in England and Wales, registration number
03305326.
Registered address:
Henry Street
Sheffield
S3 7EQ
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial Reporting Standard 102 'The
Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have
been prepared under the historical costs convention as modified by the revaluation of certain assets.
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Research and development
Research and development expenditure is charged to the profit and loss account in the period in which it is incurred.
Property, plant and equipment
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and machinery
10% Reducing balance
The company's freehold properties were professionally valued in 2005. This valuation has been reduced by subsequent depreciation.
Under the transitional provisions of the Financial Reporting Standard for Smaller Entities (effective January 2015) the properties continue
to be stated at that valuation less accumulated depreciation to date and that valuation has not been updated.
In the opinion of the directors the value of the land and buildings as at the year end date would have increased sufficiently to render
unnecessary any depreciation charge for the year.
Inventories
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the profit and loss account.
Hire purchase and leasing commitments
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
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6
For the year ended 31 December 2023
Institute of Spring Technology Limited
Notes to the Financial Statements Continued
2. Property, plant and equipment
Total
Plant and
machinery
Land and buildings
£
£
£
Cost or valuation
At 01 January 2023
1,688,403
1,084,593
603,810
20,650
20,650
-
Additions
At 31 December 2023
603,810
1,105,243
1,709,053
Provision for depreciation and impairment
At 01 January 2023
1,111,414
925,354
186,060
Charge for year
16,800
16,800
-
At 31 December 2023
1,128,214
942,154
186,060
At 31 December 2023
Net book value
417,750
163,089
580,839
At 31 December 2022
417,750
159,239
576,989
3. Inventories
2022
2023
£
£
Stocks
6,046
6,046
4. Trade and other receivables
2022
2023
£
£
Trade debtors
300,971
264,881
Other debtors
20,544
10,090
274,971
321,515
5. Trade and other payables: amounts falling due within one year
2022
2023
£
£
Bank loans and overdraft
30,089
42,089
Trade creditors
37,445
23,863
Taxation and social security
38,573
26,798
Other creditors
107,372
94,582
213,479
187,332
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7
For the year ended 31 December 2023
Institute of Spring Technology Limited
Notes to the Financial Statements Continued
6. Trade and other payables: amounts falling due after more than one year
2022
2023
£
£
Amounts owed to group undertaking and undertaking in which the company has a
participating interest
250,000
250,000
7. Reserves
Total
£
Revaluation reserve at 01 January 2023
406,610
406,610
Revaluation reserve at 31 December 2023
8. Average number of persons employed
During the year the average number of employees was 8 (2022 : 8)
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