Institute of Spring Technology Limited |
Registered Number:03305326 |
For the year ended 31 December 2023
England and Wales
Unaudited Financial Statements
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
Institute of Spring Technology Limited
Statement of Financial Position
2022
2023
Property, plant and equipment |
580,839
576,989
2
580,839
576,989
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
2
2
406,610
406,610
7
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: |
1 of 5
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 |
2 of 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. |
Henry Street
Sheffield
S3 7EQ
The presentation currency is £ sterling. |
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
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.
3 of 5
For the year ended 31 December 2023
Institute of Spring Technology Limited
Notes to the Financial Statements Continued
2. Property, plant and equipment |
Land and buildings
1,688,403
1,084,593
603,810
20,650
20,650
-
603,810
1,105,243
1,709,053
Provision for depreciation and impairment |
1,111,414
925,354
186,060
Charge for year
16,800
16,800
-
1,128,214
942,154
186,060
417,750
163,089
580,839
417,750
159,239
576,989
2022
2023
6,046
6,046
4. Trade and other receivables |
2022
2023
300,971
264,881
20,544
10,090
274,971
321,515
5. Trade and other payables: amounts falling due within one year |
2022
2023
30,089
42,089
37,445
23,863
Taxation and social security |
38,573
26,798
107,372
94,582
213,479
187,332
4 of 5
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
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)
5 of 5