16 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 07463154 2023-01-01 2023-12-31 07463154 2023-12-31 07463154 2022-12-31 07463154 2022-01-01 2022-12-31 07463154 2022-12-31 07463154 2021-12-31 07463154 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 07463154 core:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 07463154 core:PlantMachinery 2023-01-01 2023-12-31 07463154 core:FurnitureFittings 2023-01-01 2023-12-31 07463154 core:MotorVehicles 2023-01-01 2023-12-31 07463154 bus:Director1 2023-01-01 2023-12-31 07463154 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 07463154 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 07463154 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 07463154 core:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 07463154 core:PlantMachinery 2022-12-31 07463154 core:FurnitureFittings 2022-12-31 07463154 core:MotorVehicles 2022-12-31 07463154 core:PlantMachinery 2023-12-31 07463154 core:FurnitureFittings 2023-12-31 07463154 core:MotorVehicles 2023-12-31 07463154 core:WithinOneYear 2023-12-31 07463154 core:WithinOneYear 2022-12-31 07463154 core:AfterOneYear 2023-12-31 07463154 core:AfterOneYear 2022-12-31 07463154 core:ShareCapital 2023-12-31 07463154 core:ShareCapital 2022-12-31 07463154 core:RetainedEarningsAccumulatedLosses 2023-12-31 07463154 core:RetainedEarningsAccumulatedLosses 2022-12-31 07463154 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 07463154 core:PlantMachinery 2022-12-31 07463154 core:FurnitureFittings 2022-12-31 07463154 core:MotorVehicles 2022-12-31 07463154 bus:SmallEntities 2023-01-01 2023-12-31 07463154 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 07463154 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07463154 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07463154 bus:FullAccounts 2023-01-01 2023-12-31 07463154 core:OfficeEquipment 2023-01-01 2023-12-31 07463154 core:OfficeEquipment 2022-12-31 07463154 core:OfficeEquipment 2023-12-31
COMPANY REGISTRATION NUMBER: 07463154
Index Enclosures Ltd
Filleted Unaudited Financial Statements
31 December 2023
Index Enclosures Ltd
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Index Enclosures Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
40,684
37,283
Tangible assets
6
275,247
277,985
---------
---------
315,931
315,268
Current assets
Stocks
89,032
51,262
Debtors
7
670,620
448,100
Cash at bank and in hand
243,094
138,370
------------
---------
1,002,746
637,732
Creditors: amounts falling due within one year
8
302,155
320,667
------------
---------
Net current assets
700,591
317,065
------------
---------
Total assets less current liabilities
1,016,522
632,333
Creditors: amounts falling due after more than one year
9
100,000
140,121
Provisions
60,857
53,762
------------
---------
Net assets
855,665
438,450
------------
---------
Capital and reserves
Called up share capital
168
168
Profit and loss account
855,497
438,282
---------
---------
Shareholders funds
855,665
438,450
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Index Enclosures Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 6 September 2024 , and are signed on behalf of the board by:
Mr A Pawle
Director
Company registration number: 07463154
Index Enclosures Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 5 Wyvern Way, Henwood Industrial Estate, Ashford, United Kingdom, TN24 8DW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
After making appropriate enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future for at least one year from the date of the financial information. For these reasons they continue to adopt the going concern basis in preparing the company's financial information.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Computer software
-
25% reducing balance
Patents, trademarks and licences
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
6% straight line
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2022: 16 ).
5. Intangible assets
Development costs
Patents, trademarks and licences
Total
£
£
£
Cost
At 1 January 2023
6,400
57,121
63,521
Additions
13,572
13,572
-------
--------
--------
At 31 December 2023
6,400
70,693
77,093
-------
--------
--------
Amortisation
At 1 January 2023
6,400
19,838
26,238
Charge for the year
10,171
10,171
-------
--------
--------
At 31 December 2023
6,400
30,009
36,409
-------
--------
--------
Carrying amount
At 31 December 2023
40,684
40,684
-------
--------
--------
At 31 December 2022
37,283
37,283
-------
--------
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
708,869
5,695
10,631
7,504
732,699
Additions
48,500
3,083
51,583
---------
-------
--------
--------
---------
At 31 December 2023
708,869
5,695
59,131
10,587
784,282
---------
-------
--------
--------
---------
Depreciation
At 1 January 2023
436,121
2,040
9,790
6,763
454,714
Charge for the year
39,276
1,123
12,966
956
54,321
---------
-------
--------
--------
---------
At 31 December 2023
475,397
3,163
22,756
7,719
509,035
---------
-------
--------
--------
---------
Carrying amount
At 31 December 2023
233,472
2,532
36,375
2,868
275,247
---------
-------
--------
--------
---------
At 31 December 2022
272,748
3,655
841
741
277,985
---------
-------
--------
--------
---------
7. Debtors
2023
2022
£
£
Trade debtors
251,688
364,495
Amounts owed by group undertakings and undertakings in which the company has a participating interest
364,375
40,000
Other debtors
54,557
43,605
---------
---------
670,620
448,100
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
40,000
40,000
Trade creditors
80,925
148,759
Amounts owed to group undertakings and undertakings in which the company has a participating interest
652
Corporation tax
130,206
26,406
Social security and other taxes
36,758
83,807
Other creditors 1 - desc in a/cs
1,848
Other creditors
11,766
21,695
---------
---------
302,155
320,667
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
100,000
136,667
Other creditors
3,454
---------
---------
100,000
140,121
---------
---------