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Registered number: 01128401










INDUSTRIAL ANCILLARIES LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
INDUSTRIAL ANCILLARIES LIMITED
REGISTERED NUMBER: 01128401

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,577,956
2,670,957

Current assets
  

Stocks
  
2,813,209
2,692,535

Debtors: amounts falling due within one year
 5 
1,469,152
1,373,677

Cash at bank and in hand
  
14,226
79,943

  
4,296,587
4,146,155

Creditors: amounts falling due within one year
 6 
(2,645,943)
(2,962,840)

Net current assets
  
 
 
1,650,644
 
 
1,183,315

Total assets less current liabilities
  
4,228,600
3,854,272

Creditors: amounts falling due after more than one year
 7 
(1,243,051)
(1,084,492)

Provisions for liabilities
  

Deferred tax
 8 
(167,748)
(174,943)

Net assets
  
2,817,801
2,594,837


Capital and reserves
  

Called up share capital 
  
600
600

Share premium account
  
52,900
52,900

Capital redemption reserve
  
50
50

Profit and loss account
  
2,764,251
2,541,287

  
2,817,801
2,594,837


Page 1

 
INDUSTRIAL ANCILLARIES LIMITED
REGISTERED NUMBER: 01128401
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 on 16 September 2024.




J A Dennis
Director

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

Page 2

 
INDUSTRIAL ANCILLARIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Industrial Ancillaries Limited is a private company limited by shares, incorporated in England and Wales (registered number: 01128401). Its registered office is Harper Way, Markham Vale, Chesterfield, Derbyshire, S44 5JX. The principal activity of the company throughout the year continued to be that of engineering merchants. 

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.

The company's functional and presentational currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

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.
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 the Statement of Comprehensive Income. 

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.

Page 3

 
INDUSTRIAL ANCILLARIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue 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 revenue 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

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.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings.
The current 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.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Page 4

 
INDUSTRIAL ANCILLARIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

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, as follows.

The depreciation rates used are:

Freehold property
-
2% straight line
Leasehold property improvements
-
over the length of the lease
Plant and machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
20% - 33% reducing balance

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.

 
2.8

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 weighted average 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.

Page 5

 
INDUSTRIAL ANCILLARIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction,  the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 22 (2022 - 23).

Page 6

 
INDUSTRIAL ANCILLARIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Freehold property
Short-term leasehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£
£



Cost 


At 1 January 2023
3,242,325
20,389
682,013
438,454
4,383,181


Additions
-
-
1,253
4,205
5,458



At 31 December 2023

3,242,325
20,389
683,266
442,659
4,388,639



Depreciation


At 1 January 2023
755,287
15,163
590,634
351,140
1,712,224


Charge for the year on owned assets
60,347
1,695
18,380
18,037
98,459



At 31 December 2023

815,634
16,858
609,014
369,177
1,810,683



Net book value



At 31 December 2023
2,426,691
3,531
74,252
73,482
2,577,956



At 31 December 2022
2,487,038
5,226
91,379
87,314
2,670,957


5.


Debtors

2023
2022
£
£


Trade debtors
1,399,991
1,275,162

Other debtors
11,594
14,478

Prepayments and accrued income
57,567
84,037

1,469,152
1,373,677


Page 7

 
INDUSTRIAL ANCILLARIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
4,608
245,879

Bank loans
237,898
361,747

Trade creditors
798,983
976,942

Corporation tax
109,090
133,719

Other taxation and social security
183,617
98,223

Other creditors
1,210,136
1,094,510

Accruals and deferred income
71,611
21,820

Share capital treated as debt
30,000
30,000

2,645,943
2,962,840



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
1,243,051
1,084,492


Secured loans
Included in creditors are bank loans and overdrafts amounting to £1,485,557 (2022 - £1,692,118) on which security has been given by the company.
Included in creditors falling due after more than one year is an amount of £413,164 (2022 - £553,906) in respect of liabilities which fall due for payment after more than five years from the balance sheet date.                                   


8.


Deferred taxation




2023


£






At beginning of year
174,943


Charged to profit or loss
(7,195)



At end of year
167,748

Page 8

 
INDUSTRIAL ANCILLARIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
8.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
167,748
174,943

167,748
174,943


9.


Provisions










At 31 December 2023


10.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
6,045
22,393

Later than 1 year but not later than 5 years
-
6,045

6,045
28,438


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 16 September 2024 by Andrew Irvine (Senior Statutory Auditor) on behalf of Shorts.

 
Page 9