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Company registration number: 08408607
Industrial Cleansing Services Limited
Unaudited filleted financial statements
31 March 2024
Industrial Cleansing Services Limited
Contents
Accountants report
Statement of financial position
Notes to the financial statements
Industrial Cleansing Services Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 3 46,243 34,124
_______ _______
46,243 34,124
Current assets
Debtors 4 162,780 144,180
Cash at bank and in hand 24,937 73,385
_______ _______
187,717 217,565
Creditors: amounts falling due
within one year 5 ( 115,780) ( 79,836)
_______ _______
Net current assets 71,937 137,729
_______ _______
Total assets less current liabilities 118,180 171,853
Creditors: amounts falling due
after more than one year 6 ( 7,159) -
Provisions for liabilities ( 8,922) ( 4,765)
_______ _______
Net assets 102,099 167,088
_______ _______
Capital and reserves
Called up share capital 7 100 100
Profit and loss account 101,999 166,988
_______ _______
Shareholders funds 102,099 167,088
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 05 September 2024 , and are signed on behalf of the board by:
Mr D Hursey
Director
Company registration number: 08408607
Industrial Cleansing Services Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
Industrial Cleansing Services Limited (Company number 08408607 ) is a private company limited by shares, registered in England & Wales. The address of the registered office is The Barn, 99 The Street, Newnham, Sittingbourne, Kent, ME9 0LW.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and 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 - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
Computer equipment - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
2. Employee numbers
The average number of persons employed by the company, including directors, during the year amounted to 8 (2023: 15).
3. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2023 7,560 47,566 16,799 29,152 101,077
Additions - 10,107 - 11,821 21,928
Disposals - - - ( 6,287) ( 6,287)
_______ _______ _______ _______ _______
At 31 March 2024 7,560 57,673 16,799 34,686 116,718
_______ _______ _______ _______ _______
Depreciation
At 1 April 2023 - 37,790 14,502 14,661 66,953
Charge for the year - 2,445 697 6,269 9,411
Disposals - - - ( 5,889) ( 5,889)
_______ _______ _______ _______ _______
At 31 March 2024 - 40,235 15,199 15,041 70,475
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2024 7,560 17,438 1,600 19,645 46,243
_______ _______ _______ _______ _______
At 31 March 2023 7,560 9,776 2,297 14,491 34,124
_______ _______ _______ _______ _______
4. Debtors
2024 2023
£ £
Trade debtors 152,621 137,453
Other debtors 10,159 6,727
_______ _______
162,780 144,180
_______ _______
5. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 64,704 12,051
Corporation tax - 11,510
Social security and other taxes 46,945 55,182
Other creditors 4,131 1,093
_______ _______
115,780 79,836
_______ _______
6. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 7,159 -
_______ _______
7. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______