Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truetruefalse2023-01-01No description of principal activity22The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 06753557 2023-01-01 2023-12-31 06753557 2022-01-01 2022-12-31 06753557 2023-12-31 06753557 2022-12-31 06753557 c:Director1 2023-01-01 2023-12-31 06753557 c:RegisteredOffice 2023-01-01 2023-12-31 06753557 d:MotorVehicles 2023-01-01 2023-12-31 06753557 d:MotorVehicles 2023-12-31 06753557 d:MotorVehicles 2022-12-31 06753557 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06753557 d:FurnitureFittings 2023-01-01 2023-12-31 06753557 d:FurnitureFittings 2023-12-31 06753557 d:FurnitureFittings 2022-12-31 06753557 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06753557 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06753557 d:CurrentFinancialInstruments 2023-12-31 06753557 d:CurrentFinancialInstruments 2022-12-31 06753557 d:Non-currentFinancialInstruments 2023-12-31 06753557 d:Non-currentFinancialInstruments 2022-12-31 06753557 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 06753557 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 06753557 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 06753557 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 06753557 d:ShareCapital 2023-12-31 06753557 d:ShareCapital 2022-12-31 06753557 d:RetainedEarningsAccumulatedLosses 2023-12-31 06753557 d:RetainedEarningsAccumulatedLosses 2022-12-31 06753557 c:FRS102 2023-01-01 2023-12-31 06753557 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 06753557 c:FullAccounts 2023-01-01 2023-12-31 06753557 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06753557 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Company registration number: 06753557







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


INDUSTRIAL ASSET SOLUTIONS LIMITED






































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INDUSTRIAL ASSET SOLUTIONS LIMITED
 


 
COMPANY INFORMATION


Director
Mr J T Moore 




Registered number
06753557



Registered office
7 Parkham Court
Shortlands Road

Bromley

Kent

BR2 0JF




Accountants
Menzies LLP
Chartered Accountants

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


INDUSTRIAL ASSET SOLUTIONS LIMITED
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 8


 


INDUSTRIAL ASSET SOLUTIONS LIMITED
REGISTERED NUMBER:06753557



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,042
4,941

Investments
 5 
1
1

  
4,043
4,942

Current assets
  

Stocks
  
2,500
32,500

Debtors: amounts falling due within one year
 6 
395,682
243,440

Cash at bank and in hand
  
1,014,377
170,713

  
1,412,559
446,653

Creditors: amounts falling due within one year
 7 
(1,240,723)
(339,327)

Net current assets
  
 
 
171,836
 
 
107,326

Total assets less current liabilities
  
175,879
112,268

Creditors: amounts falling due after more than one year
 8 
(15,965)
(26,608)

  

Net assets
  
159,914
85,660

Page 1

 


INDUSTRIAL ASSET SOLUTIONS LIMITED
REGISTERED NUMBER:06753557


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
158,914
84,660

  
159,914
85,660


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 by: 




Mr J T Moore
Director

Date: 22 September 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 


INDUSTRIAL ASSET SOLUTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Industrial Asset Solutions Limited is a private company, limited by shares, incorporated in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 


INDUSTRIAL ASSET SOLUTIONS 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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract 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

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 


INDUSTRIAL ASSET SOLUTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.9

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, using the straight-line method/ reducing balance.

Depreciation is provided on the following basis:

Motor vehicles
-
20%
Reducing balance
Fixtures and fittings
-
3 years

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.

 
2.10

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 first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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 ASSET SOLUTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 6

 


INDUSTRIAL ASSET SOLUTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2023
6,588
3,305
9,893


Additions
-
133
133


Disposals
-
(289)
(289)



At 31 December 2023

6,588
3,149
9,737



Depreciation


At 1 January 2023
1,647
3,305
4,952


Charge for the year on owned assets
988
44
1,032


Disposals
-
(289)
(289)



At 31 December 2023

2,635
3,060
5,695



Net book value



At 31 December 2023
3,953
89
4,042



At 31 December 2022
4,941
-
4,941


5.


Fixed asset investments





Trade investments

£





At 1 January 2023
1




The company's investment relates to a 33% shareholding in  Indassol Contracts Limited, a company registered in England and Wales. The investment is shown at cost. 

Page 7

 


INDUSTRIAL ASSET SOLUTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
101,182
64,489

Other debtors
220,000
178,951

Prepayments and accrued income
74,500
-

395,682
243,440



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,347
9,748

Trade creditors
162,611
47,402

Amounts owed to other participating interests
135,531
142,239

Corporation tax
36,158
18,038

Other taxation and social security
333,427
34,877

Other creditors
7,835
84,428

Accruals and deferred income
554,814
2,595

1,240,723
339,327



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
15,965
26,608

15,965
26,608


Page 8