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REGISTERED NUMBER: 02218329 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Inspec International Limited

Inspec International Limited (Registered number: 02218329)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Inspec International Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: P Clarke
A P Diamond





REGISTERED OFFICE: 56 Leslie Hough Way
Salford
Manchester
Greater Manchester
M6 6AJ





REGISTERED NUMBER: 02218329 (England and Wales)





ACCOUNTANTS: Johnstone Howell & Co
104 Whitby Road
Ellesmere Port
Cheshire
CH65 0AB

Inspec International Limited (Registered number: 02218329)

Balance Sheet
31 December 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 821,635 851,518
Investments 5 - -
821,635 851,518

CURRENT ASSETS
Stocks 11,906 13,529
Debtors 6 1,222,712 1,256,574
Cash at bank and in hand 372,854 522,236
1,607,472 1,792,339
CREDITORS
Amounts falling due within one year 7 1,625,142 1,661,065
NET CURRENT (LIABILITIES)/ASSETS (17,670 ) 131,274
TOTAL ASSETS LESS CURRENT
LIABILITIES

803,965

982,792

CREDITORS
Amounts falling due after more than one
year

8

(23,274

)

(41,465

)

PROVISIONS FOR LIABILITIES 11 (23,498 ) (30,413 )
NET ASSETS 757,193 910,914

CAPITAL AND RESERVES
Called up share capital 12 150,000 150,000
Retained earnings 13 607,193 760,914
SHAREHOLDERS' FUNDS 757,193 910,914

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

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 directors acknowledge their responsibilities for:
(a)ensuring that the company keeps 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 Sections 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.

Inspec International Limited (Registered number: 02218329)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:





A P Diamond - Director


Inspec International Limited (Registered number: 02218329)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling which is the functional currency of the entity.

Preparation of consolidated financial statements
The financial statements contain information about Inspec International Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover comprises the fair value of the sale of goods and services net of vat, rebates and discounts. Sales of goods and services are recognised when the company has delivered the goods and services to the customer, except in respect of long term contracts where turnover is recognised when the company obtains the right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - at varying rates on cost
Plant and machinery - 20% on cost
Office equipment - 10% on cost
Motor vehicles - 20% on cost
Computer equipment - 25% on cost

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Inspec International Limited (Registered number: 02218329)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Research and development
Research expenditure is written off in the period in which it is incurred.

Investments
Investments in subsidiaries accounted for in accordance with the cost model are recorded at cost less any accumulated impairment loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 63 (2022 - 64 ) .

4. TANGIBLE FIXED ASSETS
Long
leasehold Improvements Plant and
property to property machinery
£ £ £
COST
At 1 January 2023 723,332 63,261 530,032
Additions - - 6,121
At 31 December 2023 723,332 63,261 536,153
DEPRECIATION
At 1 January 2023 - 59,167 441,941
Charge for year - 1,782 29,276
At 31 December 2023 - 60,949 471,217
NET BOOK VALUE
At 31 December 2023 723,332 2,312 64,936
At 31 December 2022 723,332 4,094 88,091

Inspec International Limited (Registered number: 02218329)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS - continued

Office Motor Computer
equipment vehicles equipment Totals
£ £ £ £
COST
At 1 January 2023 49,517 11,013 154,582 1,531,737
Additions - - 9,311 15,432
At 31 December 2023 49,517 11,013 163,893 1,547,169
DEPRECIATION
At 1 January 2023 46,592 11,011 121,508 680,219
Charge for year 760 - 13,497 45,315
At 31 December 2023 47,352 11,011 135,005 725,534
NET BOOK VALUE
At 31 December 2023 2,165 2 28,888 821,635
At 31 December 2022 2,925 2 33,074 851,518

No depreciation charge is made for long leasehold property on the grounds that it would be immaterial because, in the opinion of the directors, the fair value of the tangible fixed asset is not materially different from the carrying amount of the asset.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£
COST
At 1 January 2023
and 31 December 2023 129,054
DEPRECIATION
At 1 January 2023 58,427
Charge for year 25,811
At 31 December 2023 84,238
NET BOOK VALUE
At 31 December 2023 44,816
At 31 December 2022 70,627

Inspec International Limited (Registered number: 02218329)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. FIXED ASSET INVESTMENTS

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Inspec Technical Services (Kunshan) Co. Ltd
Registered office: China
Nature of business: Safety equipment testing
%
Class of shares: holding
Ordinary 100.00
2023 2022
£ £
Aggregate capital and reserves (55,113 ) (122,546 )
Profit/(loss) for the year 67,433 (19,497 )

Inspec International Ltd. Taiwan Branch
Registered office: Chinese Taipei
Nature of business: Safety equipment testing
%
Class of shares: holding
Ordinary 100.00
2023 2022
£ £
Aggregate capital and reserves 53,372 76,248
Profit for the year 2,127 25,661

Inspec International B.V.
Registered office: Netherlands
Nature of business: Safety equipment testing
%
Class of shares: holding
Ordinary 100.00
2023 2022
£ £
Aggregate capital and reserves 12,328 9,373
Profit for the year 2,955 4,102

6. DEBTORS
2023 2022
£ £
Amounts falling due within one year:
Trade debtors 245,379 327,447
Other debtors 13,883 13,883
Prepayments 58,383 53,205
317,645 394,535

Amounts falling due after more than one year:
Amounts owed by group undertakings 905,067 862,039

Aggregate amounts 1,222,712 1,256,574

Inspec International Limited (Registered number: 02218329)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts 9,866 9,704
Hire purchase contracts (see note 9) 8,259 19,874
Trade creditors 821,390 903,766
Amounts owed to group undertakings 2,252 -
Social security and other taxes 39,757 32,350
VAT 1,925 3,773
Other creditors 7,052 5,406
Directors' current accounts 468,936 468,936
Accrued expenses 265,705 217,256
1,625,142 1,661,065

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£ £
Bank loans - 1-2 years 10,183 9,932
Bank loans - 2-5 years 13,091 23,274
Hire purchase contracts (see note 9) - 8,259
23,274 41,465

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£ £
Net obligations repayable:
Within one year 8,259 19,874
Between one and five years - 8,259
8,259 28,133

Non-cancellable
operating leases
2023 2022
£ £
Within one year 28,176 59,841
Between one and five years 33,552 50,328
61,728 110,169

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£ £
Hire purchase contracts 8,259 28,133

Inspec International Limited (Registered number: 02218329)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. PROVISIONS FOR LIABILITIES
2023 2022
£ £
Deferred taxation 23,498 30,413

Deferred tax
£
Balance at 1 January 2023 30,413
Utilised during year (6,915 )
Balance at 31 December 2023 23,498

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
150,000 Ordinary £1 150,000 150,000

13. RESERVES
Retained
earnings
£

At 1 January 2023 760,914
Deficit for the year (153,721 )
At 31 December 2023 607,193

14. RELATED PARTY DISCLOSURES

The company leases part of the trading premises from the Inspec International SSAS, a pension scheme in which the director, P Clarke is a member. Rent paid during the year under review amounted to £11,400 (2022 - £11,400).

15. ULTIMATE CONTROLLING PARTY

The directors are deemed to control the company by virtue of their shareholdings.