Registered number
01464404
Instrument & Control Services Limited
Filleted Accounts
31 March 2024
Instrument & Control Services Limited
Registered number: 01464404
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 270,330 334,530
Current assets
Stock and work in progress 582,634 1,165,662
Debtors 4 776,896 1,230,635
Cash at bank and in hand 904 904
1,360,434 2,397,201
Creditors: amounts falling due within one year 5 (930,693) (2,150,582)
Net current assets 429,741 246,619
Total assets less current liabilities 700,071 581,149
Creditors: amounts falling due after more than one year 6 (422,838) (307,715)
Provisions for liabilities (40,749) (51,955)
Net assets 236,484 221,479
Capital and reserves
Called up share capital 5,394 5,394
Profit and loss account 231,090 216,085
Shareholders' funds 236,484 221,479
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
Directors' responsibilities
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Donald Peter Constable
Director
Approved by the board on 17 October 2024
The annexed notes form part of these financial statements
Instrument & Control Services Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 37 35
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 985,590
At 31 March 2024 985,590
Depreciation
At 1 April 2023 651,060
Charge for the year 64,200
At 31 March 2024 715,260
Net book value
At 31 March 2024 270,330
At 31 March 2023 334,530
4 Debtors 2024 2023
£ £
Trade debtors 721,107 1,163,149
Amounts owed by group undertakings and undertakings in which the company has a participating interest 20,030 -
Other debtors 35,759 67,486
776,896 1,230,635
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 251,752 289,465
Obligations under finance lease and hire purchase contracts 30,985 35,450
Trade creditors 457,922 1,575,261
Taxation and social security costs 137,765 182,501
Other creditors 52,269 67,905
930,693 2,150,582
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 390,903 185,393
Obligations under finance lease and hire purchase contracts 31,935 122,322
422,838 307,715
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 390,903 185,393
The loan is secured by a fixed and floating charge over assets of the parent company Instrument & Control Services International Limited.
8 Other information
Instrument & Control Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 2 Canal Lane
Tunstall
Stoke on Trent
ST6 4NZ
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