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REGISTERED NUMBER: 02693398 (England and Wales)











Unaudited Financial Statements

for the Year Ended 30th April 2024

for

Independent Ductwork Limited

Independent Ductwork Limited (Registered number: 02693398)






Contents of the Financial Statements
for the Year Ended 30th April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Independent Ductwork Limited

Company Information
for the Year Ended 30th April 2024







DIRECTORS: S K O'Keeffe
J D O'Keeffe





SECRETARY: J Bennett





REGISTERED OFFICE: Stephenson Road
Houndmills
Basingstoke
Hampshire
RG21 6XR





REGISTERED NUMBER: 02693398 (England and Wales)





ACCOUNTANTS: Wheeler & Co Ltd
Chartered Accountants
The Shrubbery
14 Church Street
Whitchurch
Hampshire
RG28 7AB

Independent Ductwork Limited (Registered number: 02693398)

Balance Sheet
30th April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 641,247 614,363

CURRENT ASSETS
Stocks 88,400 80,360
Debtors 5 696,393 667,799
Cash at bank and in hand 876,844 886,893
1,661,637 1,635,052
CREDITORS
Amounts falling due within one year 6 439,644 428,251
NET CURRENT ASSETS 1,221,993 1,206,801
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,863,240

1,821,164

CREDITORS
Amounts falling due after more than one
year

7

(24,540

)

(38,462

)

PROVISIONS FOR LIABILITIES (20,930 ) (10,970 )
NET ASSETS 1,817,770 1,771,732

CAPITAL AND RESERVES
Called up share capital 8 8
Retained earnings 8 1,817,762 1,771,724
SHAREHOLDERS' FUNDS 1,817,770 1,771,732

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2024 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.

Independent Ductwork Limited (Registered number: 02693398)

Balance Sheet - continued
30th April 2024


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 10th October 2024 and were signed on its behalf by:





S K O'Keeffe - Director


Independent Ductwork Limited (Registered number: 02693398)

Notes to the Financial Statements
for the Year Ended 30th April 2024

1. STATUTORY INFORMATION

Independent Ductwork 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.
Land and buildings - in accordance with the remaining lease
Plant and machinery etc - 25% on reducing balance, 25% on cost, 20% on reducing balance and in accordance with the property

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

Independent Ductwork Limited (Registered number: 02693398)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2024

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2023 - 28 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st May 2023 568,673 191,906 760,579
Additions - 75,742 75,742
At 30th April 2024 568,673 267,648 836,321
DEPRECIATION
At 1st May 2023 56,684 89,532 146,216
Charge for year 10,971 37,887 48,858
At 30th April 2024 67,655 127,419 195,074
NET BOOK VALUE
At 30th April 2024 501,018 140,229 641,247
At 30th April 2023 511,989 102,374 614,363

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1st May 2023
and 30th April 2024 66,345
DEPRECIATION
At 1st May 2023 23,530
Charge for year 16,580
At 30th April 2024 40,110
NET BOOK VALUE
At 30th April 2024 26,235
At 30th April 2023 42,815

Independent Ductwork Limited (Registered number: 02693398)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 662,303 631,222
Other debtors 1,060 2,192
Tax 296 296
Prepayments and accrued income 32,734 34,089
696,393 667,799

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Hire purchase contracts 13,444 12,340
Trade creditors 351,977 228,826
Tax 14,586 93,205
Social security and other taxes 12,808 11,391
VAT 36,769 70,424
Directors' current accounts 4,395 4,395
Accrued expenses 5,665 7,670
439,644 428,251

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.24 30.4.23
£    £   
Hire purchase contracts 24,540 38,462

8. RESERVES
Retained
earnings
£   

At 1st May 2023 1,771,724
Profit for the year 71,038
Dividends (25,000 )
At 30th April 2024 1,817,762

9. RELATED PARTY DISCLOSURES

During the year, total dividends of £25,000 were paid to the directors .

From March 2021 the company has rented equipment from United Machinery Rental Ltd, which is under the common control of the directors and shareholders of this company. The cost of this activity in the year was £144,000 (2023 - £134,000).