Registered number
SC359447
Infinity Automation Limited
Filleted Accounts
31 May 2024
Infinity Automation Limited
Registered number: SC359447
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 30,600 11,211
Tangible assets 4 23,037 28,796
Investments 5 66,000 66,000
119,637 106,007
Current assets
Debtors 6 1,308,896 1,188,097
Cash at bank and in hand 664,604 484,074
1,973,500 1,672,171
Creditors: amounts falling due within one year 7 (1,565,536) (1,319,136)
Net current assets 407,964 353,035
Total assets less current liabilities 527,601 459,042
Provisions for liabilities (9,160) (10,002)
Net assets 518,441 449,040
Capital and reserves
Called up share capital 2 2
Profit and loss account 518,439 449,038
Shareholders' funds 518,441 449,040
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.
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.
David J Armour
Director
Approved by the board on 1 November 2024
Infinity Automation Limited
Notes to the Accounts
for the year ended 31 May 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 9 7
3 Intangible fixed assets £
Cyber Application
Cost
At 1 June 2023 48,244
Additions 35,134
At 31 May 2024 83,378
Amortisation
At 1 June 2023 37,033
Provided during the year 15,745
At 31 May 2024 52,778
Net book value
At 31 May 2024 30,600
At 31 May 2023 11,211
Intangible assets are being written off in equal annual instalments over an estimated economic life of 4 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023 65,091
At 31 May 2024 65,091
Depreciation
At 1 June 2023 36,295
Charge for the year 5,759
At 31 May 2024 42,054
Net book value
At 31 May 2024 23,037
At 31 May 2023 28,796
5 Investments
Other
investments
£
Cost
At 1 June 2023 66,000
At 31 May 2024 66,000
6 Debtors 2024 2023
£ £
Trade debtors 674,436 903,575
Other debtors 634,460 284,522
1,308,896 1,188,097
7 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,221,761 978,429
Amounts owed to group undertakings and undertakings in which the company has a participating interest 181,668 126,260
Taxation and social security costs 60,382 32,463
Other creditors 101,725 181,984
1,565,536 1,319,136
8 Related party transactions
At the year end the company had an outstanding balance due to the immediate parent company of £181,668 (2023 : £126,260). This balance is interest free and is repayable on demand.
9 Controlling party
The company is a wholly owned subsidiary of Digital Technologies Group Limited, a company registered in Scotland (SC612793). There is no overall single controlling party.
10 Other information
Infinity Automation Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
Suite 3 Century Court
Riverside Way
Riverside Business Park
Irvine
KA11 5DJ
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