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COMPANY REGISTRATION NUMBER: 07129294
ISUS Manufacturing & Installations Limited
Filleted Unaudited Financial Statements
31 March 2024
ISUS Manufacturing & Installations Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
625,047
469,897
Current assets
Stocks
169,265
246,824
Debtors
6
795,307
693,721
Cash at bank and in hand
175,630
83,705
------------
------------
1,140,202
1,024,250
Creditors: amounts falling due within one year
7
465,331
424,054
------------
------------
Net current assets
674,871
600,196
------------
------------
Total assets less current liabilities
1,299,918
1,070,093
Creditors: amounts falling due after more than one year
8
290,246
228,908
Provisions
153,659
114,300
------------
------------
Net assets
856,013
726,885
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
855,913
726,785
---------
---------
Shareholders funds
856,013
726,885
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
ISUS Manufacturing & Installations Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 11 November 2024 , and are signed on behalf of the board by:
Mr S Houghton
Director
Company registration number: 07129294
ISUS Manufacturing & Installations Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 27 Haine Industrial Estate, Leigh Road, Ramsgate, Kent, CT12 5EU, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 31 (2023: 22 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
558,410
3,730
52,099
44,340
658,579
Additions
226,784
8,633
6,805
242,222
---------
--------
--------
--------
---------
At 31 March 2024
785,194
12,363
52,099
51,145
900,801
---------
--------
--------
--------
---------
Depreciation
At 1 April 2023
148,011
156
18,782
21,733
188,682
Charge for the year
73,751
1,111
8,327
3,883
87,072
---------
--------
--------
--------
---------
At 31 March 2024
221,762
1,267
27,109
25,616
275,754
---------
--------
--------
--------
---------
Carrying amount
At 31 March 2024
563,432
11,096
24,990
25,529
625,047
---------
--------
--------
--------
---------
At 31 March 2023
410,399
3,574
33,317
22,607
469,897
---------
--------
--------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
474,090
421,999
Other debtors
321,217
271,722
---------
---------
795,307
693,721
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
168,797
133,804
Corporation tax
132,823
174,944
Social security and other taxes
30,743
29,528
Other creditors
132,968
85,778
---------
---------
465,331
424,054
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
290,246
228,908
---------
---------
9. Related party transactions
At the year end the company owed the directors £12,650 (2023: £nil).
10. Controlling party
The company is controlled by IMI Holdings Limited , a company incorporated in the United Kingdom. IMI Holdings Limited's registered office is Unit 27 Leigh Road, Ramsgate, Kent, United Kingdom, CT12 5EU .