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COMPANY REGISTRATION NUMBER: 05105494
Inspection Services Limited
Filleted Unaudited Financial Statements
31 March 2024
Inspection Services Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Inspection Services Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
4,943
3,935
Investments
6
100
100
-------
-------
5,043
4,035
Current assets
Debtors
7
272,446
116,705
Cash at bank and in hand
281,134
331,484
---------
---------
553,580
448,189
Creditors: amounts falling due within one year
8
147,612
70,301
---------
---------
Net current assets
405,968
377,888
---------
---------
Total assets less current liabilities
411,011
381,923
---------
---------
Net assets
411,011
381,923
---------
---------
Capital and reserves
Called up share capital
9
300
300
Profit and loss account
410,711
381,623
---------
---------
Shareholders funds
411,011
381,923
---------
---------
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 .
Inspection Services Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 18 November 2024 , and are signed on behalf of the board by:
Mrs S E Douglas
Mr L J O'Toole
Director
Director
Mrs L A Floyd
Director
Company registration number: 05105494
Inspection Services 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 146 New London Road, Chelmsford, Essex, CM2 0AW.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2023: 18 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 April 2023
10,574
10,574
Additions
2,656
2,656
--------
--------
At 31 March 2024
13,230
13,230
--------
--------
Depreciation
At 1 April 2023
6,639
6,639
Charge for the year
1,648
1,648
--------
--------
At 31 March 2024
8,287
8,287
--------
--------
Carrying amount
At 31 March 2024
4,943
4,943
--------
--------
At 31 March 2023
3,935
3,935
--------
--------
6. Investments
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
100
----
Impairment
At 1 April 2023 and 31 March 2024
----
Carrying amount
At 31 March 2024
100
----
At 31 March 2023
100
----
7. Debtors
2024
2023
£
£
Trade debtors
127,045
37,026
Prepayments and accrued income
129,660
78,398
Corporation tax repayable
293
Other debtors
15,741
988
---------
---------
272,446
116,705
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
41,040
1,781
Accruals and deferred income
38,278
23,730
Corporation tax
8,020
Other creditors
60,274
44,790
---------
--------
147,612
70,301
---------
--------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
300
300
300
300
----
----
----
----
10. Related party transactions
During the year the company incurred professional assistance costs totalling £58,000 (2023: £48,000) from a company in which a director of Inspection Services Limited is also director.