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Company registration number: 7711235
Indoor Environmental Systems Limited
Unaudited filleted financial statements
31 March 2024
Indoor Environmental Systems Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Indoor Environmental Systems Limited
Directors and other information
Directors Mr Craig Mc Donald
Mr John Clark
Company number 7711235
Registered office Unit 15
The Courtyard
Gorsey Lane
Coleshill
Business address Unit 15
The Courtyard
Gorsey Lane
Coleshill
B46 1JA
Accountants Lindley & Co
Suite 4 Europa House
Europa Way
Lichfield
Staffordshire
WS14 9TZ
Indoor Environmental Systems Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Indoor Environmental Systems Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Indoor Environmental Systems Limited for the year ended 31 March 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Indoor Environmental Systems Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Indoor Environmental Systems Limited and state those matters that we have agreed to state to the board of directors of Indoor Environmental Systems Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Indoor Environmental Systems Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Indoor Environmental Systems Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Indoor Environmental Systems Limited. You consider that Indoor Environmental Systems Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Indoor Environmental Systems Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Lindley & Co
Chartered Certified Accountants
Suite 4 Europa House
Europa Way
Lichfield
Staffordshire
WS14 9TZ
19 November 2024
Indoor Environmental Systems Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 23,670 29,631
_______ _______
23,670 29,631
Current assets
Debtors 6 302,474 461,422
Cash at bank and in hand 239,130 27,586
_______ _______
541,604 489,008
Creditors: amounts falling due
within one year 7 ( 186,653) ( 171,915)
_______ _______
Net current assets 354,951 317,093
_______ _______
Total assets less current liabilities 378,621 346,724
Creditors: amounts falling due
after more than one year 8 - ( 4,988)
Provisions for liabilities ( 5,917) ( 7,408)
_______ _______
Net assets 372,704 334,328
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 372,604 334,228
_______ _______
Shareholders funds 372,704 334,328
_______ _______
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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 November 2024 , and are signed on behalf of the board by:
Mr Craig Mc Donald
Director
Company registration number: 7711235
Indoor Environmental Systems Limited
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2022 100 367,098 367,198
Profit/(loss) for the year ( 32,870) ( 32,870)
_______ _______ _______
Total comprehensive income for the year - ( 32,870) ( 32,870)
_______ _______ _______
At 31 March 2023 and 1 April 2023 100 334,228 334,328
Profit/(loss) for the year 38,376 38,376
_______ _______ _______
Total comprehensive income for the year - 38,376 38,376
_______ _______ _______
At 31 March 2024 100 372,604 372,704
_______ _______ _______
Indoor Environmental Systems 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. The address of the registered office is Indoor Environmental Systems Limited, Unit 15, The Courtyard, Gorsey Lane, Coleshill.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and 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:
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2023 and 31 March 2024 7,475 50,667 58,142
_______ _______ _______
Depreciation
At 1 April 2023 7,475 21,036 28,511
Charge for the year - 5,961 5,961
_______ _______ _______
At 31 March 2024 7,475 26,997 34,472
_______ _______ _______
Carrying amount
At 31 March 2024 - 23,670 23,670
_______ _______ _______
At 31 March 2023 - 29,631 29,631
_______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 291,073 449,128
Amounts owed by related undertakings 9,916 9,916
Other debtors 1,485 2,378
_______ _______
302,474 461,422
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 167,653 138,036
Corporation tax 4,400 -
Social security and other taxes 5,872 13,670
Other creditors 8,728 20,209
_______ _______
186,653 171,915
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors - 4,988
_______ _______
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
FMS Integrated Building Services Limited - - 9,916 9,916
_______ _______ _______ _______
The company incurred costs of £93,102 (2023 £28,500) from FMS Integrated Building Services Limited.The company recharged costs of £nil (2023 £21,832) to FMS Integrated Buildiing Services Limited of which £193,195 (2023 £246,391) remained within trade debtors at the year end. This company is connected by common director and shareholder, Mr Craig McDonald.
10. Controlling party
The company is under the control of Mr C Mc Donald, Mr J Clark and Miss D Palmer who together control 100% of the issued share capital.