REGISTERED NUMBER: |
S & J IRVING COMPRESSORS LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
REGISTERED NUMBER: |
S & J IRVING COMPRESSORS LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
S & J IRVING COMPRESSORS LIMITED (REGISTERED NUMBER: 02742572) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
S & J IRVING COMPRESSORS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Exchange |
5 Bank Street |
Bury |
Lancashire |
BL9 0DN |
BANKERS: |
1 Central Street |
The Rock |
Bury |
Lancashire |
BL9 0JN |
SOLICITORS: |
20 Great Moor Street |
Bolton |
Lancashire |
BL1 1NR |
S & J IRVING COMPRESSORS LIMITED (REGISTERED NUMBER: 02742572) |
STATEMENT OF FINANCIAL POSITION |
30 SEPTEMBER 2024 |
2024 | 2023 |
(As |
restated) |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Property, plant and equipment | 5 |
Investments | 6 |
CURRENT ASSETS |
Inventories |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Other reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
S & J IRVING COMPRESSORS LIMITED (REGISTERED NUMBER: 02742572) |
STATEMENT OF FINANCIAL POSITION - continued |
30 SEPTEMBER 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
S & J IRVING COMPRESSORS LIMITED (REGISTERED NUMBER: 02742572) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
1. | STATUTORY INFORMATION |
S & J Irving Compressors Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02742572 and the registered office is Units 9 & 10 Woolfold Industrial Estate, Mitchell Street, Bury, BL8 1SF. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
There are currently no significant judgements and estimates applied by the directors which are considered key to the preparation of the financial statements. |
Revenue |
Revenue comprises the aggregate of the fair value of the sale of goods and services provided, net of value-added tax, rebates and discounts. |
Sale of goods are recognised when the company has delivered products to the customer, the customer has accepted the products and collectability of the related receivables is fairly stated. |
Service revenues are recognised as those services are provided to customers. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Property, plant and equipment |
Plant and machinery etc | - |
The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises. |
Inventories |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost represents the actual purchase price. |
S & J IRVING COMPRESSORS LIMITED (REGISTERED NUMBER: 02742572) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement. |
Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme and a funded unapproved retirement benefit scheme. Contributions payable are charged to the income statement in the period to which they relate. |
Employee benefit trusts |
During previous years the company has contributed to discretionary trusts for the benefit of the families of all of its officers and employees (the Employee Benefit Trusts or EBTs). The company includes the assets and liabilities of its EBTs on its statement of financial position to the extent that it considers that it will retain economic benefit from the assets of the EBTs or will have control of the rights or other access to those present economic benefits. |
Where the company has retained future economic benefit from and has de facto control of the assets and liabilities of the trusts, they are accounted for as assets and liabilities of the company until the earlier of the date that an allocation of trust funds to employees in respect of past services is declared and the date that assets of the trusts vest in identified individuals. |
Dividends |
Equity dividends are recognised when they become legally payable and are no longer at the discretion of the |
company. |
S & J IRVING COMPRESSORS LIMITED (REGISTERED NUMBER: 02742572) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Fixed asset investments |
Investments held as fixed assets are stated at cost together with subsequent capital contributions, less any provisions for impairment in value. |
Investment income is recognised in the financial statements when the company becomes entitled to its share of profits from the fixed asset investment. |
Leasing commitments |
Rentals paid under operating leases are charged to the income statement on a straight-line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 |
AMORTISATION |
At 1 October 2023 |
and 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
S & J IRVING COMPRESSORS LIMITED (REGISTERED NUMBER: 02742572) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
5. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
machinery |
etc |
£ |
COST |
At 1 October 2023 |
Disposals | ( |
) |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
(As |
restated) |
£ | £ |
Trade debtors |
Other debtors |
Included within debtors falling due within one year is an amount of £942,812 (2023: £1,059,094) held in discretionary trusts which were established for the benefit of the families of all of the company's officers and employees. |
S & J IRVING COMPRESSORS LIMITED (REGISTERED NUMBER: 02742572) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
(As |
restated) |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
(As |
restated) |
£ | £ |
Within one year |
10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
At the end of the prior year, there was an overdrawn director's loan account balance of £99,950 owed by S E Irving. This advance was unsecured and interest free, and has been fully repaid during the current year. |
11. | PRIOR YEAR ADJUSTMENT |
In error, the prior year figures included a brought forward Employee Benefit Trust balance of £200,000 (reflected in debtors and other reserves). This policy had been fully settled in an earlier period and should have been removed from the financial statements. The correction has not impacted on the reported profit. |