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Company No: 03394252 (England and Wales)

INDUSTRIAL COMPUTING LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

INDUSTRIAL COMPUTING LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

INDUSTRIAL COMPUTING LIMITED

BALANCE SHEET

As at 30 June 2024
INDUSTRIAL COMPUTING LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 14,019 8,996
14,019 8,996
Current assets
Stocks 4 10,400 0
Debtors 5 225,828 59,503
Cash at bank and in hand 325,492 283,867
561,720 343,370
Creditors: amounts falling due within one year 6 ( 262,152) ( 151,681)
Net current assets 299,568 191,689
Total assets less current liabilities 313,587 200,685
Provision for liabilities ( 3,505) ( 2,073)
Net assets 310,082 198,612
Capital and reserves
Called-up share capital 100 100
Profit and loss account 309,982 198,512
Total shareholders' funds 310,082 198,612

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Industrial Computing Limited (registered number: 03394252) were approved and authorised for issue by the Board of Directors on 09 December 2024. They were signed on its behalf by:

Mr W G Dean
Director
INDUSTRIAL COMPUTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
INDUSTRIAL COMPUTING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Industrial Computing Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Elmcroft, Wyke Road, Gillingham, Dorset, SP8 4NG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

In respect of long-term projects and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term projects and contracts for on-going services is recognised by reference to the stage of completion.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery etc. 20 % reducing balance
3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. [MANUFACTURERS, ETC - Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.] Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 July 2023 39,626 39,626
Additions 8,229 8,229
0 0
At 30 June 2024 47,855 47,855
Accumulated depreciation
At 01 July 2023 30,630 30,630
Charge for the financial year 3,206 3,206
At 30 June 2024 33,836 33,836
Net book value
At 30 June 2024 14,019 14,019
At 30 June 2023 8,996 8,996

4. Stocks

2024 2023
£ £
Stocks 10,400 0

5. Debtors

2024 2023
£ £
Trade debtors 222,241 57,479
Other debtors 3,587 2,024
225,828 59,503

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 4,316 2,156
Taxation and social security 151,927 111,020
Other creditors 105,909 38,505
262,152 151,681