Registered number
02959714
Internal Linings Limited
Filleted Accounts
31 July 2024
Internal Linings Limited
Registered number: 02959714
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 98,342 77,393
Current assets
Stocks 212,184 131,086
Debtors 4 1,226,400 1,043,005
Cash at bank and in hand 163,426 292,819
1,602,010 1,466,910
Creditors: amounts falling due within one year 5 (459,623) (405,024)
Net current assets 1,142,387 1,061,886
Net assets 1,240,729 1,139,279
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 1,239,729 1,138,279
Shareholders' funds 1,240,729 1,139,279
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Michael James Simmons
Director
Approved by the board on 8 January 2025
Internal Linings Limited
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 7
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2023 134,568 225,875 360,443
Additions 24,105 37,552 61,657
Disposals - (25,053) (25,053)
At 31 July 2024 158,673 238,374 397,047
Depreciation
At 1 August 2023 120,770 162,280 283,050
Charge for the year 9,476 23,470 32,946
On disposals - (17,291) (17,291)
At 31 July 2024 130,246 168,459 298,705
Net book value
At 31 July 2024 28,427 69,915 98,342
At 31 July 2023 13,798 63,595 77,393
4 Debtors 2024 2023
£ £
Trade debtors 932,261 774,996
Other debtors 294,139 268,009
1,226,400 1,043,005
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 173,229 245,878
Taxation and social security costs 53,546 67,952
Directors loan account 1,901 77
Other creditors 230,947 91,117
459,623 405,024
6 Other information
Internal Linings Limited is a private company limited by shares and incorporated in England. Its registered office is:
Bank Chambers
1-3 Woodford Avenue
Gants Hill, Ilford
Essex
IG2 6UF
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