4 4 Insu-Line Limited 03551291 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is Insulation Specialist Digita Accounts Production Advanced 6.30.9574.0 true 03551291 2023-05-01 2024-04-30 03551291 2024-04-30 03551291 bus:OrdinaryShareClass1 2024-04-30 03551291 bus:OrdinaryShareClass2 2024-04-30 03551291 core:RetainedEarningsAccumulatedLosses 2024-04-30 03551291 core:ShareCapital 2024-04-30 03551291 core:CurrentFinancialInstruments 2024-04-30 03551291 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 03551291 core:FurnitureFittingsToolsEquipment 2024-04-30 03551291 core:MotorVehicles 2024-04-30 03551291 bus:SmallEntities 2023-05-01 2024-04-30 03551291 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 03551291 bus:FilletedAccounts 2023-05-01 2024-04-30 03551291 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 03551291 bus:RegisteredOffice 2023-05-01 2024-04-30 03551291 bus:Director1 2023-05-01 2024-04-30 03551291 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 03551291 bus:OrdinaryShareClass2 2023-05-01 2024-04-30 03551291 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 03551291 core:ComputerEquipment 2023-05-01 2024-04-30 03551291 core:FurnitureFittings 2023-05-01 2024-04-30 03551291 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 03551291 core:MotorVehicles 2023-05-01 2024-04-30 03551291 core:PlantMachinery 2023-05-01 2024-04-30 03551291 countries:England 2023-05-01 2024-04-30 03551291 2023-04-30 03551291 core:FurnitureFittingsToolsEquipment 2023-04-30 03551291 core:MotorVehicles 2023-04-30 03551291 2022-05-01 2023-04-30 03551291 2023-04-30 03551291 bus:OrdinaryShareClass1 2023-04-30 03551291 bus:OrdinaryShareClass2 2023-04-30 03551291 core:RetainedEarningsAccumulatedLosses 2023-04-30 03551291 core:ShareCapital 2023-04-30 03551291 core:CurrentFinancialInstruments 2023-04-30 03551291 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 03551291 core:FurnitureFittingsToolsEquipment 2023-04-30 03551291 core:MotorVehicles 2023-04-30 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 03551291

Insu-Line Limited

Filleted Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Insu-Line Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Insu-Line Limited

(Registration number: 03551291)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

42,732

57,134

Current assets

 

Stocks

600

600

Debtors

5

98,556

60,717

Cash at bank and in hand

 

27,598

36,754

 

126,754

98,071

Creditors: Amounts falling due within one year

6

(64,983)

(68,672)

Net current assets

 

61,771

29,399

Total assets less current liabilities

 

104,503

86,533

Provisions for liabilities

(8,119)

(5,850)

Net assets

 

96,384

80,683

Capital and reserves

 

Called up share capital

7

126

126

Retained earnings

96,258

80,557

Shareholders' funds

 

96,384

80,683

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 January 2025 and signed on its behalf by:
 


Mr S Burke
Director

   
 

Insu-Line Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
The Poplars
Bridge Street
Brigg
North Lincolnshire
DN20 8NQ

Registration number: 03551291

The principal place of business is:
22 Barnetby Lane
Elsham
Brigg
North Lincolnshire
DN20 0RB

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Insu-Line Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

20% reducing balance

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance or over the lease term

Computer equipment

33% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Insu-Line Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Insu-Line Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 4 (2023 - 4).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

17,305

84,228

101,533

At 30 April 2024

17,305

84,228

101,533

Depreciation

At 1 May 2023

13,200

31,199

44,399

Charge for the year

1,145

13,257

14,402

At 30 April 2024

14,345

44,456

58,801

Carrying amount

At 30 April 2024

2,960

39,772

42,732

At 30 April 2023

4,105

53,029

57,134

5

Debtors

Current

2024
£

2023
£

Trade debtors

94,954

57,165

Prepayments

3,602

3,552

 

98,556

60,717

 

Insu-Line Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

-

20,744

Trade payables

 

23,448

19,966

Amounts due to related parties

609

4,515

Social security and other taxes

 

34,367

16,256

Other payables

 

6,559

7,191

 

64,983

68,672

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

Convertable Employee Shares of £1 each

26

26

26

26

126

126

126

126

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

HP and finance lease liabilities

-

20,744