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Registered Number: 07821904
England and Wales

 

 

 

INSUL-EIGHT CONTRACTS LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 May 2023

End date: 30 April 2024
Director Darren Hartley
Registered Number 07821904
Registered Office Unit 4 Juniper Court Thompson Road
Whitehills Business Park
Blackpool
FY4 5QF
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 98,756    126,576 
98,756    126,576 
Current assets      
Debtors 4 854,734    872,737 
Cash at bank and in hand 79,175    93,220 
933,909    965,957 
Creditors: amount falling due within one year 5 (696,986)   (768,729)
Net current assets 236,923    197,228 
 
Total assets less current liabilities 335,679    323,804 
Creditors: amount falling due after more than one year 6 (851,941)   (904,424)
Provisions for liabilities 7 (22,243)   (26,015)
Net assets (538,505)   (606,635)
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account (538,605)   (606,735)
Shareholders' funds (538,505)   (606,635)
 


For the year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 27 January 2025 and were signed by:


-------------------------------
Darren Hartley
Director
2
General Information
Insul-Eight Contracts Limited is a private company, limited by shares, registered in England and Wales, registration number 07821904, registration address Unit 4 Juniper Court Thompson Road, Whitehills Business Park, Blackpool, FY4 5QF.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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)
Going concern basis
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.  The company is reliant on the continued provision of financial support from its financiers to provide adequate working capital for the needs of the business.  At the time of signing the financial statements, the director has no reason to believe these facilities will not remain in place.  Therefore the director is satisfied that it is appropriate to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the value of work performed, goods sold and services provided excluding Value Added Tax. Amounts in respect of contracts included in turnover, net of payments received on account, are shown in debtors as amounts recoverable on contracts. Cash received in excess of the value of work done is shown in creditors as payments on account. An appropriate proportion of the anticipated contract profit is recognised in the profit and loss account based on the stage of completion of the work and the expected end of life outcome. Provision is made for anticipated contract losses.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the at the following rates:
Plant and machinery etc - 20% to 25% per annum on reducing balance basis
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.

Average number of employees

Average number of employees during the year was 4 (2023 : 3).
3.

Tangible fixed assets

Cost or valuation Plant and machinery etc   Total
  £   £
At 01 May 2023 170,391    170,391 
Additions 17,995    17,995 
Disposals (52,642)   (52,642)
At 30 April 2024 135,744    135,744 
Depreciation
At 01 May 2023 43,815    43,815 
Charge for year 25,697    25,697 
On disposals (32,524)   (32,524)
At 30 April 2024 36,988    36,988 
Net book values
Closing balance as at 30 April 2024 98,756    98,756 
Opening balance as at 01 May 2023 126,576    126,576 


4.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 688,675    702,899 
Other Debtors 166,059    169,838 
854,734    872,737 

5.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 426,847    448,538 
Bank Loans & Overdrafts 10,225    9,972 
Taxation and Social Security 69,029    66,226 
Obligations under HP/Financial Leases 13,552    16,515 
Other Creditors 177,333    227,478 
696,986    768,729 
Liabilities where security has been given:
Obligations under HP/Finance Leases of £13,552 (2023: £16,515)
Other Creditors of £87,009 (2023: £16,407)


6.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts 16,722    26,947 
Obligations under HP/Financial Leases 55,219    57,086 
Other Creditors 780,000    820,391 
851,941    904,424 
Liabilities where security has been given:
Obligations under HP/Finance Leases of £55,219 (2023: £57,086)
Other Creditors of £780,000 (2023: £820,000)

7.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 22,243    26,015 
22,243    26,015 

3