REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
INGREDIENT BATCHING SYSTEMS LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
INGREDIENT BATCHING SYSTEMS LTD |
INGREDIENT BATCHING SYSTEMS LTD (REGISTERED NUMBER: 08506862) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
INGREDIENT BATCHING SYSTEMS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Room 73 |
Wrest House |
Wrest Park |
Silsoe |
Bedfordshire |
MK45 4HR |
INGREDIENT BATCHING SYSTEMS LTD (REGISTERED NUMBER: 08506862) |
BALANCE SHEET |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
INGREDIENT BATCHING SYSTEMS LTD (REGISTERED NUMBER: 08506862) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
Ingredient Batching Systems Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
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 balance sheet date. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Business bounce back loan scheme |
The Bounce Back Loan Scheme (BBLS) enables smaller businesses to access finance more quickly during the coronavirus outbreak. The scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000. The government guarantees 100% of the loan and there are no fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% per annum. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
INGREDIENT BATCHING SYSTEMS LTD (REGISTERED NUMBER: 08506862) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
5. | TANGIBLE FIXED ASSETS |
Improvements |
to | Plant and | Motor | Computer |
property | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 May 2023 |
Additions |
At 30 April 2024 |
Depreciation |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
Net book value |
At 30 April 2024 |
At 30 April 2023 |
6. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
Work-in-progress |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 30,289 | 57,341 |
Other creditors |
Credit cards | 2,170 | 4,000 |
Pension | 745 | 1,135 |
Directors' loan accounts | 40,624 | 11,109 |
Accruals and deferred income |
Bank loans include a Business Bounce Back Loan Scheme facility which is 100% guaranteed by the UK government. No interest is payable in year one, then being charged at 2.5% per annum thereafter. The interest on the other loan is charged at 9.40% per year.The other bank loan is secured by way of a debenture deed incorporating a fixed and floating charge in favour of the lender over the assets and undertakings of the company. |
INGREDIENT BATCHING SYSTEMS LTD (REGISTERED NUMBER: 08506862) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 1-2 years |
Bank loans include a Business Bounce Back Loan Scheme facility which is 100% guaranteed by the UK government. No interest is payable in year one, then being charged at 2.5% per annum thereafter. The interest on the other loan is charged at 9.40% per year.The other bank loan is secured by way of a debenture deed incorporating a fixed and floating charge in favour of the lender over the assets and undertakings of the company. |
10. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
Ordinary A | £1 | 100 | 100 |
Ordinary B | £1 | 100 | 100 |
Ordinary C | £1 | 100 | 100 |
400 | 400 |
Only Ordinary shares hold voting rights. |
12. | RELATED PARTY DISCLOSURES |
At the balance sheet date the company owed an amount of £312 (2023: £4,056) to T D Stewardson, director. The loan was interest free (2023: £Nil) with no fixed repayment terms. |
At the balance sheet date the company owed an amount of £Nil (2023: £2,900) to G S Matthews, director. The loan was interest free (2023: £Nil) with no fixed repayment terms. |
At the balance sheet date the company owed an amount of £40,312 (2023: £4,154) to D G Drake, director. The loan was interest free (2023: £Nil) with no fixed repayment terms. |