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Registration number: 05117494

IO Controls Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

image-name
 

IO Controls Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

IO Controls Limited

Company Information

Directors

Mr MS Eydman

Mr NR Parker

Mr NV Goddard

Mr DB McManus

Company secretary

Mrs MA McManus

Registered office

Birch House
10 Romar Court
Bletchley
Milton Keynes
Buckinghamshire
MK1 1RH

Accountants

Michael J.Emery & Co
Chartered Accountants
22 St. John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

IO Controls Limited

(Registration number: 05117494)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

154,966

164,652

Tangible assets

5

53,019

72,625

Investments

6

311

311

 

208,296

237,588

Current assets

 

Stocks

7

29,300

37,000

Debtors

8

978,921

1,046,934

Cash at bank and in hand

 

53,861

48,564

 

1,062,082

1,132,498

Creditors: Amounts falling due within one year

9

(948,191)

(994,696)

Net current assets

 

113,891

137,802

Total assets less current liabilities

 

322,187

375,390

Creditors: Amounts falling due after more than one year

9

(109,794)

(176,792)

Provisions for liabilities

(13,255)

(13,799)

Net assets

 

199,138

184,799

Capital and reserves

 

Called up share capital

400

400

Retained earnings

198,738

184,399

Shareholders' funds

 

199,138

184,799

 

IO Controls Limited

(Registration number: 05117494)
Balance Sheet as at 31 May 2024

For the financial year ending 31 May 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 13 February 2025 and signed on its behalf by:
 

.........................................
Mr NR Parker
Director

.........................................
Mr DB McManus
Director

 

IO Controls Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales, Registration number 05117494.

The address of its registered office is:
Birch House
10 Romar Court
Bletchley
Milton Keynes
Buckinghamshire
MK1 1RH

These financial statements were authorised for issue by the Board on 13 February 2025.

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.

Turnover

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.

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.

 

IO Controls Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

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

Office equipment

20% reducing balance

Fixtures and fittings

20% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each
acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities
incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired,
plus any costs directly attributable to the business combination. When a business combination agreement
provides for an adjustment to the cost of the combination contingent on future events, the group includes
the estimated amount of that adjustment in the cost of the combination at the acquisition date if the
adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 20 years

 

IO Controls Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

 

IO Controls Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 during the year, including directors, was 26 (2023 - 25).

 

IO Controls Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

193,708

193,708

At 31 May 2024

193,708

193,708

Amortisation

At 1 June 2023

29,056

29,056

Amortisation charge

9,686

9,686

At 31 May 2024

38,742

38,742

Carrying amount

At 31 May 2024

154,966

154,966

At 31 May 2023

164,652

164,652

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 June 2023

51,004

64,266

115,270

Additions

-

13,315

13,315

At 31 May 2024

51,004

77,581

128,585

Depreciation

At 1 June 2023

11,990

30,655

42,645

Charge for the year

7,803

25,118

32,921

At 31 May 2024

19,793

55,773

75,566

Carrying amount

At 31 May 2024

31,211

21,808

53,019

At 31 May 2023

39,014

33,611

72,625

 

IO Controls Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

6

Investments

2024
£

2023
£

Investments in subsidiaries

311

311

7

Stocks

2024
£

2023
£

Inventory

29,300

37,000

8

Debtors

2024
£

2023
£

Trade debtors

716,580

645,930

Prepayments

10,937

16,060

Other debtors

114,538

146,598

Accrued income

-

66,336

Directors loan account

136,866

172,010

978,921

1,046,934

 

IO Controls Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10

66,998

113,595

Trade creditors

 

199,678

281,962

Other creditors

 

449,056

443,577

PAYE and NIC creditor

 

47,583

39,275

VAT Control account

 

73,367

71,472

Accruals

 

15,320

14,988

Corporation tax control

 

96,189

29,827

 

948,191

994,696

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

99,288

156,040

Other borrowings

10,506

20,752

109,794

176,792

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

66,998

113,595

 

IO Controls Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

11

Related party transactions

Transactions with directors

2024

At 1 June 2023
£

Advances to director
£

Repayments by director
£

At 31 May 2024
£

Mr DB McManus

72,259

66,374

(81,959)

56,674

Mr NR Parker

79,750

59,814

(79,750)

59,814

Mr NV Goddard

20,000

50,378

(50,000)

20,378

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

Mr DB McManus

48,785

82,259

(58,785)

72,259

Mr NR Parker

53,717

79,750

(53,717)

79,750

Mr NV Goddard

-

68,194

(48,194)

20,000

The overdrawn directors' loan account will be repaid within 9 months.