Registered number: 08208117
FIRST INFRA RED SENSOR TECHNOLOGY LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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FIRST INFRA RED SENSOR TECHNOLOGY LIMITED
COMPANY INFORMATION
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FIRST INFRA RED SENSOR TECHNOLOGY LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FIRST INFRA RED SENSOR TECHNOLOGY LIMITED
FOR THE YEAR ENDED 30 SEPTEMBER 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of First Infra Red Sensor Technology Limited for the year ended 30 September 2023 which comprise the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the director of First Infra Red Sensor Technology Limited in accordance with the terms of our engagement letter dated 25 May 2023. Our work has been undertaken solely to prepare for your approval the financial statements of First Infra Red Sensor Technology Limited and state those matters that we have agreed to state to the director of First Infra Red Sensor Technology Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than First Infra Red Sensor Technology Limited and its director for our work or for this report.
It is your duty to ensure that First Infra Red Sensor Technology Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of First Infra Red Sensor Technology Limited. You consider that First Infra Red Sensor Technology Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of First Infra Red Sensor Technology Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MA Partners LLP
Chartered Accountants
7 The Close
Norwich
Norfolk
NR1 4DJ
Date: 10 March 2025
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FIRST INFRA RED SENSOR TECHNOLOGY LIMITED
REGISTERED NUMBER: 08208117
BALANCE SHEET
AS AT 30 SEPTEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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FIRST INFRA RED SENSOR TECHNOLOGY LIMITED
REGISTERED NUMBER: 08208117
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 March 2025.
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Mrs K Barnett
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The notes on pages 4 to 10 form part of these financial statements.
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FIRST INFRA RED SENSOR TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The Company is a private company incorporated in the United Kingdom and limited by shares. It is registered in England and Wales. The address of its registered office is Unit B5, Owen Road, Diss, IP22 4ER. The principle place of activity is Diss.
The company's principal activity is that of manufacturing sensors.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
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FIRST INFRA RED SENSOR TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
The tax expense for the year comprises current and deferred tax.
Deferred tax balances are recognised in respect of timing differences that have originated but not reversed by the balance sheet date.
Current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
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Long-term leasehold property
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Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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FIRST INFRA RED SENSOR TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
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The average monthly number of employees, including directors, during the year was 4 (2022 - 4)
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FIRST INFRA RED SENSOR TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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Long-term leasehold property
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Charge for the year on owned assets
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FIRST INFRA RED SENSOR TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
4.Tangible fixed assets (continued)
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Charge for the year on owned assets
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FIRST INFRA RED SENSOR TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Allotted, called up and fully paid
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100 Ordinary shares of £1.00 each
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Contributions totalling £296 (2022: £83) were payable to the fund at the balance sheet date and are included in creditors.
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FIRST INFRA RED SENSOR TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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Transactions with directors
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As at 1 October 2022, the director's loan account was £204,487 overdrawn. During the year, the company made advances on behalf of the director totalling £99,053, and the director introduced funds into the company totalling £125,312.
As at the 30 September 2023, the director owed the company £178,228 as included within other debtors in note 5 to the financial statements. Interest was charged on the overdrawn balances at 2.00% until 05 April 2023, and at a rate of 2.25% thereafter, creating a charge of £4,986 for the year ended 30 September 2023. The loan is repayable on demand.
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