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Registered number: 02319924










INSTRUMENTATION AND PROCESS SYSTEMS (SOUTHERN) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024

 
INSTRUMENTATION AND PROCESS SYSTEMS (SOUTHERN) LIMITED
REGISTERED NUMBER: 02319924

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
125,951
120,300

  
125,951
120,300

Current assets
  

Stocks
  
50,000
107,000

Debtors
  
99,119
113,482

  
149,119
220,482

Creditors: amounts falling due within one year
  
(310,044)
(286,912)

Net current liabilities
  
 
 
(160,925)
 
 
(66,430)

Total assets less current liabilities
  
(34,974)
53,870

Creditors: amounts falling due after more than one year
  
(31,699)
(38,938)

  

Net (liabilities)/assets
  
(66,673)
14,932


Capital and reserves
  

Called up share capital 
  
2,200
2,200

Profit and loss account
  
(68,873)
12,732

  
(66,673)
14,932


Page 1

 
INSTRUMENTATION AND PROCESS SYSTEMS (SOUTHERN) LIMITED
REGISTERED NUMBER: 02319924
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

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 comprehensive income 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 by: 




Tina Squires
Director

Date: 14 May 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
INSTRUMENTATION AND PROCESS SYSTEMS (SOUTHERN) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Instrumentation and Process Systems (Southern) Limited is a private company, limited by shares, registered in England and Wales. The company's registered office address : Unit 3, Ash Court Viking Way, Winch Wen Industrial Estate, Swansea, Wales, SA1 7DA
The presentation currency of the financial statements is the Pound Sterling (£) and has been rounded to the nearest pound.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The prior accounting period was extended to a period of 18 months and therefore the comparative figures are not directly comparable with the current period's results.

The following principal accounting policies have been applied:

 
2.2

Going concern

The current economic environment presents challenges in the demand for the company's products. The company has in recent years widened its customer base and the sectors to which it supplies its goods. The company finances its working capital requirements by an invoice discounting facility and     no indication has been given to the director that this facility will not continue.
The director has assessed the position and believes that the company is well placed to manage its business risks successfully and has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director will continue to adopt the going concern basis of accounting in preparing the financial statements.
The previous accounting period was extended for a period of 18 months and therefore the
comparative figures are not directly comparable with the current period's results.

Page 3

 
INSTRUMENTATION AND PROCESS SYSTEMS (SOUTHERN) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. 
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. 
Rentals payable under operating leases are charged in the income statement account on a straight line basis over the term of the lease.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
INSTRUMENTATION AND PROCESS SYSTEMS (SOUTHERN) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.7

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.8

Tangible fixed assets

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, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Over term of the lease
Plant and machinery etc
-
25% and 15% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
INSTRUMENTATION AND PROCESS SYSTEMS (SOUTHERN) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.9

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 5. (2023 - 6)

Page 6

 
INSTRUMENTATION AND PROCESS SYSTEMS (SOUTHERN) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Tangible fixed assets





Long-term leasehold property
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 August 2023
129,207
12,290
12,828
154,325


Additions
-
11,885
-
11,885


Disposals
-
(6,800)
-
(6,800)



At 31 July 2024

129,207
17,375
12,828
159,410



Depreciation


At 1 August 2023
13,844
7,687
12,494
34,025


Charge for the year on owned assets
1,846
4,096
150
6,092


Disposals
-
(6,658)
-
(6,658)



At 31 July 2024

15,690
5,125
12,644
33,459



Net book value



At 31 July 2024
113,517
12,250
184
125,951



At 31 July 2023
115,363
4,603
334
120,300


5.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
9,020
3,421

Between 1-5 years
-
750

9,020
4,171

Page 7

 
INSTRUMENTATION AND PROCESS SYSTEMS (SOUTHERN) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

6.


Post balance sheet events

After the year end long term leasehold properties held were sold for £140,000. The mortgage in relation to this property was also fully repaid after the year end.
 

 
Page 8