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REGISTERED NUMBER: 04816306 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 August 2024

for

Industrial Electronic Repairs Ltd

Industrial Electronic Repairs Ltd (Registered number: 04816306)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Industrial Electronic Repairs Ltd

Company Information
for the Year Ended 31 August 2024







DIRECTOR: L V Wardall





SECRETARY: M S Oliver





REGISTERED OFFICE: Unit 10/11
Business Centre West
Avenue One
Letchworth
SG6 2HB





REGISTERED NUMBER: 04816306 (England and Wales)





ACCOUNTANTS: Thompsons Accountancy Services Limited
Chartered Accountants
Grove House
1 Grove Place
Bedford
Bedfordshire
MK40 3JJ

Industrial Electronic Repairs Ltd (Registered number: 04816306)

Statement of Financial Position
31 August 2024

31.8.24 31.8.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 5 430,123 285,921

CURRENT ASSETS
Stocks 6 67,748 64,522
Debtors 7 720,679 761,082
Cash at bank and in hand 88,939 72,849
877,366 898,453
CREDITORS
Amounts falling due within one year 8 366,138 379,254
NET CURRENT ASSETS 511,228 519,199
TOTAL ASSETS LESS CURRENT
LIABILITIES

941,351

805,120

CREDITORS
Amounts falling due after more than one year 9 153,176 85,022
NET ASSETS 788,175 720,098

CAPITAL AND RESERVES
Allotted, called up and fully
paid share capital 20 20
Retained earnings 788,155 720,078
SHAREHOLDERS' FUNDS 788,175 720,098

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Industrial Electronic Repairs Ltd (Registered number: 04816306)

Statement of Financial Position - continued
31 August 2024


The 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 May 2025 and were signed by:





L V Wardall - Director


Industrial Electronic Repairs Ltd (Registered number: 04816306)

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

1. STATUTORY INFORMATION

Industrial Electronic Repairs Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.


Industrial Electronic Repairs Ltd (Registered number: 04816306)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

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 paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 23 ) .

Industrial Electronic Repairs Ltd (Registered number: 04816306)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 September 2023 5,300 12,429 12,668
Additions 9,364 9,314 13,948
Disposals - - -
At 31 August 2024 14,664 21,743 26,616
DEPRECIATION
At 1 September 2023 3,180 9,449 11,952
Charge for year 1,466 2,843 2,665
Eliminated on disposal - - -
At 31 August 2024 4,646 12,292 14,617
NET BOOK VALUE
At 31 August 2024 10,018 9,451 11,999
At 31 August 2023 2,120 2,980 716

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 September 2023 368,856 20,679 419,932
Additions 284,342 253 317,221
Disposals (175,359 ) - (175,359 )
At 31 August 2024 477,839 20,932 561,794
DEPRECIATION
At 1 September 2023 94,937 14,493 134,011
Charge for year 67,222 2,735 76,931
Eliminated on disposal (79,271 ) - (79,271 )
At 31 August 2024 82,888 17,228 131,671
NET BOOK VALUE
At 31 August 2024 394,951 3,704 430,123
At 31 August 2023 273,919 6,186 285,921

6. STOCKS
31.8.24 31.8.23
£    £   
Stocks 67,748 64,522

Industrial Electronic Repairs Ltd (Registered number: 04816306)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 435,118 401,363
Other debtors 6,694 9,183
Sales finance 262,365 340,113
Prepayments 16,502 10,423
720,679 761,082

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Hire purchase contracts and finance leases 123,236 68,425
Trade creditors 129,248 137,216
Tax - 31,918
Social security and other taxes 23,729 21,982
VAT 69,124 61,256
Other creditors 13,721 15,079
Directors' current accounts 5,071 41,702
Accrued expenses 2,009 1,676
366,138 379,254

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.24 31.8.23
£    £   
Hire purchase contracts and finance leases 153,176 85,022

10. SECURED DEBTS

The following secured debts are included within creditors:

31.8.24 31.8.23
£    £   
Hire purchase contracts and finance leases 276,412 153,447

Hire purchase and lease finance contracts are secured over the assets to which they relate.

The company's bank account and invoice discounting facilities are secured by a general debenture against the company's assets.

11. OTHER FINANCIAL COMMITMENTS

The company had total guarantees and commitments as at the balance sheet date of £195,891 (2023 - £96,599).

Industrial Electronic Repairs Ltd (Registered number: 04816306)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2024 and 31 August 2023:

31.8.24 31.8.23
£    £   
L V Wardall
Balance outstanding at start of year - -
Amounts advanced 81,440 50,457
Amounts repaid (81,440 ) (50,457 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

The director pays interest at the rate of 2.50% on the average outstanding balance when the loan from the company exceeds £10,000. During the year the director was required to pay interest of £327.53. (2023 £210.69).

13. RELATED PARTY DISCLOSURES

Kathcal Industrial Electronic Repairs Limited
Associated company

At the balance sheet date Kathcal Industrial Electronic Repairs Limited owed the company £NIL (2022 - £83,000). The loan is interest free and repayable on demand.