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Company registration number: 04241372
IN-SITU MACHINING SOLUTIONS (UK) LIMITED
Unaudited filleted financial statements
30 September 2024
IN-SITU MACHINING SOLUTIONS (UK) LIMITED
Contents
Statement of financial position
Notes to the financial statements
IN-SITU MACHINING SOLUTIONS (UK) LIMITED
Statement of financial position
30 September 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 191,153 139,595
_______ _______
191,153 139,595
Current assets
Debtors 6 164,446 135,075
Cash at bank and in hand 1,057,821 857,589
_______ _______
1,222,267 992,664
Creditors: amounts falling due
within one year 7 ( 218,443) ( 121,520)
_______ _______
Net current assets 1,003,824 871,144
_______ _______
Total assets less current liabilities 1,194,977 1,010,739
Provisions for liabilities ( 45,422) ( 22,300)
_______ _______
Net assets 1,149,555 988,439
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 1,149,553 988,437
_______ _______
Shareholders funds 1,149,555 988,439
_______ _______
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 January 2025 , and are signed on behalf of the board by:
Mr D Oldham
Director
Company registration number: 04241372
IN-SITU MACHINING SOLUTIONS (UK) LIMITED
Notes to the financial statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 12 Prospect Park, Valley Drive, Rugby, CV21 1TF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - 5 % straight line
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 4 ).
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 October 2023 61,100 306,906 28,908 58,660 455,574
Additions - 24,495 3,032 79,854 107,381
Disposals - - - ( 37,047) ( 37,047)
_______ _______ _______ _______ _______
At 30 September 2024 61,100 331,401 31,940 101,467 525,908
_______ _______ _______ _______ _______
Depreciation
At 1 October 2023 43,143 222,696 23,727 26,413 315,979
Charge for the year 3,055 14,187 969 10,284 28,495
Disposals - - - ( 9,719) ( 9,719)
_______ _______ _______ _______ _______
At 30 September 2024 46,198 236,883 24,696 26,978 334,755
_______ _______ _______ _______ _______
Carrying amount
At 30 September 2024 14,902 94,518 7,244 74,489 191,153
_______ _______ _______ _______ _______
At 30 September 2023 17,957 84,210 5,181 32,247 139,595
_______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 159,363 129,555
Other debtors 5,083 5,520
_______ _______
164,446 135,075
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 28,871 28,150
Corporation tax 43,657 69,666
Social security and other taxes 1,036 -
Other creditors 144,879 23,704
_______ _______
218,443 121,520
_______ _______
8. Controlling party
The company is controlled by a director, Mr D Oldham , by virtue of his shareholding.