| REGISTERED NUMBER: |
| REPORT OF THE DIRECTORS AND |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| INSTRUMENT TECHNOLOGY LIMITED |
| REGISTERED NUMBER: |
| REPORT OF THE DIRECTORS AND |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| INSTRUMENT TECHNOLOGY LIMITED |
| INSTRUMENT TECHNOLOGY LIMITED (REGISTERED NUMBER: 05462271) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Accountants' Report | 3 |
| Statement of Income and Retained Earnings | 4 |
| Statement of Financial Position | 5 |
| Notes to the Financial Statements | 7 |
| INSTRUMENT TECHNOLOGY LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Unit 2.02 High Weald House |
| Glovers End |
| Bexhill |
| East Sussex |
| TN39 5ES |
| INSTRUMENT TECHNOLOGY LIMITED (REGISTERED NUMBER: 05462271) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| The directors present their report with the financial statements of the company for the year ended 30 September 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of distribution of high and ultra high volume vacuum components and the manufacture of high volume vacuum hardware. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
| ON BEHALF OF THE BOARD: |
| ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| INSTRUMENT TECHNOLOGY LIMITED |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Instrument Technology Limited for the year ended 30 September 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the Board of Directors of Instrument Technology Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Instrument Technology Limited and state those matters that we have agreed to state to the Board of Directors of Instrument Technology Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Instrument Technology Limited and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Instrument 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 profit of Instrument Technology Limited. You consider that Instrument Technology Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Instrument 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. |
| Unit 2.02 High Weald House |
| Glovers End |
| Bexhill |
| East Sussex |
| TN39 5ES |
| INSTRUMENT TECHNOLOGY LIMITED (REGISTERED NUMBER: 05462271) |
| STATEMENT OF INCOME AND RETAINED EARNINGS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| TURNOVER | 3 |
| Cost of sales |
| GROSS PROFIT |
| Distribution costs |
| Administrative expenses |
| 2,774,464 | 2,826,353 |
| 418,886 | 468,819 |
| Other operating income |
| OPERATING PROFIT | 5 |
| Interest payable and similar expenses |
| PROFIT BEFORE TAXATION |
| Tax on profit | 7 |
| PROFIT FOR THE FINANCIAL YEAR |
| Retained earnings at beginning of year |
| Dividends | ( |
) | ( |
) |
| RETAINED EARNINGS AT END OF YEAR |
| INSTRUMENT TECHNOLOGY LIMITED (REGISTERED NUMBER: 05462271) |
| STATEMENT OF FINANCIAL POSITION |
| 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 8 |
| CURRENT ASSETS |
| Stocks | 9 |
| Debtors | 10 |
| Cash in hand |
| CREDITORS |
| Amounts falling due within one year | 11 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 16 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| INSTRUMENT TECHNOLOGY LIMITED (REGISTERED NUMBER: 05462271) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 30 SEPTEMBER 2024 |
| The directors acknowledge their 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. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| INSTRUMENT TECHNOLOGY LIMITED (REGISTERED NUMBER: 05462271) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Instrument Technology Limited is a |
| 2. | ACCOUNTING POLICIES |
| BASIS OF PREPARING THE FINANCIAL STATEMENTS |
| TURNOVER |
| Turnover represents the value of goods (net of VAT) provided to customers during the year and is recognised on despatch. |
| TANGIBLE FIXED ASSETS |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| 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. |
| 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. |
| FOREIGN CURRENCIES |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| INSTRUMENT TECHNOLOGY LIMITED (REGISTERED NUMBER: 05462271) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the company. |
| An analysis of turnover by geographical market for the year ended 30 September 2023 is given below: |
| United Kingdom | 34.97% |
| Europe | 29.18% |
| Rest of the World | 35.85% |
| 100.00 | % |
| This analysis is not considered to be applicable to the year ended 30 September 2024. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| Foreign exchange differences |
| Pension costs | 90,900 | 99,839 |
| 6. | EXCEPTIONAL ITEMS |
| 2024 | 2023 |
| £ | £ |
| Redundancy | (12,506 | ) | - |
| INSTRUMENT TECHNOLOGY LIMITED (REGISTERED NUMBER: 05462271) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 7. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax |
| Tax on profit |
| 8. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| Cost |
| At 1 October 2023 |
| Additions |
| At 30 September 2024 |
| Depreciation |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| Net book value |
| At 30 September 2024 |
| At 30 September 2023 |
| INSTRUMENT TECHNOLOGY LIMITED (REGISTERED NUMBER: 05462271) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 8. | TANGIBLE FIXED ASSETS - continued |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| Cost |
| At 1 October 2023 |
| Additions |
| At 30 September 2024 |
| Depreciation |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| Net book value |
| At 30 September 2024 |
| At 30 September 2023 |
| During the year a number of items of plant and machinery were refinanced. |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Improvements |
| to | Plant and | Computer |
| property | machinery | equipment | Totals |
| £ | £ | £ | £ |
| Cost |
| At 1 October 2023 |
| Additions |
| At 30 September 2024 |
| Depreciation |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| Net book value |
| At 30 September 2024 | ( |
) | ( |
) |
| At 30 September 2023 |
| 9. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Stocks |
| INSTRUMENT TECHNOLOGY LIMITED (REGISTERED NUMBER: 05462271) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 13) |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 13) |
| Hire purchase contracts |
| 13. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| INSTRUMENT TECHNOLOGY LIMITED (REGISTERED NUMBER: 05462271) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 14. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| 15. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 257,648 | 204,950 |
| Deferred |
| tax |
| £ |
| Balance at 1 October 2023 |
| Provided during year |
| Balance at 30 September 2024 |
| The deferred tax asset relates to historical losses incurred by the company which it expects to realise against future trading profits. |
| 16. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £0.5 | 85,789 | 85,789 |