Company Registration No. 09325970 (England and Wales)
Independent Restoration Limited
Unaudited accounts
for the year ended 31 March 2025
Independent Restoration Limited
Unaudited accounts
Contents
Independent Restoration Limited
Statement of financial position
as at 31 March 2025
Tangible assets
151,892
115,343
Cash at bank and in hand
158,108
88,820
Creditors: amounts falling due within one year
(230,180)
(170,870)
Net current assets
177,818
57,091
Total assets less current liabilities
329,710
172,434
Creditors: amounts falling due after more than one year
(63,623)
(57,413)
Provisions for liabilities
Deferred tax
(37,973)
(21,900)
Called up share capital
100
100
Profit and loss account
228,014
93,021
Shareholders' funds
228,114
93,121
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 14 July 2025 and were signed on its behalf by
Richard Armstrong
Director
Company Registration No. 09325970
Independent Restoration Limited
Notes to the Accounts
for the year ended 31 March 2025
Independent Restoration Limited is a private company, limited by shares, registered in England and Wales, registration number 09325970. The registered office is Unit 1E , Princess Way, Prudhoe, Northumberland, NE42 6PL.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Reducing Balance
Motor vehicles
25% Reducing Balance
Fixtures & fittings
20% Reducing Balance
Computer equipment
25% Straight Line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress, cost includes a relevant proportion of overheads according to the stage of completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Independent Restoration Limited
Notes to the Accounts
for the year ended 31 March 2025
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2024
108,052
90,976
4,273
5,006
208,307
Additions
32,337
69,750
-
-
102,087
Disposals
-
(27,987)
-
-
(27,987)
At 31 March 2025
140,389
132,739
4,273
5,006
282,407
At 1 April 2024
48,690
36,842
2,891
4,541
92,964
Charge for the year
18,340
25,724
276
208
44,548
On disposals
-
(6,997)
-
-
(6,997)
At 31 March 2025
67,030
55,569
3,167
4,749
130,515
At 31 March 2025
73,359
77,170
1,106
257
151,892
At 31 March 2024
59,362
54,134
1,382
465
115,343
Amounts falling due within one year
Trade debtors
176,634
104,017
Other debtors
11,256
7,859
Independent Restoration Limited
Notes to the Accounts
for the year ended 31 March 2025
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Creditors: amounts falling due within one year
2025
2024
Bank loans and overdrafts
10,000
10,000
Obligations under finance leases and hire purchase contracts
23,689
27,640
Trade creditors
37,809
64,175
Taxes and social security
77,874
25,677
Other creditors
39,577
31,246
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Creditors: amounts falling due after more than one year
2025
2024
Obligations under finance leases and hire purchase contracts
61,072
43,844
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Average number of employees
During the year the average number of employees was 8 (2024: 7).