Institute of Spring Technology Limited
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For the year ended 31 December 2014
Unaudited Abbreviated Report and Financial Statements
England and Wales
Registered Number: 03305326
Institute of Spring Technology Limited
For the year ended 31 December 2014
1
Accountants' Report
2
Balance Sheet
3 to 4
Notes to the Abbreviated Financial Statements
Institute of Spring Technology Limited
Chartered Accountants' Report
For the year ended 31 December 2014
Chartered Accountants' Report to the Board of Directors
In order to assist you to fulfil your duties under Companies Act
2006
,
we have prepared for your approval the accounts of Institute of
|
Spring Technology Limited for the year ended
31
December
2014
which comprise the Profit and Loss Account
,
the Balance Sheet and
|
the related notes from the company
'
s accounting records and from information and explanations you have given us
.
|
As a practising 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 at icaew
.
com
/
membershandbook
.
|
This report is made solely to the Board of Directors of Institute of Spring Technology Limited
,
as a body
,
in accordance with the terms of
|
our engagement letter dated
.
Our work has been undertaken solely to prepare for your approval the accounts of Institute of Spring
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Technology Limited and state those matters that we have agreed to state to the Board of Directors of Institute of Spring Technology
|
Limited
,
as a body
,
in this report in accordance with AAF
2
/
10
as detailed at icaew
.
com
/
compilation
.
To the fullest extent permitted by
|
law
,
we do not accept or assume responsibility to anyone other than Institute of Spring Technology Limited and its Board of Directors as
|
a body for our work or for this report
.
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It is your duty to ensure that Institute of Spring Technology Limited has kept adequate accounting records to prepare statutory accounts
|
that give a true and fair view of the assets
,
liabilities
,
financial position and profit of Institute of Spring Technology Limited
.
You consider
|
that Institute of Spring Technology Limited is exempt from the statutory audit requirement for the year
.
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We have not been instructed to carry out an audit or a review of the accounts of Institute of Spring 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 accounts
.
|
Johnson Walker
Horizon House
2 Whiting Street
Sheffield
S8 9QR
1 of 4
Abbreviated Balance Sheet
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Institute of Spring Technology Limited
2014
2013
2
522,879
515,465
522,879
515,465
12,000
41,369
180,942
148,185
109,807
70,959
299,361
263,901
Creditors
:
amounts falling due within one year
|
(185,361)
(205,411)
78,540
93,950
Net current assets
Total assets less current liabilities
|
616,829
594,005
Creditors
:
amounts falling due after more than one year
|
(250,000)
(250,000)
366,829
Net assets
344,005
2
2
406,610
406,610
(39,783)
(62,607)
366,829
344,005
Shareholders funds
For the year ended 31 December 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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Directors responsibilities: 1) The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
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2) The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts
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These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Date approved by the board: 27 July 2015
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Adrian Richard May Director
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Signed on behalf of the board of directors
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2 of 4
Notes to the Abbreviated Financial Statements
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Institute of Spring Technology Limited
For the year ended 31 December 2014
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Research and development expenditure
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Research and development expenditure is charged to the profit and loss account in the period in which it is incurred.
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance
|
sheet date
.
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction
.
All foreign exchange differences
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are included to the profit and loss account
.
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Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
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Plant and Machinery
The company
'
s freehold properties were professionally valued in December
2005
.
This valuation has been reduced by subsequent
|
depreciation
.
Under the transitional provisions of the Financial Reporting Standard for Smaller Entities
(
effective April
2008
)
the properties
|
continue to be stated at that valuation less accumulated depreciation to date and that valuation has not been updated
.
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The company
'
s freehold properties are revalued in full every five years
.
Interim valuations are carried out when it is likely that there has
|
been a material change in value
.
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Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
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3 of 4
Notes to the Abbreviated Financial Statements
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Institute of Spring Technology Limited
For the year ended 31 December 2014
1,491,146
18,934
1,510,080
975,681
11,520
Charge for year
987,201
522,879
515,465
The freehold land and buildings were valued at £425,000 as at 31 December 2005 on an open market basis by Saxton Mee Commercial Ltd, Chartered Surveyors. In the opinion of the directors, having taken professional advice, the value of the land and buildings as at the year end date would have further increased sufficiently to render unnecessary any depreciation charge for the year. If these properties were sold for their revalued amounts it would be necessary to replace them with similar property, and rollover relief against tax on the gain would be available. Accordingly, no timing differences arise and no provision has been made for deferred tax in respect of the revaluation. The freehold land and buildings are held in joint names of Trustees for UKSMA (parent company) and for the Cutlery and Allied Trade Research Association. The above valuation represents the valuation attibutable to the company's share of the property.
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4 of 4