Institute of Spring Technology Limited
|
Registered Number
:
03305326
|
For the year ended 31 December 2017
England and Wales
Unaudited Financial Statements
For the year ended 31 December 2017
Institute of Spring Technology Limited
Contents Page
1
Statement of Financial Position
2 to 5
Notes to the Financial Statements
Institute of Spring Technology Limited
Statement of Financial Position
2016
2017
Property
,
plant and equipment
|
551,476
535,194
2
551,476
535,194
12,091
12,091
3
Trade and other receivables
|
67,443
135,127
4
117,251
Cash and cash equivalents
|
61,018
208,236
196,785
Trade and other payables
:
amounts falling due within one year
|
(202,610)
(168,481)
5
(5,825)
39,755
Net current assets
Total assets less current liabilities
|
591,231
529,369
Trade and other payables
:
amounts falling due after more than one year
|
(250,000)
(250,000)
6
341,231
Net assets
279,369
2
2
406,610
406,610
7
(65,381)
(127,243)
341,231
279,369
Shareholders' funds
For the year ended 31 December 2017 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 of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006
|
The directors acknowledge their responsibilities for:a) ensuring that the company keeps proper 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 Section
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
.
|
In accordance with Section
444
of the Companies Act
2006
,
the Income Statement has not been delivered
.
|
The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
|
These financial statements were approved and authorised for issue by the Board on 15 August 2018 and were signed by:
|
1 of 5
For the year ended 31 December 2017
Institute of Spring Technology Limited
Statement of Financial Position Continued
The notes form part of these financial statements
|
2 of 5
For the year ended 31 December 2017
Institute of Spring Technology Limited
Notes to the Financial Statements
Statutory Information
Institute of Spring Technology Limited is a private limited company
,
limited by shares
,
domiciled in England and Wales
,
registration number
|
03305326
.
|
Henry Street
Sheffield
S3 7EQ
The presentation currency is £ sterling
.
|
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section
1
A of Financial Reporting Standard
102
'
The
|
Financial Reporting Standard applicable in the UK and Republic of Ireland
'
and the Companies Act
2006
.
The financial statements have
|
been prepared under the historical costs convention as modified by the revaluation of certain assets
.
|
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Research and development
Research and development expenditure is charged to the profit and loss account in the period in which it is incurred.
Property, plant and equipment
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:
|
Plant and machinery
The company
'
s freehold properties were professionally valued in
2005
.
This valuation has been reduced by subsequent depreciation
.
|
Under the transitional provisions of the Financial Reporting Standard for Smaller Entities
(
effective January
2015
)
the properties continue
|
to be stated at that valuation less accumulated depreciation to date and that valuation has not been updated
.
|
In the opinion of the directors the value of the land and buildings as at the year end date would have increased sufficiently to render
|
unnecessary any depreciation charge for the year
.
|
Inventories
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.
|
Foreign currencies
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 are included to the profit and loss account.
|
Hire purchase and leasing commitments
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
3 of 5
For the year ended 31 December 2017
Institute of Spring Technology Limited
Notes to the Financial Statements Continued
2
.
Property
,
plant and equipment
|
Land and buildings
1,555,380
951,570
603,810
31,146
31,146
-
603,810
982,716
1,586,526
Provision for depreciation and impairment
|
1,020,186
834,126
186,060
Charge for year
14,864
14,864
-
1,035,050
848,990
186,060
417,750
133,726
551,476
417,750
117,444
535,194
2016
2017
12,091
12,091
4
.
Trade and other receivables
|
2016
2017
114,099
59,097
21,028
8,346
67,443
135,127
5
.
Trade and other payables
:
amounts falling due within one year
|
2016
2017
24,211
56,554
Taxation and social security
|
26,107
19,276
118,163
126,780
168,481
202,610
4 of 5
For the year ended 31 December 2017
Institute of Spring Technology Limited
Notes to the Financial Statements Continued
6
.
Trade and other payables
:
amounts falling due after more than one year
|
2016
2017
Amounts owed to group undertaking and undertaking in which the company has a
|
participating interest
|
250,000
250,000
Revaluation reserve at
01
January
2017
|
406,610
406,610
Revaluation reserve at
31
December
2017
|
5 of 5