REGISTERED NUMBER:
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INOX FABRICATIONS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 |
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REGISTERED NUMBER:
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INOX FABRICATIONS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 |
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INOX FABRICATIONS LIMITED (REGISTERED NUMBER: 05481769) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2020 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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INOX FABRICATIONS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2020 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
The Exchange |
5 Bank Street |
Bury |
BL9 0DN |
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BANKERS: |
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32-34 King William Street |
Blackburn |
Lancashire |
BB1 7DP |
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SOLICITORS: |
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Shaw House |
1 Shaw Street |
Ashton-under-Lyne |
Greater Manchester |
OL6 6QJ |
INOX FABRICATIONS LIMITED (REGISTERED NUMBER: 05481769) |
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STATEMENT OF FINANCIAL POSITION |
30 JUNE 2020 |
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2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
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CURRENT ASSETS |
Inventories |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his 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. |
INOX FABRICATIONS LIMITED (REGISTERED NUMBER: 05481769) |
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STATEMENT OF FINANCIAL POSITION - continued |
30 JUNE 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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INOX FABRICATIONS LIMITED (REGISTERED NUMBER: 05481769) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2020 |
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1. | STATUTORY INFORMATION |
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Inox Fabrications Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 05481769. The registered office is Unit 1, Adhan Trading Estate, Off Temple Drive, Blackburn, Lancashire, BB1 1NL. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The director has considered the impact of the global Covid-19 pandemic on the company and recognises that the future cannot be predicted with any certainty. The director expects the company to continue trading through the pandemic. Procedures have been introduced to ensure that operations are conducted in accordance with official government advice. The director will endeavour to monitor and control costs as necessary and any available government backed support will be obtained as required. |
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Significant accounting estimates and judgements |
In the application of the company's accounting policies, the director is required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates. |
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The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised. |
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The estimates and assumptions which have a significant risk of causing material adjustment to the carrying amount of assets and liabilities are outlined below: |
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Estimating the useful economic life of an asset and the anticipated residual value are considered key judgements in calculating an appropriate depreciation charge. |
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Revenue |
Revenue represents the fair value of the consideration anticipated to be received on contracts, net of value added tax and after taking account of expected remedial works. |
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Revenue is recognised when a right to consideration has been obtained through performance under each contract. Consideration accrues as contract activity progresses by reference to the value of the work performed. Revenue is not recognised where the right to receive payment is contingent on events outside the control of the company. |
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Unbilled revenue is included in debtors as 'Amounts recoverable on contracts'. |
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Property, plant and equipment |
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Plant and machinery etc | - |
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The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises. |
INOX FABRICATIONS LIMITED (REGISTERED NUMBER: 05481769) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Inventories |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Cost represents actual purchase price. |
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In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion. |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and others third parties and loans to related parties. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement. |
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Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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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. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. 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. |
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The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease. |
INOX FABRICATIONS LIMITED (REGISTERED NUMBER: 05481769) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable for the year are charged in the income statement. |
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Dividends |
Equity dividends are recognised when they become legally payable and are no longer at the discretion of the company. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
machinery |
etc |
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COST |
At 1 July 2019 |
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Additions |
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At 30 June 2020 |
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DEPRECIATION |
At 1 July 2019 |
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Charge for year |
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At 30 June 2020 |
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NET BOOK VALUE |
At 30 June 2020 |
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At 30 June 2019 |
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INOX FABRICATIONS LIMITED (REGISTERED NUMBER: 05481769) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2020 |
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4. | PROPERTY, PLANT AND EQUIPMENT - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Plant and |
machinery |
etc |
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COST |
At 1 July 2019 |
and 30 June 2020 |
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DEPRECIATION |
At 1 July 2019 |
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Charge for year |
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At 30 June 2020 |
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NET BOOK VALUE |
At 30 June 2020 |
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At 30 June 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Hire purchase contracts (see note 8) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Hire purchase contracts (see note 8) |
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INOX FABRICATIONS LIMITED (REGISTERED NUMBER: 05481769) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2020 |
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8. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2020 | 2019 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable |
operating leases |
2020 | 2019 |
£ | £ |
Within one year | 37,607 | 31,289 |
Between one and five years | 25,071 | - |
62,678 | 31,289 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Hire purchase contracts | 90,454 | 112,931 |
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The bank loans are secured by way of a fixed and floating charge over the company's assets. |
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The hire purchase contracts are secured on the respective fixed assets. |
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10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 30 June 2020 and 30 June 2019: |
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2020 | 2019 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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INOX FABRICATIONS LIMITED (REGISTERED NUMBER: 05481769) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2020 |
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10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES - continued |
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No individually material amount was advanced to the director during the year. The maximum overdrawn balance during the year was £16,212 (2018: £6,247). |
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The above loan is unsecured, interest free and repayable on demand. |