FINANCIAL PERIOD DATA REFRESH REQUIRED
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Registration number:
Industrial Applications Ltd
for the Year Ended 30 June 2021
Industrial Applications Ltd
Contents
Company Information |
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Director's Report |
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Profit and Loss Account |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
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Detailed Profit and Loss Account |
Industrial Applications Ltd
Company Information
Director |
Sean Padraic O'Halloran |
Registered office |
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Accountants |
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Industrial Applications Ltd
Director's Report for the Year Ended 30 June 2021
The director presents his report and the financial statements for the year ended 30 June 2021.
Incorporation
The company was incorporated on
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is Project Management
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
......................................... |
Industrial Applications Ltd
Profit and Loss Account for the Year Ended 30 June 2021
Note |
2021 |
2020 |
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Turnover |
|
|
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
56,841 |
33,847 |
|
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Industrial Applications Ltd
(Registration number: 07287884)
Balance Sheet as at 30 June 2021
Note |
2021 |
2020 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Net assets |
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|
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Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Profit and loss account |
16,251 |
16,210 |
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Shareholders' funds |
16,351 |
16,310 |
For the financial year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Industrial Applications Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
General information |
The company is a private company limited by share capital, incorporated in UK.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Industrial Applications Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021 (continued)
2 |
Accounting policies (continued) |
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Industrial Applications Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021 (continued)
Debtors |
2021 |
2020 |
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Trade debtors |
|
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2021 |
2020 |
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Due within one year |
||
Taxation and social security |
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Accruals and deferred income |
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Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
|
Ordinary Share of £1 each |
100 |
100 |
100 |
100 |
Related party transactions |
Directors' remuneration
The director's remuneration for the year was as follows:
2021 |
2020 |
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Remuneration |
- |
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Industrial Applications Ltd
Detailed Profit and Loss Account for the Year Ended 30 June 2021
2021 |
2020 |
|
Turnover (analysed below) |
79,156 |
54,676 |
Gross profit (%) |
100% |
100% |
Administrative expenses |
||
Employment costs (analysed below) |
- |
(8,207) |
Establishment costs (analysed below) |
(6,000) |
(4,750) |
General administrative expenses (analysed below) |
(15,909) |
(7,788) |
Finance charges (analysed below) |
(406) |
(84) |
(22,315) |
(20,829) |
|
Operating profit |
56,841 |
33,847 |
Profit before tax |
56,841 |
33,847 |
Industrial Applications Ltd
Detailed Profit and Loss Account for the Year Ended 30 June 2021 (continued)
2021 |
2020 |
Turnover |
||
Sale of goods, UK |
79,156 |
54,676 |
Employment costs |
||
Directors remuneration |
- |
(7,900) |
Directors NIC (Employers) |
- |
(307) |
- |
(8,207) |
Establishment costs |
||
Rent |
(6,000) |
- |
Use of home as office |
- |
(4,750) |
(6,000) |
(4,750) |
General administrative expenses |
||
Telephone and fax |
(771) |
(519) |
Office expenses |
- |
(1,507) |
Computer software and maintenance costs |
(1,500) |
(969) |
Printing, postage and stationery |
(24) |
(183) |
Trade subscriptions |
(108) |
- |
Sundry expenses |
(223) |
(525) |
Travel and subsistence |
(1,938) |
(2,722) |
Accountancy fees |
(1,350) |
(1,350) |
Consultancy fees |
(9,982) |
- |
Legal and professional fees |
(13) |
(13) |
(15,909) |
(7,788) |
Finance charges |
||
Bank charges |
(406) |
(84) |