Company Registration No. 03421179 (England and Wales)
INDUSTRIAL BATTERIES (UK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
PAGES FOR FILING WITH REGISTRAR
INDUSTRIAL BATTERIES (UK) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
INDUSTRIAL BATTERIES (UK) LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2020
31 August 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,557
3,420
Investments
5
109,334
107,928
111,891
111,348
Current assets
Stocks
9,357
3,889
Debtors
7
110,128
126,488
Cash at bank and in hand
158,650
118,384
278,135
248,761
Creditors: amounts falling due within one year
8
(195,172)
(186,043)
Net current assets
82,963
62,718
Total assets less current liabilities
194,854
174,066
Provisions for liabilities
(8,508)
(9,507)
Net assets
186,346
164,559
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
186,246
164,459
Total equity
186,346
164,559
INDUSTRIAL BATTERIES (UK) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2020
31 August 2020
- 2 -
The directors of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 1 December 2020 and are signed on its behalf by:
Mrs J P Hall
Director
Company Registration No. 03421179
INDUSTRIAL BATTERIES (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2020
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 September 2018
100
155,111
155,211
Year ended 31 August 2019:
Profit and total comprehensive income for the year
-
19,348
19,348
Dividends
-
(10,000)
(10,000)
Balance at 31 August 2019
100
164,459
164,559
Year ended 31 August 2020:
Profit and total comprehensive income for the year
-
31,787
31,787
Dividends
-
(10,000)
(10,000)
Balance at 31 August 2020
100
186,246
186,346
INDUSTRIAL BATTERIES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
- 4 -
1
Accounting policies
Company information
Industrial Batteries (UK) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Five Mile House, 128 Hanbury Road, Stoke Prior, Bromsgrove, Worcestershire, B60 4JZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% reducing balance
Office equipment
25 % reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
INDUSTRIAL BATTERIES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
1
Accounting policies
(Continued)
- 5 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
INDUSTRIAL BATTERIES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
1
Accounting policies
(Continued)
- 6 -
1.8
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
INDUSTRIAL BATTERIES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
1
Accounting policies
(Continued)
- 7 -
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.15
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
INDUSTRIAL BATTERIES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
1
Accounting policies
(Continued)
- 8 -
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
4
4
3
Directors' remuneration and dividends
2020
2019
£
£
Remuneration paid to directors
192,889
157,983
Dividends paid to directors
3,800
3,800
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2019 - 2).
INDUSTRIAL BATTERIES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
- 9 -
4
Tangible fixed assets
Fixtures and fittings
Office equipment
Total
£
£
£
Cost
At 1 September 2019
7,914
13,602
21,516
Additions
-
351
351
Disposals
(3,815)
(1,186)
(5,001)
At 31 August 2020
4,099
12,767
16,866
Depreciation and impairment
At 1 September 2019
7,741
10,355
18,096
Depreciation charged in the year
37
1,119
1,156
Eliminated in respect of disposals
(3,788)
(1,155)
(4,943)
At 31 August 2020
3,990
10,319
14,309
Carrying amount
At 31 August 2020
109
2,448
2,557
At 31 August 2019
173
3,247
3,420
5
Fixed asset investments
2020
2019
£
£
Other investments other than loans
109,334
107,928
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 September 2019
107,928
Valuation changes
1,406
At 31 August 2020
109,334
Carrying amount
At 31 August 2020
109,334
At 31 August 2019
107,928
INDUSTRIAL BATTERIES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
- 10 -
6
Financial instruments
2020
2019
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
109,334
107,928
7
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
105,954
115,754
Other debtors
834
834
Prepayments and accrued income
3,340
9,900
110,128
126,488
8
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
82,825
116,805
Taxation and social security
99,947
56,749
Other creditors
115
115
Accruals and deferred income
12,285
12,374
195,172
186,043
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
5,072
9,468
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Consultancy fees
2020
2019
£
£
Other related parties
4,000
INDUSTRIAL BATTERIES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
- 11 -
11
Covid-19
During the Covid-19 outbreak and subsequent lockdown commencing in March 2020, the company has continued to trade successfully through the use of remote working by the directors. The company's premises was closed during the nationwide lockdown, and re-opened in May 2020, remaining open since. Two of the company's three major supply chains have remained open throughout the pandemic, and have continued to operate at full production, with the third being closed for approximately 6-8 weeks in April and May 2020, leading to some delays on related orders and deliveries. The directors feel that the company has traded in line with expectations during 2020, in part due to its position in the marketplace and the requirements for the products it supplies for critical backup systems in key industries. The directors are confident that the company can continue as a going concern.
2020-08-31
2019-09-01
false
01 December 2020
CCH Software
CCH Accounts Production 2020.200
No description of principal activity
Mrs J P Hall
Mr G W Hall
Mrs J P Hall
03421179
2019-09-01
2020-08-31
03421179
2020-08-31
03421179
2019-08-31
03421179
core:FurnitureFittings
2020-08-31
03421179
core:ComputerEquipment
2020-08-31
03421179
core:FurnitureFittings
2019-08-31
03421179
core:ComputerEquipment
2019-08-31
03421179
core:CurrentFinancialInstruments
core:WithinOneYear
2020-08-31
03421179
core:CurrentFinancialInstruments
core:WithinOneYear
2019-08-31
03421179
core:CurrentFinancialInstruments
2020-08-31
03421179
core:CurrentFinancialInstruments
2019-08-31
03421179
core:ShareCapital
2020-08-31
03421179
core:ShareCapital
2019-08-31
03421179
core:RetainedEarningsAccumulatedLosses
2020-08-31
03421179
core:RetainedEarningsAccumulatedLosses
2019-08-31
03421179
core:ShareCapital
2018-08-31
03421179
core:RetainedEarningsAccumulatedLosses
2018-08-31
03421179
2018-08-31
03421179
bus:CompanySecretaryDirector1
2019-09-01
2020-08-31
03421179
core:RetainedEarningsAccumulatedLosses
2018-09-01
2019-08-31
03421179
2018-09-01
2019-08-31
03421179
core:RetainedEarningsAccumulatedLosses
2019-09-01
2020-08-31
03421179
core:FurnitureFittings
2019-09-01
2020-08-31
03421179
core:ComputerEquipment
2019-09-01
2020-08-31
03421179
core:FurnitureFittings
2019-08-31
03421179
core:ComputerEquipment
2019-08-31
03421179
2019-08-31
03421179
core:OtherRelatedParties
2019-09-01
2020-08-31
03421179
core:OtherRelatedParties
2018-09-01
2019-08-31
03421179
1
2019-09-01
2020-08-31
03421179
bus:PrivateLimitedCompanyLtd
2019-09-01
2020-08-31
03421179
bus:SmallCompaniesRegimeForAccounts
2019-09-01
2020-08-31
03421179
bus:FRS102
2019-09-01
2020-08-31
03421179
bus:AuditExemptWithAccountantsReport
2019-09-01
2020-08-31
03421179
bus:Director1
2019-09-01
2020-08-31
03421179
bus:Director2
2019-09-01
2020-08-31
03421179
bus:CompanySecretary1
2019-09-01
2020-08-31
03421179
bus:FullAccounts
2019-09-01
2020-08-31
xbrli:pure
xbrli:shares
iso4217:GBP