Company registration number 04363314 (England and Wales)
ISEKI VACUUM SYSTEMS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
6th Floor Kings House
9-10 Haymarket
London
United Kingdom
SW1Y 4BP
ISEKI VACUUM SYSTEMS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr D. R. O. How
Mr N. V. Smith
Mr T. Salt
Mr J. Bradley
Secretary
Mr J Bradley
Company number
04363314
Registered office
High March
Daventry
Northants
United Kingdom
NN11 4QE
Auditor
TC Group
6th Floor Kings House
9-10 Haymarket
London
United Kingdom
SW1Y 4BP
ISEKI VACUUM SYSTEMS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 11
ISEKI VACUUM SYSTEMS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
65,676
62,411
Investments
5
1
1
65,677
62,412
Current assets
Stocks
6
292,378
325,189
Debtors
7
203,004
159,278
Cash at bank and in hand
275,673
267,597
771,055
752,064
Creditors: amounts falling due within one year
8
(148,072)
(188,985)
Net current assets
622,983
563,079
Total assets less current liabilities
688,660
625,491
Provisions for liabilities
(10,127)
(6,817)
Net assets
678,533
618,674
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
678,532
618,673
Total equity
678,533
618,674
ISEKI VACUUM SYSTEMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 25 July 2023 and are signed on its behalf by:
Mr D. R. O. How
Director
Company Registration No. 04363314
The notes on pages 4 to 11 form part of these financial statements
ISEKI VACUUM SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
1
Accounting policies
Company information
Iseki Vacuum Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is High March, Daventry, Northants, United Kingdom, NN11 4QE.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Iseki Vacuum Systems Limited is a wholly owned subsidiary of Rediweld Holdings Limited and the results of Iseki Vacuum Systems Limited are included in the consolidated financial statements of Rediweld Holdings Limited which are available from Companies House.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the 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.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
ISEKI VACUUM SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.5
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.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
10% straight line
Fixtures and fittings
10-33% straight line
Motor vehicles
25% straight line
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.
1.6
Fixed asset investments
Interests in subsidiaries 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.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.
1.8
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.
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.
1.9
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
ISEKI VACUUM SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 6 -
1.10
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 and loans from fellow group companies 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 payments 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. Amounts 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.
1.11
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.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ISEKI VACUUM SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 7 -
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.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
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.
1.14
Retirement benefits
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
1.15
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 leases asset are consumed.
ISEKI VACUUM SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 8 -
1.16
Government grants
Government grants are recognised at the fair value of the asset received 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.
1.17
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:
2022
2021
Number
Number
Total
10
10
3
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
12,428
Deferred tax
Origination and reversal of timing differences
3,310
(1,842)
Total tax charge/(credit)
15,738
(1,842)
ISEKI VACUUM SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
4
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2022
127,665
65,103
58,610
251,378
Additions
19,855
19,855
At 31 December 2022
147,520
65,103
58,610
271,233
Depreciation and impairment
At 1 January 2022
87,810
58,328
42,829
188,967
Depreciation charged in the year
7,930
1,538
7,122
16,590
At 31 December 2022
95,740
59,866
49,951
205,557
Carrying amount
At 31 December 2022
51,780
5,237
8,659
65,676
At 31 December 2021
39,855
6,776
15,780
62,411
5
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
1
1
6
Stocks
2022
2021
£
£
Stocks
292,378
325,189
ISEKI VACUUM SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 10 -
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
148,616
106,257
Other debtors
18,498
19,315
Prepayments and accrued income
35,890
33,706
203,004
159,278
8
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
80,434
136,230
Corporation tax
12,428
Other taxation and social security
11,890
11,149
Accruals and deferred income
43,320
41,606
148,072
188,985
9
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Philip Clark FCCA.
The auditor was TC Group.
ISEKI VACUUM SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 11 -
11
Related party transactions
The company has taken advantage of the exemption under section 33.1A of FRS102 from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared by the ultimate parent company, which are publicly available.
12
Parent company
The directors consider the ultimate parent company to be Rediweld Holdings Limited, a company registered in England and Wales.
Rediweld Holdings Limited is the only company within the group which prepares consolidated accounts. Those consolidated accounts can be obtained from the Company Directors, High March, High March Industrial Estate, Daventry, Northamptonshire, NN11 4QE.
2022-12-312022-01-01false25 July 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedMr D. R. O. HowMr D. J. CartwrightMr N. V. SmithMr T. SaltMr J. BradleyMr J Bradley043633142022-01-012022-12-3104363314bus:Director12022-01-012022-12-3104363314bus:Director32022-01-012022-12-3104363314bus:Director42022-01-012022-12-3104363314bus:CompanySecretaryDirector12022-01-012022-12-3104363314bus:CompanySecretary12022-01-012022-12-3104363314bus:Director22022-01-012022-12-3104363314bus:Director52022-01-012022-12-3104363314bus:RegisteredOffice2022-01-012022-12-31043633142022-12-31043633142021-12-3104363314core:PlantMachinery2022-12-3104363314core:FurnitureFittings2022-12-3104363314core:MotorVehicles2022-12-3104363314core:PlantMachinery2021-12-3104363314core:FurnitureFittings2021-12-3104363314core:MotorVehicles2021-12-3104363314core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3104363314core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3104363314core:CurrentFinancialInstruments2022-12-3104363314core:CurrentFinancialInstruments2021-12-3104363314core:ShareCapital2022-12-3104363314core:ShareCapital2021-12-3104363314core:RetainedEarningsAccumulatedLosses2022-12-3104363314core:RetainedEarningsAccumulatedLosses2021-12-3104363314core:PlantMachinery2022-01-012022-12-3104363314core:FurnitureFittings2022-01-012022-12-3104363314core:MotorVehicles2022-01-012022-12-31043633142021-01-012021-12-3104363314core:UKTax2022-01-012022-12-3104363314core:UKTax2021-01-012021-12-3104363314core:PlantMachinery2021-12-3104363314core:FurnitureFittings2021-12-3104363314core:MotorVehicles2021-12-31043633142021-12-3104363314bus:PrivateLimitedCompanyLtd2022-01-012022-12-3104363314bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3104363314bus:FRS1022022-01-012022-12-3104363314bus:Audited2022-01-012022-12-3104363314bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP