Company Registration No. 07161581 (England and Wales)
IS-INSTRUMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017
PAGES FOR FILING WITH REGISTRAR
IS-INSTRUMENTS LIMITED
COMPANY INFORMATION
Directors
Dr J Storey
Dr M Foster
N Bantin
Company number
07161581
Registered office
Pipers Business Centre
220 Vale Road
Tonbridge
Kent
TN9 1SP
Accountants
Lindeyer Francis Ferguson Ltd
North House
198 High Street
Tonbridge
Kent
TN9 1BE
Business address
220 Vale Road
Tonbridge
Kent
TN9 1SP
IS-INSTRUMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
IS-INSTRUMENTS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2017
30 April 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
367
7,221
Current assets
Stocks
24,750
33,000
Debtors
4
49,711
94,259
Cash at bank and in hand
22,228
14,106
96,689
141,365
Creditors: amounts falling due within one year
5
(12,576)
(35,091)
Net current assets
84,113
106,274
Total assets less current liabilities
84,480
113,495
Capital and reserves
Called up share capital
6
6
6
Revaluation reserve
7
-
4,962
Profit and loss reserves
84,474
108,527
Total equity
84,480
113,495
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act 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 31 January 2018 and are signed on its behalf by:
N Bantin
Director
Company Registration No. 07161581
IS-INSTRUMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017
- 2 -
1
Accounting policies
Company information
IS-Instruments Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Pipers Business Centre, 220 Vale Road, Tonbridge, Kent, TN9 1SP.
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.
These financial statements for the year ended 30 April 2017
are the
first
financial statements of IS-Instruments Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 May 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
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.
1.3
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
.
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:
Plant and machinery
12.5% straight line
Computer equipment
16.5% straight line
IS-INSTRUMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
1
Accounting policies
(Continued)
- 3 -
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
.
1.5
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).
An impairment loss is recognised immediately in profit or loss
.
1.6
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.
1.7
Cash at bank and in hand
Cash at bank and in hand
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.
1.8
Financial instruments
The company only has financial instruments which are classified as basic financial instruments.
Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in profit and loss.
Bank loans are initially recorded at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method.
1.9
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2016 - 4).
IS-INSTRUMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 4 -
3
Tangible fixed assets
Plant and machinery
£
Cost or valuation
At 1 May 2016 and 30 April 2017
56,023
Depreciation and impairment
At 1 May 2016
48,803
Depreciation charged in the year
6,853
At 30 April 2017
55,656
Carrying amount
At 30 April 2017
367
At 30 April 2016
7,221
During the year ended 30 April 2011, the company acquired plant and machinery at a value far below its true market value. The directors have therefore adopted a policy of revaluation over this class of assets. The assets were revalued at 30 April 2012 by the directors. The directors consider that cost or valuation less accumulated depreciation is equivalent to the assets' current market value at 30 April 2017.
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2017
2016
£
£
Cost
6,502
6,502
Accumulated depreciation
(6,502)
(5,689)
Carrying value
-
813
The revaluation surplus is disclosed in note 7.
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
49,205
67,797
Other debtors
506
26,462
49,711
94,259
IS-INSTRUMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 5 -
5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
2,769
22,932
Other taxation and social security
4,466
7,836
Other creditors
5,341
4,323
12,576
35,091
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
6 Ordinary shares of £1 each
6
6
6
6
7
Revaluation reserve
2017
2016
£
£
At beginning of year
4,962
9,924
Transfer to retained earnings
(4,962)
(4,962)
At end of year
-
4,962