Company Registration No. 07161581 (England and Wales)
IS-INSTRUMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2018
PAGES FOR FILING WITH REGISTRAR
IS-INSTRUMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of cash flows
2
Notes to the financial statements
3 - 6
IS-INSTRUMENTS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2018
30 April 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
165
367
Current assets
Stocks
31,000
24,750
Debtors
4
63,066
49,711
Cash at bank and in hand
18,650
22,228
112,716
96,689
Creditors: amounts falling due within one year
5
(34,155)
(12,576)
Net current assets
78,561
84,113
Total assets less current liabilities
78,726
84,480
Capital and reserves
Called up share capital
6
6
6
Profit and loss reserves
78,720
84,474
Total equity
78,726
84,480
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 2018 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 12 September 2018 and are signed on its behalf by:
N Bantin
Director
Company Registration No. 07161581
IS-INSTRUMENTS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2018
- 2 -
2018
2017
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
7
11,422
12,149
Net cash used in investing activities
-
-
Financing activities
Dividends paid
(15,000)
(4,027)
Net cash used in financing activities
(15,000)
(4,027)
Net (decrease)/increase in cash and cash equivalents
(3,578)
8,122
Cash and cash equivalents at beginning of year
22,228
14,106
Cash and cash equivalents at end of year
18,650
22,228
IS-INSTRUMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2018
- 3 -
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.
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
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
.
IS-INSTRUMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
1
Accounting policies
(Continued)
- 4 -
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 (2017 - 6
).
IS-INSTRUMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
- 5 -
3
Tangible fixed assets
Plant and machinery
£
Cost or valuation
At 1 May 2017 and 30 April 2018
56,023
Depreciation and impairment
At 1 May 2017
55,656
Depreciation charged in the year
202
At 30 April 2018
55,858
Carrying amount
At 30 April 2018
165
At 30 April 2017
367
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:
2018
2017
£
£
Cost
6,502
6,502
Accumulated depreciation
(6,502)
(6,502)
Carrying value
-
-
The revaluation surplus is disclosed in note .
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
61,755
49,205
Other debtors
1,311
506
63,066
49,711
IS-INSTRUMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
- 6 -
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
17,887
2,769
Other taxation and social security
-
4,466
Other creditors
16,268
5,341
34,155
12,576
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
6 Ordinary shares of £1 each
6
6
7
Cash generated from operations
2018
2017
£
£
Profit/(loss) for the year after tax
9,246
(24,987)
Adjustments for:
Depreciation and impairment of tangible fixed assets
202
6,853
Movements in working capital:
(Increase)/decrease in stocks
(6,250)
8,250
(Increase)/decrease in debtors
(12,550)
44,548
Increase/(decrease) in creditors
20,774
(22,515)
Cash generated from operations
11,422
12,149
8
Analysis of changes in net debt
2018
£
Opening net funds
Cash and cash equivalents
22,228
Changes in net debt arising from:
Cash flows of the entity
(3,578)
Closing net funds as analysed below
18,650
Closing net funds
Cash and cash equivalents
18,650