Company Registration No. 07161581 (England and Wales)
IS-INSTRUMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
PAGES FOR FILING WITH REGISTRAR
IS-INSTRUMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of cash flows
3
Notes to the financial statements
4 - 8
IS-INSTRUMENTS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2021
30 April 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
30,820
38,886
Current assets
Stocks
19,000
26,543
Debtors
4
154,858
62,134
Cash at bank and in hand
154,777
39,467
328,635
128,144
Creditors: amounts falling due within one year
5
(91,752)
(45,017)
Net current assets
236,883
83,127
Total assets less current liabilities
267,703
122,013
Creditors: amounts falling due after more than one year
6
(8,014)
(17,042)
Net assets
259,689
104,971
Capital and reserves
Called up share capital
7
600
6
Profit and loss reserves
259,089
104,965
Total equity
259,689
104,971
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 2021 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.
IS-INSTRUMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2021
30 April 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 January 2022 and are signed on its behalf by:
Dr J Storey
Dr M Foster
Director
Director
N Bantin
Director
Company Registration No. 07161581
IS-INSTRUMENTS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2021
- 3 -
2021
2020
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
8
132,230
51,242
Interest paid
(1,497)
(2,104)
Income taxes paid
-
Net cash inflow from operating activities
130,733
49,138
Investing activities
Purchase of tangible fixed assets
(5,154)
Interest received
3
Net cash used in investing activities
-
(5,151)
Financing activities
Issue of share capital
(594)
Payment of finance leases obligations
(8,829)
(7,865)
Dividends paid
(6,000)
(6,000)
Net cash used in financing activities
(15,423)
(13,865)
Net increase in cash and cash equivalents
115,310
30,122
Cash and cash equivalents at beginning of year
39,467
9,345
Cash and cash equivalents at end of year
154,777
39,467
IS-INSTRUMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
- 4 -
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. 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 2021
1
Accounting policies
(Continued)
- 5 -
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 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.
1.8
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
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.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
IS-INSTRUMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
1
Accounting policies
(Continued)
- 6 -
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
7
6
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2020 and 30 April 2021
104,419
Depreciation and impairment
At 1 May 2020
65,533
Depreciation charged in the year
8,066
At 30 April 2021
73,599
Carrying amount
At 30 April 2021
30,820
At 30 April 2020
38,886
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
115,964
27,960
Other debtors
38,894
34,174
154,858
62,134
IS-INSTRUMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
- 7 -
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
653
13,566
Corporation tax
42,544
Other taxation and social security
13,618
154
Other creditors
34,937
31,297
91,752
45,017
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
8,014
17,042
7
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
600
6
600
6
During the year 594 Ordinary £1 shares were allotted at par value.
8
Cash generated from operations
2021
2020
£
£
Profit for the year after tax
160,122
8,382
Adjustments for:
Taxation charged
44,135
Finance costs
1,497
2,104
Investment income
(3)
Depreciation and impairment of tangible fixed assets
8,066
7,707
Movements in working capital:
Decrease in stocks
7,543
5,633
(Increase)/decrease in debtors
(92,724)
6,612
Increase in creditors
3,591
20,807
Cash generated from operations
132,230
51,242
IS-INSTRUMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
- 8 -
9
Analysis of changes in net funds
1 May 2020
Cash flows
30 April 2021
£
£
£
Cash at bank and in hand
39,467
115,310
154,777
Obligations under finance leases
(25,470)
8,428
(17,042)
13,997
123,738
137,735