INSULATION & HEATING INSTALLATIONS LTD - Accounts to registrar (filleted) - small 18.2
INSULATION & HEATING INSTALLATIONS LTD - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 |
FOR |
INSULATION & HEATING INSTALLATIONS LTD |
INSULATION & HEATING INSTALLATIONS LTD (REGISTERED NUMBER: 10669962) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
Page |
Statement of Financial Position | 1 |
Notes to the Financial Statements | 2 | to | 5 |
INSULATION & HEATING INSTALLATIONS LTD (REGISTERED NUMBER: 10669962) |
STATEMENT OF FINANCIAL POSITION |
31 MARCH 2019 |
31.3.19 | 31.3.18 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director on |
INSULATION & HEATING INSTALLATIONS LTD (REGISTERED NUMBER: 10669962) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
1. | STATUTORY INFORMATION |
The company is a private company limited by shares, registered in England and Wales. The address |
of the registered office is The Cadman Centre, Suite 38, High Force Road, Riverside Park, |
Middlesborough, Yorkshire, TS2 1RH. The principal activity of the company is that of construction |
installation. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling, which is the functional currency of the entity. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and |
assumptions that affect the amounts reported. These estimates and judgements are continually |
reviewed and are based on experience and other factors, including expectations of future events that |
are believed to be reasonable under the circumstances. |
Key sources of estimation uncertainty |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely |
equal the related actual outcome. The key assumptions and other sources of estimation uncertainty |
that have a significant risk of causing a material adjustment to the carrying amounts of assets and |
liabilities within the next financial year are as follows: |
As described in the accounting policies of the financial statements, depreciation of tangible fixed |
assets has been based on estimated useful lives and residual values deemed appropriate by directors. |
Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions |
take in to account actual asset lives and residual values as evidenced by disposals during current and |
prior accounting periods. |
Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable and represents |
amounts receivable for services rendered, stated net of discounts and of Value Added Tax. |
Revenue from the services rendered is recognised on the approval of installation. |
Tangible fixed assets |
Fixtures and fittings | - |
INSULATION & HEATING INSTALLATIONS LTD (REGISTERED NUMBER: 10669962) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the |
contractual provisions of the instrument. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement |
constitutes a financing transaction, where it is recognised at the present value of the future payments |
discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of |
impairment at the end of each reporting date. If there is objective evidence of impairment, an |
impairment loss is recognised in profit or loss immediately. |
For all equity instruments regardless of significance, and other financial assets that are individually |
significant, these are assessed individually for impairment. Other financial assets are either assessed |
individually or grouped on the basis of similar credit risk characteristics. |
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal |
does not result in a carrying amount of the financial asset that exceeds what the carrying amount |
would have been had the impairment not previously been recognised. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of |
Income and Retained Earnings, except to the extent that it relates to items recognised in other |
comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable |
that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Defined contributions plans |
Contributions to defined contribution plans are recognised as an expense in the period in which the |
related service is provided. Prepaid contributions are recognised as an asset to the extent that the |
prepayment will lead to a reduction in future payments or a cash refund. |
When contributions are not expected to be settled wholly within 12 months of the end of the reporting |
date in which the employees render the related service, the liability is measured on a discounted |
present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in |
the period in which it arises. |
INSULATION & HEATING INSTALLATIONS LTD (REGISTERED NUMBER: 10669962) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
2. | ACCOUNTING POLICIES - continued |
Employee benefits |
The company provides a range of benefits to employees. |
Short term benefits, including holiday pay, are recognised as an expense in the profit and loss account |
in the period in which they are incurred. |
Going concern |
The accounts have been prepared on the going concern basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 April 2018 |
Additions |
At 31 March 2019 |
DEPRECIATION |
At 1 April 2018 |
Charge for year |
At 31 March 2019 |
NET BOOK VALUE |
At 31 March 2019 |
At 31 March 2018 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
INSULATION & HEATING INSTALLATIONS LTD (REGISTERED NUMBER: 10669962) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
7. | EVENTS AFTER THE END OF THE REPORTING PERIOD |
There were no significant events up to the date of approval of the financial statements by the Board. |
8. | GOING CONCERN |
The accounts have been prepared on the going concern basis as one of the directors has expressed |
his willingness to support the business for the foreseeable future. |