Infinity Document Solutions Limited Filleted accounts for Companies House (small and micro)

INFINITY DOCUMENT SOLUTIONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08304392

Infinity Document Solutions Limited

Filleted Unaudited Financial Statements

31 March 2023

Infinity Document Solutions Limited

Financial Statements

Year ended 31 March 2023

CONTENTS	PAGE

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

Infinity Document Solutions Limited

Officers and Professional Advisers

The board of directors	Ms J Harris
	Mr R Stanton
	Mr G Williams
	Mr L Wiltshire
	Mr B Bowen

Registered office	Unit 5 Llys Cae Felin
	Felinfach
	Swansea Business Park
	Swansea
	Wales
	SA5 4HH

Accountants	James & Uzzell Ltd
	Chartered Certified Accountants
	Axis 15, Axis Court
	Mallard Way
	Riverside Business Park
	Swansea
	SA7 0AJ

Infinity Document Solutions Limited

Statement of Financial Position

31 March 2023

	2023	2022
Note	£	£

FIXED ASSETS

Tangible assets	5	26,344	40,222

CURRENT ASSETS

Stocks	6	266,049	275,712
Debtors	7	314,374	271,238
Cash at bank and in hand		456,434	363,659
		------------	---------
		1,036,857	910,609

CREDITORS: amounts falling due within one year	8	354,307	310,059
		------------	---------
NET CURRENT ASSETS		682,550	600,550
		---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES		708,894	640,772

CREDITORS: amounts falling due after more than one year	9	22,682	32,608

PROVISIONS

Taxation including deferred tax	–	1,205
	---------	---------
NET ASSETS	686,212	606,959
	---------	---------

CAPITAL AND RESERVES

Called up share capital	10	110	110
Profit and loss account		686,102	606,849
		---------	---------
SHAREHOLDERS FUNDS		686,212	606,959
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Infinity Document Solutions Limited

Statement of Financial Position (continued)

31 March 2023

These financial statements were approved by the board of directors and authorised for issue on 6 October 2023 , and are signed on behalf of the board by:

J Harris

Ms J Harris

Director

Company registration number: 08304392

Infinity Document Solutions Limited

Notes to the Financial Statements

Year ended 31 March 2023

1. GENERAL INFORMATION

Infinity Document Solutions Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities are sale and maintenance of office machinery.

2. STATEMENT OF COMPLIANCE

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 31 March 2023. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Research and development policy

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.

Going concern

The directors have considered the future trading position of the company and are confident that the going concern principle can be applied to the financial statements.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Leases

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Judgements and key sources of estimation uncertainty

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities within the next financial year are addressed below. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. Stock provision The company sells printers and toner. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Sale of goods Turnover from the sale of printers, toner and software is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of goods. Rendering of services When the outcome of a transaction can be estimated reliably, turnover from insert detail is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to insert detail. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable. Interest receivable Interest income is recognised using the effective interest method.

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Office Equipment	-	20% per annum of cost
Fixtures & Fittings	-	20% per annum of cost
Motor Vehicles	-	25% per annum of cost

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Stocks

Stocks have been valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 9 (2022: 9 ).

5. TANGIBLE ASSETS

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 April 2022	27,991	13,829	64,004	105,824
Additions	2,387	–	–	2,387
Disposals	–	–	( 395)	( 395)
	--------	--------	--------	---------
At 31 March 2023	30,378	13,829	63,609	107,816
	--------	--------	--------	---------
Depreciation
At 1 April 2022	22,608	12,225	30,769	65,602
Charge for the year	2,200	1,388	12,677	16,265
Disposals	–	–	( 395)	( 395)
	--------	--------	--------	---------
At 31 March 2023	24,808	13,613	43,051	81,472
	--------	--------	--------	---------
Carrying amount
At 31 March 2023	5,570	216	20,558	26,344
	--------	--------	--------	---------
At 31 March 2022	5,383	1,604	33,235	40,222
	--------	--------	--------	---------

6. STOCKS

	2023	2022
	£	£
Raw materials and consumables	266,049	275,712
	---------	---------

7. DEBTORS

	2023	2022
	£	£
Trade debtors	279,472	229,555
Other debtors	34,902	41,683
	---------	---------
	314,374	271,238
	---------	---------

8. CREDITORS: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	9,706	9,487
Trade creditors	174,407	153,277
Corporation tax	84,708	76,604
Social security and other taxes	47,903	26,195
Other creditors	37,583	44,496
	---------	---------
	354,307	310,059
	---------	---------

Obligations under finance leases and hire purchase contracts are secured over the assets to which they relate. The total amount of secured liabilities is £0 (2022: £0).

9. CREDITORS: amounts falling due after more than one year

	2023	2022
	£	£
Bank loans and overdrafts	22,682	32,608
	--------	--------

10. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

	2023		2022
	No.	£	No.	£
Ordinary shares of £ 1 each	110	110	110	110
	----	----	----	----

11. OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £5,934 (2022 £23,434). Additionally, a new lease agreement was signed post year-end which is not included in the balance sheet amounting to £105,000.

12. RELATED PARTY TRANSACTIONS

The Aggregated amount of transactions due to entities over which the entity has control, joint control or significant influence are as follows: Key management personnel

	2023	2022
	£	£
Balance due (to)/from key management personnel	24,953	28,626

No interest has been incurred in relation to this balance.