REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
for the Year Ended |
|
30 June 2021 |
|
for |
|
Industrial Washing Machines Limited |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
for the Year Ended |
|
30 June 2021 |
|
for |
|
Industrial Washing Machines Limited |
Industrial Washing Machines Limited (Registered number: 04636452) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the Year Ended 30 June 2021 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
Industrial Washing Machines Limited |
|
Company Information |
for the Year Ended 30 June 2021 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Church Court |
Stourbridge Road |
Halesowen |
West Midlands |
B63 3TT |
Industrial Washing Machines Limited (Registered number: 04636452) |
|
Balance Sheet |
30 June 2021 |
|
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
|
|
Tangible assets | 5 |
|
|
|
|
|
CURRENT ASSETS |
Stocks | 6 |
|
|
Debtors | 7 |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 8 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
9 |
( |
) |
( |
) |
|
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
|
ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
The directors acknowledge their 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. |
Industrial Washing Machines Limited (Registered number: 04636452) |
|
Balance Sheet - continued |
30 June 2021 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the Board of Directors and authorised for issue on
|
|
|
|
|
|
|
|
|
|
|
Industrial Washing Machines Limited (Registered number: 04636452) |
|
Notes to the Financial Statements |
for the Year Ended 30 June 2021 |
|
1. | STATUTORY INFORMATION |
|
Industrial Washing Machines Limited is a
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
The company's accounting reference date was extended to 30 June during last year for commercial reasons. The current reporting period covers the 12 months to 30th June 2020 but the comparatives cover the 18 months from 1 January 2018 to 30 June 2019 and therefore may not be entirely comparable. |
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
|
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has been transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.Contract revenue is recognised when the work has been completed according to the terms of the contract. |
|
Goodwill |
Goodwill is being amortised evenly over its estimated useful life of seven years. |
|
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
|
Tangible fixed assets |
|
Plant and machinery | - |
|
Fixtures and fittings | - |
|
Motor vehicles | - |
|
Computer equipment | - |
|
|
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
|
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
|
Industrial Washing Machines Limited (Registered number: 04636452) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2021 |
|
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
|
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
|
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
|
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit. |
|
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
|
Deferred government grants |
Deferred government grants in respect of capital expenditure are treated as deferred income and are released to the profit and loss account over the estimated life of the assets to which they relate. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 July 2020 |
and 30 June 2021 |
|
AMORTISATION |
At 1 July 2020 |
|
Charge for year |
|
At 30 June 2021 |
|
NET BOOK VALUE |
At 30 June 2021 |
|
At 30 June 2020 |
|
Industrial Washing Machines Limited (Registered number: 04636452) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2021 |
|
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2020 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
|
|
( |
) |
|
( |
) |
At 30 June 2021 |
|
|
|
|
|
DEPRECIATION |
At 1 July 2020 |
|
|
|
|
|
Charge for year |
|
|
|
|
|
Eliminated on disposal |
|
|
( |
) |
|
( |
) |
At 30 June 2021 |
|
|
|
|
|
NET BOOK VALUE |
At 30 June 2021 |
|
|
|
|
|
At 30 June 2020 |
|
|
|
|
|
|
6. | STOCKS |
2021 | 2020 |
£ | £ |
Stocks | 699,755 | 518,037 |
Payments on account | ( |
) | ( |
) |
|
|
|
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
|
|
|
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Hire purchase contracts |
|
|
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Hire purchase contracts |
|
|
Industrial Washing Machines Limited (Registered number: 04636452) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2021 |
|
10. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2021 | 2020 |
£ | £ |
Hire purchase contracts | 23,796 | 43,851 |
|
11. | ULTIMATE CONTROLLING PARTY |
|
The ultimate controlling party is IWM Holdings Limited who have a registered office address of Unit 2 Facet Road, Kings Norton. Birmingham, West Midlands B38 9PT. |