Company Registration No. 09788169 (England and Wales)
ITSY PRODUCTS LIMITED
Unaudited accounts
for the year ended 31 December 2022
ITSY PRODUCTS LIMITED
Unaudited accounts
Contents
ITSY PRODUCTS LIMITED
Company Information
for the year ended 31 December 2022
Directors
Christopher David Grunwell
Peter Ellis Carway
Matthew John Cushen
Company Number
09788169 (England and Wales)
Registered Office
131 LEIGH ROAD
WORSLEY
MANCHESTER
M28 1LG
ENGLAND
Accountants
Monton Green Accountancy Ltd
5 Hawthorn Avenue
Eccles
Manchester
M30 9NE
ITSY PRODUCTS LIMITED
Statement of financial position
as at 31 December 2022
Intangible assets
66,417
70,584
Tangible assets
32,740
30,332
Inventories
139,263
143,570
Cash at bank and in hand
24,028
227,719
Creditors: amounts falling due within one year
(35,704)
(5,316)
Net current assets
127,587
368,909
Total assets less current liabilities
226,744
469,825
Creditors: amounts falling due after more than one year
(700,000)
(704,923)
Net liabilities
(473,256)
(235,098)
Called up share capital
258
258
Share premium
568,511
568,511
Profit and loss account
(1,042,025)
(803,867)
Shareholders' funds
(473,256)
(235,098)
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2023 and were signed on its behalf by
Christopher David Grunwell
Director
Company Registration No. 09788169
ITSY PRODUCTS LIMITED
Notes to the Accounts
for the year ended 31 December 2022
ITSY PRODUCTS LIMITED is a private company, limited by shares, registered in England and Wales, registration number 09788169. The registered office is 131 LEIGH ROAD, WORSLEY, MANCHESTER, M28 1LG, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
4 Years Straight Line
Fixtures & fittings
4 Years Straight Line
Computer equipment
5 Years Straight Line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
The directors believe that the accounts can be prepared on a going concern basis as post year end trading has improved and a small profit is forecast for 2023.
ITSY PRODUCTS LIMITED
Notes to the Accounts
for the year ended 31 December 2022
4
Intangible fixed assets
Goodwill
Other
Total
At 1 January 2022
2,000
81,343
83,343
At 31 December 2022
2,000
81,343
83,343
At 1 January 2022
384
12,375
12,759
Charge for the year
100
4,067
4,167
At 31 December 2022
484
16,442
16,926
At 31 December 2022
1,516
64,901
66,417
At 31 December 2021
1,616
68,968
70,584
5
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2022
81,415
2,477
4,402
88,294
Additions
21,250
-
708
21,958
At 31 December 2022
102,665
2,477
5,110
110,252
At 1 January 2022
55,871
541
1,550
57,962
Charge for the year
17,340
580
1,630
19,550
At 31 December 2022
73,211
1,121
3,180
77,512
At 31 December 2022
29,454
1,356
1,930
32,740
At 31 December 2021
25,544
1,936
2,852
30,332
Amounts falling due within one year
7
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
-
1,441
Trade creditors
19,341
4,452
Taxes and social security
-
7,324
Other creditors
16,661
1,625
Loans from directors
(898)
(10,076)
ITSY PRODUCTS LIMITED
Notes to the Accounts
for the year ended 31 December 2022
8
Creditors: amounts falling due after more than one year
2022
2021
Bank loans
700,000
704,923
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loan to Director
10,076
898
10,076
898
10
Average number of employees
During the year the average number of employees was 3 (2021: 6).