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REGISTERED NUMBER: 04429467 (England and Wales)












IF SOLUTIONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023






IF SOLUTIONS LIMITED (REGISTERED NUMBER: 04429467)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IF SOLUTIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: Mrs C L Baugh
Mr A P Baugh





SECRETARY: Mrs C L Baugh





REGISTERED OFFICE: Kipling House
Halesfield 20
Telford
Shropshire
TF7 4QU





REGISTERED NUMBER: 04429467 (England and Wales)





ACCOUNTANTS: Wallace Crooke Walsall Limited
Chartered Accountants
Wallace House
20 Birmingham Road
Walsall
West Midlands
WS1 2LT

IF SOLUTIONS LIMITED (REGISTERED NUMBER: 04429467)

BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 56,565 16,488
56,565 16,488

CURRENT ASSETS
Stocks 10,500 55,557
Debtors 6 1,443,857 1,231,339
Cash at bank and in hand 24,486 70,491
1,478,843 1,357,387
CREDITORS
Amounts falling due within one year 7 1,182,709 1,050,376
NET CURRENT ASSETS 296,134 307,011
TOTAL ASSETS LESS CURRENT
LIABILITIES

352,699

323,499

CREDITORS
Amounts falling due after more than one
year

8

118,848

194,408
NET ASSETS 233,851 129,091

CAPITAL AND RESERVES
Called up share capital 11 52 52
Retained earnings 233,799 129,039
SHAREHOLDERS' FUNDS 233,851 129,091

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

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.

IF SOLUTIONS LIMITED (REGISTERED NUMBER: 04429467)

BALANCE SHEET - continued
30 JUNE 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 Board of Directors and authorised for issue on 23 August 2023 and were signed on its behalf by:





Mr A P Baugh - Director


IF SOLUTIONS LIMITED (REGISTERED NUMBER: 04429467)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

IF Solutions Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company's financial statements are individual entity financial statements.

The company's financial statements are presented in Sterling and all values are rounded to the nearest pound.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Computer software, being the amount paid in connection with the creation of the Company's website in 2005, is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% reducing balance
Fixtures and fittings - 50% on cost, 25% reducing balance and 20% on cost
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

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 balance sheet date.


IF SOLUTIONS LIMITED (REGISTERED NUMBER: 04429467)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

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.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 14 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 July 2022
and 30 June 2023 30,000
AMORTISATION
At 1 July 2022
and 30 June 2023 30,000
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 -

IF SOLUTIONS LIMITED (REGISTERED NUMBER: 04429467)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 July 2022 2,390 75,439 79,655 6,000 163,484
Additions 36,922 - 4,198 5,800 46,920
At 30 June 2023 39,312 75,439 83,853 11,800 210,404
DEPRECIATION
At 1 July 2022 400 75,115 65,481 6,000 146,996
Charge for year 1,123 80 5,640 - 6,843
At 30 June 2023 1,523 75,195 71,121 6,000 153,839
NET BOOK VALUE
At 30 June 2023 37,789 244 12,732 5,800 56,565
At 30 June 2022 1,990 324 14,174 - 16,488

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,129,042 871,987
Other debtors 314,815 359,352
1,443,857 1,231,339

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 73,171 66,881
Finance leases (see note 9) 2,389 4,401
Trade creditors 551,201 448,049
Taxation and social security 465,041 369,768
Other creditors 90,907 161,277
1,182,709 1,050,376

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 114,632 187,803
Finance leases (see note 9) 4,216 6,605
118,848 194,408

IF SOLUTIONS LIMITED (REGISTERED NUMBER: 04429467)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases
2023 2022
£    £   
Net obligations repayable:
Within one year 2,389 4,401
Between one and five years 4,216 6,605
6,605 11,006

Non-cancellable operating leases
2023 2022
£    £   
Within one year 67,929 53,444
Between one and five years 149,739 141,782
In more than five years 9,000 36,000
226,668 231,226

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Finance leases 6,605 11,006
Factoring account 356,894 356,894
363,499 367,900

The debt is secured against the asset for which the finance lease arrangement has been agreed.

The factoring account contains a fixed and floating charge which covers all the property and undertaking of the company.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2
10 Ordinary B £1 10 10
10 Ordinary C £1 10 10
30 Ordinary D £1 30 30
52 52

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the directors received advances totalling £414,525 (2022: £281,039), with interest charged at 2% (2022: 2%). The directors made repayments during the year totalling £420,000. (2022: £230,000). At the year end the directors owed £249,819 (2021: £255,294) to the company.