Silverfin false 31/10/2022 01/11/2021 31/10/2022 Mr L M Weller 24/05/2006 24 October 2023 The principal activity of the company during the financial year was retail of furniture, lighting and other similar products in a specialised store. 05827303 2022-10-31 05827303 bus:Director1 2022-10-31 05827303 2021-10-31 05827303 core:CurrentFinancialInstruments 2022-10-31 05827303 core:CurrentFinancialInstruments 2021-10-31 05827303 core:Non-currentFinancialInstruments 2022-10-31 05827303 core:Non-currentFinancialInstruments 2021-10-31 05827303 core:ShareCapital 2022-10-31 05827303 core:ShareCapital 2021-10-31 05827303 core:RetainedEarningsAccumulatedLosses 2022-10-31 05827303 core:RetainedEarningsAccumulatedLosses 2021-10-31 05827303 core:Goodwill 2021-10-31 05827303 core:PatentsTrademarksLicencesConcessionsSimilar 2021-10-31 05827303 core:Goodwill 2022-10-31 05827303 core:PatentsTrademarksLicencesConcessionsSimilar 2022-10-31 05827303 core:LeaseholdImprovements 2021-10-31 05827303 core:PlantMachinery 2021-10-31 05827303 core:Vehicles 2021-10-31 05827303 core:FurnitureFittings 2021-10-31 05827303 core:ComputerEquipment 2021-10-31 05827303 core:LeaseholdImprovements 2022-10-31 05827303 core:PlantMachinery 2022-10-31 05827303 core:Vehicles 2022-10-31 05827303 core:FurnitureFittings 2022-10-31 05827303 core:ComputerEquipment 2022-10-31 05827303 core:CurrentFinancialInstruments core:Secured 2022-10-31 05827303 bus:OrdinaryShareClass1 2022-10-31 05827303 core:WithinOneYear 2022-10-31 05827303 core:WithinOneYear 2021-10-31 05827303 core:BetweenOneFiveYears 2022-10-31 05827303 core:BetweenOneFiveYears 2021-10-31 05827303 2021-11-01 2022-10-31 05827303 bus:FullAccounts 2021-11-01 2022-10-31 05827303 bus:SmallEntities 2021-11-01 2022-10-31 05827303 bus:AuditExemptWithAccountantsReport 2021-11-01 2022-10-31 05827303 bus:PrivateLimitedCompanyLtd 2021-11-01 2022-10-31 05827303 bus:Director1 2021-11-01 2022-10-31 05827303 core:Goodwill core:TopRangeValue 2021-11-01 2022-10-31 05827303 core:Goodwill 2021-11-01 2022-10-31 05827303 core:LeaseholdImprovements core:TopRangeValue 2021-11-01 2022-10-31 05827303 core:PlantMachinery core:BottomRangeValue 2021-11-01 2022-10-31 05827303 core:PlantMachinery core:TopRangeValue 2021-11-01 2022-10-31 05827303 core:Vehicles core:BottomRangeValue 2021-11-01 2022-10-31 05827303 core:Vehicles core:TopRangeValue 2021-11-01 2022-10-31 05827303 core:Vehicles 2021-11-01 2022-10-31 05827303 core:FurnitureFittings core:TopRangeValue 2021-11-01 2022-10-31 05827303 core:ComputerEquipment core:TopRangeValue 2021-11-01 2022-10-31 05827303 2020-11-01 2021-10-31 05827303 core:PatentsTrademarksLicencesConcessionsSimilar 2021-11-01 2022-10-31 05827303 core:LeaseholdImprovements 2021-11-01 2022-10-31 05827303 core:PlantMachinery 2021-11-01 2022-10-31 05827303 core:FurnitureFittings 2021-11-01 2022-10-31 05827303 core:ComputerEquipment 2021-11-01 2022-10-31 05827303 core:CurrentFinancialInstruments 2021-11-01 2022-10-31 05827303 core:Non-currentFinancialInstruments 2021-11-01 2022-10-31 05827303 bus:OrdinaryShareClass1 2021-11-01 2022-10-31 05827303 bus:OrdinaryShareClass1 2020-11-01 2021-10-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 05827303 (England and Wales)

IROKA LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2022
Pages for filing with the registrar

IROKA LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2022

Contents

IROKA LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 October 2022
IROKA LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 October 2022
Note 2022 2021
£ £
Fixed assets
Intangible assets 3 1,900 0
Tangible assets 4 184,697 93,051
186,597 93,051
Current assets
Stocks 352,508 409,068
Debtors 5 187,948 114,843
Cash at bank and in hand 280,626 262,579
821,082 786,490
Creditors: amounts falling due within one year 6 ( 613,271) ( 603,668)
Net current assets 207,811 182,822
Total assets less current liabilities 394,408 275,873
Creditors: amounts falling due after more than one year 7 ( 116,598) ( 105,492)
Provision for liabilities ( 30,087) ( 17,680)
Net assets 247,723 152,701
Capital and reserves
Called-up share capital 8 100,300 100,300
Profit and loss account 147,423 52,401
Total shareholders' funds 247,723 152,701

For the financial year ending 31 October 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Iroka Limited (registered number: 05827303) were approved and authorised for issue by the Director on 24 October 2023. They were signed on its behalf by:

Mr L M Weller
Director
IROKA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2022
IROKA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Iroka Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 15 Hayle Business Park, Hayle, TR27 5JR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
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 financial statements. 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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Trademarks, patents and licences not amortised
Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life of 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line and reducing balance basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line
Plant and machinery 2 - 3 years straight line
Vehicles 4 - 5 years straight line
25 % reducing balance
Fixtures and fittings 4 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials and is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including the director 17 17

3. Intangible assets

Goodwill Trademarks, patents
and licences
Total
£ £ £
Cost
At 01 November 2021 65,000 0 65,000
Additions 0 1,900 1,900
At 31 October 2022 65,000 1,900 66,900
Accumulated amortisation
At 01 November 2021 65,000 0 65,000
At 31 October 2022 65,000 0 65,000
Net book value
At 31 October 2022 0 1,900 1,900
At 31 October 2021 0 0 0

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 November 2021 10,215 38,582 98,337 163,178 46,567 356,879
Additions 0 4,747 108,482 45,462 1,599 160,290
Disposals 0 0 ( 53,332) 0 0 ( 53,332)
At 31 October 2022 10,215 43,329 153,487 208,640 48,166 463,837
Accumulated depreciation
At 01 November 2021 10,215 36,060 54,574 123,750 39,229 263,828
Charge for the financial year 0 3,227 16,409 25,122 4,129 48,887
Disposals 0 0 ( 33,575) 0 0 ( 33,575)
At 31 October 2022 10,215 39,287 37,408 148,872 43,358 279,140
Net book value
At 31 October 2022 0 4,042 116,079 59,768 4,808 184,697
At 31 October 2021 0 2,522 43,763 39,428 7,338 93,051

5. Debtors

2022 2021
£ £
Trade debtors 52,132 99,392
Amounts owed by director 91,600 4,743
Prepayments 5,468 8,488
Other debtors 38,748 2,220
187,948 114,843

6. Creditors: amounts falling due within one year

2022 2021
£ £
Bank loans (secured) 31,028 28,619
Trade creditors 215,149 226,997
Deferred income 229,957 248,584
Taxation and social security 98,216 58,268
Obligations under finance leases and hire purchase contracts (secured) 22,562 12,001
Other creditors 16,359 29,199
613,271 603,668

The bank loans are secured over the assets of the company and the hire purchase loans are secured over the assets to which they relate.

7. Creditors: amounts falling due after more than one year

2022 2021
£ £
Bank loans (secured) 43,018 74,046
Obligations under finance leases and hire purchase contracts (secured £73,161) 73,580 31,446
116,598 105,492

The bank loans are secured over the assets of the company and the hire purchase loans are secured over the assets to which they relate.

8. Called-up share capital

2022 2021
£ £
Allotted, called-up and fully-paid
100,300 Ordinary shares of £ 1.00 each 100,300 100,300

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2022 2021
£ £
within one year 16,000 16,000
between one and five years 14,666 30,666
30,666 46,666

10. Related party transactions

Transactions with the entity's director

2022 2021
£ £
Amounts owed by the director 91,600 4,743