Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-28The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-03-01falseDesign and manufacture of in-store merchandising fittings and window displays for the retail industry5848truetrue 03627264 2022-03-01 2023-02-28 03627264 2023-02-28 03627264 2021-03-01 2022-02-28 03627264 2022-02-28 03627264 2021-03-01 03627264 c:Director1 2022-03-01 2023-02-28 03627264 d:PlantMachinery 2022-03-01 2023-02-28 03627264 d:PlantMachinery 2023-02-28 03627264 d:PlantMachinery 2022-02-28 03627264 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 03627264 d:MotorVehicles 2022-03-01 2023-02-28 03627264 d:MotorVehicles 2023-02-28 03627264 d:MotorVehicles 2022-02-28 03627264 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 03627264 d:FurnitureFittings 2022-03-01 2023-02-28 03627264 d:FurnitureFittings 2023-02-28 03627264 d:FurnitureFittings 2022-02-28 03627264 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 03627264 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 03627264 d:CurrentFinancialInstruments 2023-02-28 03627264 d:CurrentFinancialInstruments 2022-02-28 03627264 d:Non-currentFinancialInstruments 2023-02-28 03627264 d:Non-currentFinancialInstruments 2022-02-28 03627264 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 03627264 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 03627264 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 03627264 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 03627264 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 03627264 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-02-28 03627264 d:ShareCapital 2022-03-01 2023-02-28 03627264 d:ShareCapital 2023-02-28 03627264 d:ShareCapital 2021-03-01 2022-02-28 03627264 d:ShareCapital 2022-02-28 03627264 d:ShareCapital 2021-03-01 03627264 d:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 03627264 d:RetainedEarningsAccumulatedLosses 2023-02-28 03627264 d:RetainedEarningsAccumulatedLosses 2021-03-01 2022-02-28 03627264 d:RetainedEarningsAccumulatedLosses 2022-02-28 03627264 d:RetainedEarningsAccumulatedLosses 2021-03-01 03627264 c:OrdinaryShareClass1 2022-03-01 2023-02-28 03627264 c:OrdinaryShareClass1 2023-02-28 03627264 c:OrdinaryShareClass1 2022-02-28 03627264 c:OrdinaryShareClass2 2022-03-01 2023-02-28 03627264 c:OrdinaryShareClass2 2023-02-28 03627264 c:OrdinaryShareClass2 2022-02-28 03627264 c:OrdinaryShareClass3 2022-03-01 2023-02-28 03627264 c:OrdinaryShareClass3 2023-02-28 03627264 c:OrdinaryShareClass3 2022-02-28 03627264 c:OrdinaryShareClass4 2022-03-01 2023-02-28 03627264 c:OrdinaryShareClass4 2023-02-28 03627264 c:OrdinaryShareClass4 2022-02-28 03627264 c:FRS102 2022-03-01 2023-02-28 03627264 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 03627264 c:FullAccounts 2022-03-01 2023-02-28 03627264 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 03627264 d:HirePurchaseContracts d:WithinOneYear 2023-02-28 03627264 d:HirePurchaseContracts d:WithinOneYear 2022-02-28 03627264 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-02-28 03627264 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-02-28 03627264 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 03627264 d:AcceleratedTaxDepreciationDeferredTax 2022-02-28 xbrli:shares iso4217:GBP xbrli:pure

Company Registration Number 03627264























BLACKS VISUAL MERCHANDISING LIMITED





UNAUDITED
FINANCIAL STATEMENTS





 28 FEBRUARY 2023



















img412c.png

 
BLACKS VISUAL MERCHANDISING LIMITED
REGISTERED NUMBER: 03627264

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
352,756
371,697

  
352,756
371,697

Current assets
  

Stocks
 6 
268,088
385,397

Debtors: amounts falling due within one year
 7 
4,705,143
4,416,787

Cash at bank and in hand
 8 
110,507
15

  
5,083,738
4,802,199

Creditors: amounts falling due within one year
 9 
(1,763,312)
(2,437,614)

Net current assets
  
 
 
3,320,426
 
 
2,364,585

Total assets less current liabilities
  
3,673,182
2,736,282

Creditors: amounts falling due after more than one year
 10 
(271,867)
(460,874)

Provisions for liabilities
  

Deferred tax
 13 
(74,956)
(58,672)

  
 
 
(74,956)
 
 
(58,672)

Net assets
  
3,326,359
2,216,736


Capital and reserves
  

Called up share capital 
 14 
10,000
10,000

Profit and loss account
  
3,316,359
2,206,736

  
3,326,359
2,216,736

Page 1

 
BLACKS VISUAL MERCHANDISING LIMITED
REGISTERED NUMBER: 03627264

BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 September 2023.




Mr A Vilarrubi
Director

The notes on pages 5 to 15 form part of these financial statements.

Page 2

 
BLACKS VISUAL MERCHANDISING LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 March 2022
10,000
2,206,736
2,216,736


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year

-
1,372,496
1,372,496


OTHER COMPREHENSIVE INCOME FOR THE YEAR
-
-
-


TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
1,372,496
1,372,496

Dividends: Equity capital
-
(262,873)
(262,873)


TOTAL TRANSACTIONS WITH OWNERS
-
(262,873)
(262,873)


AT 28 FEBRUARY 2023
10,000
3,316,359
3,326,359

Page 3

 
BLACKS VISUAL MERCHANDISING LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 March 2021
10,000
2,019,114
2,029,114


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year

-
433,762
433,762


OTHER COMPREHENSIVE INCOME FOR THE YEAR
-
-
-


TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
433,762
433,762

Dividends: Equity capital
-
(246,140)
(246,140)


TOTAL TRANSACTIONS WITH OWNERS
-
(246,140)
(246,140)


AT 28 FEBRUARY 2022
10,000
2,206,736
2,216,736


The notes on pages 5 to 15 form part of these financial statements.

Page 4

 
BLACKS VISUAL MERCHANDISING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Blacks Visual Merchandising Limited is a private company limited by shares incorporated in England and Wales. The registered office is Rudgate, Walton, Wetherby, West Yorkshire, LS23 7AU. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the basis that the company will continue to receive support from the directors, shareholders and related parties.
After consideration of all factors, the directors continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 5

 
BLACKS VISUAL MERCHANDISING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 6

 
BLACKS VISUAL MERCHANDISING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 7

 
BLACKS VISUAL MERCHANDISING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following basis:

Plant and machinery
-
7 years straight line
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
7 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 8

 
BLACKS VISUAL MERCHANDISING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.16

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 9

 
BLACKS VISUAL MERCHANDISING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and
estimates. The items in the financial statements where these judgments and estimates have been made
include:
Trade creditors and accruals - Judgement has to be made in providing for costs which relate to revenue from sales which have been invoiced and recognised in these financial statements.


4.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Staff
56
46



Directors
2
2

58
48


5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 March 2022
767,348
55,856
213,695
1,036,899


Additions
77,116
-
20,217
97,333



At 28 February 2023

844,464
55,856
233,912
1,134,232



Depreciation


At 1 March 2022
495,745
32,374
137,083
665,202


Charge for the year on owned assets
88,533
3,928
23,813
116,274



At 28 February 2023

584,278
36,302
160,896
781,476



Net book value



At 28 February 2023
260,186
19,554
73,016
352,756



At 28 February 2022
271,603
23,482
76,612
371,697

Page 10

 
BLACKS VISUAL MERCHANDISING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

6.


Stocks

2023
2022
£
£

Raw materials and consumables
30,900
30,900

Work in progress (goods to be sold)
237,188
354,497

268,088
385,397



7.


Debtors

2023
2022
£
£


Trade debtors
1,947,532
1,926,909

Amounts owed by group undertakings
2,054,716
2,167,809

Other debtors
611,985
259,374

Prepayments and accrued income
90,910
62,695

4,705,143
4,416,787



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
110,507
15

Less: bank overdrafts
(10,484)
(457,221)

100,023
(457,206)


Page 11

 
BLACKS VISUAL MERCHANDISING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
10,484
457,221

Bank loans
169,086
216,684

Trade creditors
956,069
1,146,620

Bills of exchange
40,277
-

Corporation tax
98,886
116,792

Other taxation and social security
230,549
179,560

Obligations under finance lease and hire purchase contracts
76,634
69,982

Other creditors
22,417
6,788

Accruals and deferred income
158,910
243,967

1,763,312
2,437,614


The overdraft is secured by a fixed and floating charge on the assets of the company.  The bank loans are secured by a fixed and floating charge over group assets together with personal guarantees given by the directors.
Net obligations under finance leases and hire purchase contracts are secured by fixed charges over the assets concerned. 


10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
230,070
395,543

Net obligations under finance leases and hire purchase contracts
41,797
65,331

271,867
460,874


Net obligations under finance leases and hire purchase contracts are secured by fixed charges over the assets concerned. The bank loans are secured by a fixed and floating charge over group assets and personal guarantees given by the directors.

Page 12

 
BLACKS VISUAL MERCHANDISING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
169,086
216,684

Amounts falling due 2-5 years

Bank loans
230,070
395,543


399,156
612,227



12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
76,634
69,932

Between 1-5 years
41,797
65,331

118,431
135,263

Page 13

 
BLACKS VISUAL MERCHANDISING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

13.


Deferred taxation




2023
2022


£

£






At beginning of year
(58,672)
(86,547)


Charged to profit or loss
(16,284)
-


Utilised in year
-
27,875



At end of year
(74,956)
(58,672)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(74,956)
(58,672)

(74,956)
(58,672)


14.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



4,500 (2022 - 4,500) Ordinary A shares of £1.00 each
4,500
4,500
4,500 (2022 - 4,500) Ordinary B shares of £1.00 each
4,500
4,500
500 (2022 - 500) Ordinary C shares of £1.00 each
500
500
500 (2022 - 500) Ordinary D shares of £1.00 each
500
500

10,000

10,000

All classes of shares rank passi passu in terms of voting, dividend and capital distribution rights. 



15.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £40,498 (2022 - £30,332). Contributions totalling £9,141 (2022 - £6,788) were payable to the fund at the balance sheet date and are included in creditors.

Page 14

 
BLACKS VISUAL MERCHANDISING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

16.Other financial commitments

There is a composite guarantee between this company and Blacks Industries Limited, the parent company and its subsidiaries. At 28 February 2023 total bank borrowings within the composite guarantee including those of this company disclosed above amounted to £409,640 (2022 - £1,069,448).
As at the date of the approval of the financial statements, no default has occurred which would trigger the above liability, nor is one anticipated. As such, the directors consider that the fair value of the obligation is £nil, and as such there is no recognition of the liability on the balance sheet. 


17.


Transactions with directors

Included within other debtors due within one year are loans owed by the directors;
At 28 February 2023 a balance of £611,985 (2022: £225,523) was owed by the directors. Interest of £14,235 (2022 - £5,532) was charged in the year ended 28 February 2022 and the loans are repayable on demand. During the year ended 28 February 2023, advances of £649,335 (2022 - £261,927) were made to the directors and there were repayments of £262,873 (2022 - £246,140). 


18.


Related party transactions

Mr A Vilarrubi has given a personal guarantee of £150,000 and Mr J M Greenbaum has given a personal guarantee for £100,000 on the bank loans and overdraft held by the company. These guarantees have been satisfied since the 2023 accounting year end. 

The company has taken advantage of the disclosure exemptions in section 33 of FRS 102 "Related Party Disclosures" not to present details of its transactions with group members which are wholly owned by this company. 


19.


Controlling party

This company is a wholly owned subsidiary of Blacks Industries Limited, a company incorporated in the United Kingdom. The registered office address and the principal place of business for the parent company is Rudgate, Walton, Wetherby, LS23 7AT. 
Blacks Industries Limited is under the control of Mr A Vilarrubi and Mr J M Greenbaum. 

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