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Registered number: SC071900










ILASCO LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

 
ILASCO LIMITED
 

COMPANY INFORMATION


Directors
Mr S R Fernando 
Mr S Ruwan Fernando 
Ms S C Fernando 
Ms A H H Kidd 




Registered number
SC071900



Registered office
52 - 53 Nasmyth Road
Southfield Industrial Estate

Glenrothes

Fife

KY6 2SD




Independent auditors
EQ Audit Services LLP
Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH





 
ILASCO LIMITED
REGISTERED NUMBER: SC071900

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

2023
2022
£
£

Fixed assets
  

Tangible assets
 4 
71,856
76,633

  
71,856
76,633

Current assets
  

Stocks
  
317,447
290,488

Debtors: amounts falling due within one year
 5 
1,883,719
872,735

Cash at bank and in hand
  
1,070,882
2,387,642

  
3,272,048
3,550,865

Creditors: amounts falling due within one year
 6 
(1,092,958)
(1,433,483)

Net current assets
  
 
 
2,179,090
 
 
2,117,382

Total assets less current liabilities
  
2,250,946
2,194,015

Provisions for liabilities
  

Deferred tax
  
(17,964)
(14,560)

  
 
 
(17,964)
 
 
(14,560)

Net assets
  
2,232,982
2,179,455


Capital and reserves
  

Called up share capital 
 7 
20,000
20,000

Profit and loss account
  
2,212,982
2,159,455

  
2,232,982
2,179,455


Page 1

 
ILASCO LIMITED
REGISTERED NUMBER: SC071900

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2023

The financial statements have been prepared 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 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 9 November 2023.




................................................
Mr S Ruwan Fernando
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
ILASCO LIMITED
 

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

1.


General information

The company is limited by shares and incorporated in Scotland; Registration number: SC071900. The
registered office address is 52 - 53 Nasmyth Road, Southfield Industrial Estate, Glenrothes, Fife, KY6
2SD.
The principal activity of the company is the design, manufacture and sales of specialist outdoor clothing.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

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.

 
2.3

Turnover

Turnover 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. Turnover 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

Turnover 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.

Page 3

 
ILASCO LIMITED
 

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

2.Accounting policies (continued)

 
2.4

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

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 tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting 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 reporting 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 reporting date.

Page 4

 
ILASCO LIMITED
 

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

2.Accounting policies (continued)

 
2.6

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance method.

Depreciation is provided on the following basis:

Plant and machinery
-
15%
reducing balance
Computer equipment
-
33%
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.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. 

At each reporting 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.

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 19 (2022 - 24).

Page 5

 
ILASCO LIMITED
 

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

4.


Tangible fixed assets





Plant and machinery
Computer equipment
Total

£
£
£



Cost or valuation


At 1 July 2022
101,990
1,069
103,059


Additions
7,881
-
7,881



At 30 June 2023

109,871
1,069
110,940



Depreciation


At 1 July 2022
26,044
382
26,426


Charge for the year on owned assets
12,305
353
12,658



At 30 June 2023

38,349
735
39,084



Net book value



At 30 June 2023
71,522
334
71,856



At 30 June 2022
75,946
687
76,633


5.


Debtors

2023
2022
£
£


Trade debtors
729,557
300,311

Amounts owed by group undertakings
1,125,623
505,143

Other debtors
9,496
57,419

Prepayments and accrued income
19,043
9,862

1,883,719
872,735



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
680,234
1,028,336

Amounts owed to group undertakings
-
10,759

Other taxation and social security
42,250
48,046

Accruals and deferred income
370,474
346,342

1,092,958
1,433,483


Page 6

 
ILASCO LIMITED
 

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

7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



20,000 (2022 - 20,000) Ordinary shares of £1.00 each
20,000
20,000



8.


Security and guarantees

The Company has granted security to its bankers over its assets by way of a bond and floating charge. No bank borrowings were in place at the balance sheet date.


9.


Related party transactions

The Company has taken the exemption available under s33.1A of FRS 102 not to disclose transactions with other wholly owned members of the group.


10.


Controlling party

The company is a wholly owned subsidiary of Ardmel Automation Limited, a company registered in Scotland. The registered office address and principal place of business is 52 - 53 Nasmyth Road, Southfield Industrial Estate, Glenrothes, Fife, KY6 2SD.
Consolidated group accounts for Ardmel Automation Limited are available from Companies House.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2023 was unqualified.

The audit report was signed on 9 November 2023 by Mark Gibson (Senior statutory auditor) on behalf of EQ Audit Services LLP.


Page 7