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REGISTERED NUMBER: 11448344 (England and Wales)














Group Strategic Report, Report of the Director and

Consolidated Financial Statements

for the Year Ended 31 March 2023

for

Illingworth Ingham (Holdings) Limited

Illingworth Ingham (Holdings) Limited (Registered number: 11448344)






Contents of the Consolidated Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 5

Consolidated Profit and Loss Account 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


Illingworth Ingham (Holdings) Limited

Company Information
for the Year Ended 31 March 2023







DIRECTOR: S J Graveley





REGISTERED OFFICE: Trafford Park Saw Mills
Village Way
Manchester
Lancashire
M17 1AD





REGISTERED NUMBER: 11448344 (England and Wales)





AUDITORS: Thompson Wright Limited
Chartered Accountants
and Statutory Auditors
Ebenezer House
Ryecroft
Newcastle under Lyme
Staffordshire
ST5 2BE

Illingworth Ingham (Holdings) Limited (Registered number: 11448344)

Group Strategic Report
for the Year Ended 31 March 2023

The director presents his strategic report of the company and the group for the year ended 31 March 2023.

REVIEW OF BUSINESS
Following on from the covid pandemic, the company enjoyed a very successful start to the year with growth in both sales and margin. However, the second half of the year saw turnover return to more normal levels experienced before the pandemic, together with the inflationary pressures which have impacted the whole economy, being increases in wages, fuel, energy, timber and transport costs.

Despite the economic headwinds, the business continues to invest in its main site at Trafford Park as well as its branch network.

The margin generated on sales has been squeezed as noted in the table below but management have maintained a strong control on the working capital of the business, so that when the economy begins to grow, the business will be well placed to grow in to the future.

On 1st April 2020, the company shareholders entered into an agreement to exchange their shares for the share capital in Illingworth Ingham (Holdings) Limited, thereby creating a new holding company and revised group structure. This is part of a long term strategy to allow the directors to create a structure whereby they feel that they can move the group forward in a more secure and profitable way.

The directors recommend that equity dividends be paid as detailed in note 7.

As in previous years, the directors monitor the performance of the company through monthly management accounts and sales reports for each division together with the monitoring of bank balances and ability to meet its further liabilities.

The directors consider the following to be key performance indicators;

2023 2022
Gross profit margin 21.91% 27.39%
Debtor days 44 49
Creditor days 58 64
Stock turnover days 83 92


Illingworth Ingham (Holdings) Limited (Registered number: 11448344)

Group Strategic Report
for the Year Ended 31 March 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The directors have identified the key risks faced by the group to be market risk, financial risk, credit risk and exchange rate risk.

The directors are constantly monitoring both the quality and price of the products it acquires and the range of goods it supplies, to minimise the market risk.

The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

The group's policy throughout the year has been to maintain liquid funds at the bank and avoid incurring overdraft interest whilst also funding the repayment of finance lease obligations.

To achieve short term flexibility, the group operates an invoice discounting facility and hire purchase facilities, which means that it is exposed to interest rate risk.

Where the group has had to undertake short term borrowings, the group's exposure to interest rate fluctuations on its borrowings is managed by the use of fixed and floating facilities. It is the group's policy to minimise the amount of borrowings at floating rates of interest.

The maturity of borrowings is set out in note 16 to the financial statements.

The principal credit risk arises from the groups trade debtors.

In order to manage credit risk, the directors set limits for its customers based on a combination of payment history and third party credit references. Where available, credit insurance is also taken out. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history.

During 2022/23, credit risk exposure was spread over a large number of customers.

The group imports goods from both Europe and North America with payment terms varying from between 45 and 60 days from bill of lading. The group is therefore exposed to exchange rate risk. To minimise this risk, the group enters into forward currency contracts, maturing at the relevant due date.

FUTURE DEVELOPMENTS
Looking to the future, the directors want to maintain appropriate investment levels in the company to ensure continued growth as well as maintaining and securing the company's position in the market. The directors closely monitor the market place to ensure that the company can deliver the best products at the best prices.

ON BEHALF OF THE BOARD:





S J Graveley - Director


10 November 2023

Illingworth Ingham (Holdings) Limited (Registered number: 11448344)

Report of the Director
for the Year Ended 31 March 2023

The director presents his report with the financial statements of the company and the group for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of timber importing, merchanting and retailing.

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2023 will be £ 255,441 .

DIRECTOR
S J Graveley held office during the whole of the period from 1 April 2022 to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT
Future developments and principal risks and uncertainties are disclosed in the strategic report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Thompson Wright Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S J Graveley - Director


10 November 2023

Report of the Independent Auditors to the Members of
Illingworth Ingham (Holdings) Limited

Opinion
We have audited the financial statements of Illingworth Ingham (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Profit and Loss Account, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Illingworth Ingham (Holdings) Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Illingworth Ingham (Holdings) Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of timber suppliers.

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment and health and safety legislation and FSC and PEFC compliance;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.


Report of the Independent Auditors to the Members of
Illingworth Ingham (Holdings) Limited

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Jeremy Bostock BA (Hons) BFP FCA (Senior Statutory Auditor)
for and on behalf of Thompson Wright Limited
Chartered Accountants
and Statutory Auditors
Ebenezer House
Ryecroft
Newcastle under Lyme
Staffordshire
ST5 2BE

10 November 2023

Illingworth Ingham (Holdings) Limited (Registered number: 11448344)

Consolidated Profit and Loss Account
for the Year Ended 31 March 2023

2023 2022
as restated
Notes £    £    £    £   

TURNOVER 3 26,469,241 29,315,433

Cost of sales 20,671,085 21,285,981
GROSS PROFIT 5,798,156 8,029,452

Distribution costs 463,469 355,893
Administrative expenses 3,880,899 3,866,144
4,344,368 4,222,037
1,453,788 3,807,415

Other operating income 4 28,425 15,168
OPERATING PROFIT 6 1,482,213 3,822,583

Income from shares in group undertakings - 1,203,649
1,482,213 5,026,232

Interest payable and similar expenses 7 33,213 13,598
PROFIT BEFORE TAXATION 1,449,000 5,012,634

Tax on profit 8 344,589 691,999
PROFIT FOR THE FINANCIAL YEAR 1,104,411 4,320,635
Profit attributable to:
Owners of the parent 1,104,411 4,320,635

Illingworth Ingham (Holdings) Limited (Registered number: 11448344)

Consolidated Other Comprehensive Income
for the Year Ended 31 March 2023

2023 2022
as restated
Notes £    £   

PROFIT FOR THE YEAR 1,104,411 4,320,635


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,104,411 4,320,635

Total comprehensive income attributable to:
Owners of the parent 1,104,411 4,320,635

Illingworth Ingham (Holdings) Limited (Registered number: 11448344)

Consolidated Balance Sheet
31 March 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 476,997 529,997
Tangible assets 13 3,820,222 3,010,001
Investments 14 100 -
4,297,319 3,539,998

CURRENT ASSETS
Stocks 15 4,689,269 5,383,064
Debtors 16 3,598,509 4,207,860
Cash at bank and in hand 4,768,830 4,806,105
13,056,608 14,397,029
CREDITORS
Amounts falling due within one year 17 3,788,949 5,581,542
NET CURRENT ASSETS 9,267,659 8,815,487
TOTAL ASSETS LESS CURRENT LIABILITIES 13,564,978 12,355,485

CREDITORS
Amounts falling due after more than one year 18 (758,756 ) (455,018 )

PROVISIONS FOR LIABILITIES 22 (293,766 ) (230,694 )

ACCRUALS AND DEFERRED INCOME 23 (37,909 ) (44,196 )
NET ASSETS 12,474,547 11,625,577

CAPITAL AND RESERVES
Called up share capital 24 26,416 26,416
Capital redemption reserve 25 6,321 6,321
Retained earnings 25 12,441,810 11,592,840
SHAREHOLDERS' FUNDS 12,474,547 11,625,577

The financial statements were approved by the director and authorised for issue on 10 November 2023 and were signed by:





S J Graveley - Director


Illingworth Ingham (Holdings) Limited (Registered number: 11448344)

Company Balance Sheet
31 March 2023

2023 2022 2021
as restated
Notes £    £    £   
FIXED ASSETS
Intangible assets 12 - - -
Tangible assets 13 1,156,132 1,203,649 -
Investments 14 26,416 26,416 26,416
1,182,548 1,230,065 26,416
TOTAL ASSETS LESS CURRENT LIABILITIES 1,182,548 1,230,065 26,416
NET ASSETS 1,182,548 1,230,065 26,416

CAPITAL AND RESERVES
Called up share capital 24 26,416 26,416 26,416
Retained earnings 25 1,156,132 1,203,649 -
SHAREHOLDERS' FUNDS 1,182,548 1,230,065 26,416

Company's profit for the financial year 207,924 1,714,875

The financial statements were approved by the director and authorised for issue on 10 November 2023 and were signed by:





S J Graveley - Director


Illingworth Ingham (Holdings) Limited (Registered number: 11448344)

Consolidated Statement of Changes in Equity
for the Year Ended 31 March 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2021 26,416 8,987,080 6,321 9,019,817

Changes in equity
Dividends - (1,714,875 ) - (1,714,875 )
Total comprehensive income - 4,320,635 - 4,320,635
Balance at 31 March 2022 26,416 11,592,840 6,321 11,625,577

Changes in equity
Dividends - (255,441 ) - (255,441 )
Total comprehensive income - 1,104,411 - 1,104,411
Balance at 31 March 2023 26,416 12,441,810 6,321 12,474,547

Illingworth Ingham (Holdings) Limited (Registered number: 11448344)

Company Statement of Changes in Equity
for the Year Ended 31 March 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2021 26,416 - 26,416

Changes in equity
Dividends - (511,226 ) (511,226 )
Total comprehensive income - 511,226 511,226
Balance at 31 March 2022 26,416 - 26,416
Prior year adjustment - 1,203,649 1,203,649
As restated 26,416 1,203,649 1,230,065

Changes in equity
Dividends - (255,441 ) (255,441 )
Total comprehensive income - 207,924 207,924
Balance at 31 March 2023 26,416 1,156,132 1,182,548

Illingworth Ingham (Holdings) Limited (Registered number: 11448344)

Consolidated Cash Flow Statement
for the Year Ended 31 March 2023

2023 2022
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,543,078 3,101,388
Interest paid (16,471 ) -
Interest element of hire purchase payments paid (16,742 ) (13,598 )
Finance costs paid (89,022 ) (107,795 )
Government grants recieved 6,287 2,246
Tax paid (842,422 ) (628,509 )
Net cash from operating activities 1,584,708 2,353,732

Cash flows from investing activities
Purchase of intangible fixed assets - (529,997 )
Purchase of tangible fixed assets (1,357,436 ) (1,874,239 )
Sale of tangible fixed assets 15,269 1,227,599
Dividends received - 1,203,649
Net cash from investing activities (1,342,167 ) 27,012

Cash flows from financing activities
New loans in year 516,787 -
Capital repayments in year (313,165 ) 356,536
Amount introduced by directors (281,092 ) 394,850
Amount withdrawn by directors 53,095 (152,724 )
Equity dividends paid (255,441 ) (1,714,875 )
Net cash from financing activities (279,816 ) (1,116,213 )

(Decrease)/increase in cash and cash equivalents (37,275 ) 1,264,531
Cash and cash equivalents at beginning of year 2 4,806,105 3,541,574

Cash and cash equivalents at end of year 2 4,768,830 4,806,105

Illingworth Ingham (Holdings) Limited (Registered number: 11448344)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 March 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
as restated
£    £   
Profit before taxation 1,449,000 5,012,634
Depreciation charges 600,219 485,031
Profit on disposal of fixed assets (15,269 ) (22,948 )
Factoring charges 89,022 107,795
Government grants (6,287 ) (2,247 )
Finance costs 33,213 13,598
Finance income - (1,203,649 )
2,149,898 4,390,214
Decrease/(increase) in stocks 693,795 (1,343,426 )
Decrease/(increase) in trade and other debtors 742,830 (588,247 )
(Decrease)/increase in trade and other creditors (1,043,445 ) 642,847
Cash generated from operations 2,543,078 3,101,388

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 4,768,830 4,806,105
Year ended 31 March 2022
31.3.22 1.4.21
as restated
£    £   
Cash and cash equivalents 4,806,105 3,541,574


Illingworth Ingham (Holdings) Limited (Registered number: 11448344)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 March 2023

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.22 Cash flow At 31.3.23
£    £    £   
Net cash
Cash at bank and in hand 4,806,105 (37,275 ) 4,768,830
4,806,105 (37,275 ) 4,768,830
Debt
Finance leases (764,311 ) 313,165 (451,146 )
Debts falling due within 1 year - (42,314 ) (42,314 )
Debts falling due after 1 year - (474,474 ) (474,474 )
(764,311 ) (203,623 ) (967,934 )
Total 4,041,794 (240,898 ) 3,800,896

Illingworth Ingham (Holdings) Limited (Registered number: 11448344)

Notes to the Consolidated Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Illingworth Ingham (Holdings) 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being the 12 month period from the date of these accounts being approved and therefore the financial statements have been prepared on a going concern basis.

The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed below.

Basis of consolidation
The group financial statements consolidate the financial statements of the limited company and its subsidiary and its associate undertakings.

Subsidiaries are consolidated from the date of their acquisition, being the date on which the Group obtains control and continue to be consolidated until the date that such control ceases.

Subsidiaries are included in the consolidated financial statements on the acquisition basis whilst associates are included using the equity method.

Group reconstructions are included in the consolidated financial statements using the merger basis.

On 1st April 2020, the shareholders of Illingworth Ingham (Manchester) Limited undertook an exchange of shares for shares in Illingworth Ingham (Holdings) Limited. This combination has been accounted for on the merger basis. The group financial statements therefore show the combined results of both companies.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Illingworth Ingham (Holdings) Limited (Registered number: 11448344)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Revenue is recognised as the company becomes entitled to consideration for the goods and services supplied.

Turnover is attributable to the principle activity of the company which is carried out entirely within the United Kingdom.

Goodwill
Purchased goodwill arising on acquisition is the difference between the fair value of the purchase consideration and the fair value of the company's share of the identifiable assets and liabilities of the acquired business at the date of acquisition. Positive goodwill is capitalised and classified as an asset on the balance sheet and amortised over its estimated useful life of 5 to 10 years. Goodwill is reviewed for impairment at the end of the first full financial year following each acquisition and subsequently when necessary if circumstances indicate that its carrying value may not be recoverable.

Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill - 5 years and 10 years

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Alterations to leasehold property - Equally over the term of the lease
Long leasehold - 10 - 20% straight line
Plant,equipment, fixtures and fittings - 10%, 25% and 33% per annum straight line
Motor vehicles - 25% - 30% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Illingworth Ingham (Holdings) Limited (Registered number: 11448344)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The group has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors, and cash and bank balances are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors and stocking loans, 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 receipts discounted at a market rate of interest. 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. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as creditors due after more than one year. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, 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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Illingworth Ingham (Holdings) Limited (Registered number: 11448344)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Investments in subsidiaries
Investment in subsidiary undertakings are recognised at cost.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2023 2022
as restated
£    £   
Manchester 13,849,421 15,251,564
Roger Haydock 1,464,014 1,859,668
Other depots 11,155,806 12,204,201
26,469,241 29,315,433

4. OTHER OPERATING INCOME
2023 2022
as restated
£    £   
Rents received 15,026 12,921
Government grants 6,287 2,247
Interest receivable from HMRC 7,112 -
28,425 15,168

Illingworth Ingham (Holdings) Limited (Registered number: 11448344)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2023

5. EMPLOYEES AND DIRECTORS
2023 2022
as restated
£    £   
Wages and salaries 3,503,459 3,577,078
Social security costs 365,654 340,902
Other pension costs 126,220 156,498
3,995,333 4,074,478

The average number of employees during the year was as follows:
2023 2022
as restated

Production 100 97
Selling 10 10
Administration 7 7
117 114

2023 2022
as restated
£    £   
Director's remuneration 165,009 167,511
Director's pension contributions to money purchase schemes 3,061 68,276

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
as restated
£    £   
Hire of plant and machinery 3,989 5,417
Other operating leases 357,924 369,303
Depreciation - owned assets 276,643 273,538
Depreciation - assets on hire purchase contracts 270,573 211,493
Profit on disposal of fixed assets (15,269 ) (22,948 )
Goodwill amortisation 53,000 -
Auditors' remuneration 17,079 17,000
Auditors' remuneration for non audit work 4,945 4,600
Motor vehicle leases 92,995 82,234

Illingworth Ingham (Holdings) Limited (Registered number: 11448344)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2023

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
as restated
£    £   
Mortgage 16,471 -
Hire purchase 16,742 13,598
33,213 13,598

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
as restated
£    £   
Current tax:
UK corporation tax 281,517 627,424

Deferred tax:
Accelerated capital allowances 63,072 64,575
Tax on profit 344,589 691,999

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
as restated
£    £   
Profit before tax 1,449,000 5,012,634
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) 275,310 952,400

Effects of:
Expenses not deductible for tax purposes 2,426 3,484
Income not taxable for tax purposes (1,195 ) (426 )
Capital allowances in excess of depreciation - (263,459 )
Depreciation in excess of capital allowances 68,048 -
Total tax charge 344,589 691,999

9. INDIVIDUAL PROFIT AND LOSS ACCOUNT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Illingworth Ingham (Holdings) Limited (Registered number: 11448344)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2023

10. DIVIDENDS
2023 2022
as restated
£    £   
A Ordinary shares of 50p each
Interim 255,441 1,714,875

11. PRIOR YEAR ADJUSTMENT

The prior year adjustment relating to Illingworth Ingham (Manchester) Limited was to transfer the ownership of the freehold property at net realisable value of £1,203,649 to Illingworth Ingham (Holdings) Limited via a dividend in specie.

This event occurred in March 2022.

12. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 971,864
AMORTISATION
At 1 April 2022 441,867
Amortisation for year 53,000
At 31 March 2023 494,867
NET BOOK VALUE
At 31 March 2023 476,997
At 31 March 2022 529,997

Illingworth Ingham (Holdings) Limited (Registered number: 11448344)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2023

13. TANGIBLE FIXED ASSETS

Group
Alterations
to
Freehold leasehold Long
property property leasehold
£    £    £   
COST
At 1 April 2022 1,241,409 19,425 434,820
Additions 971,047 - -
Transfer to ownership - - -
At 31 March 2023 2,212,456 19,425 434,820
DEPRECIATION
At 1 April 2022 24,167 19,425 145,540
Charge for year 68,445 - 16,160
At 31 March 2023 92,612 19,425 161,700
NET BOOK VALUE
At 31 March 2023 2,119,844 - 273,120
At 31 March 2022 1,217,242 - 289,280

Plant,equipment,
fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 April 2022 5,694,355 869,471 8,259,480
Additions 79,334 307,055 1,357,436
Transfer to ownership - 1 1
At 31 March 2023 5,773,689 1,176,527 9,616,917
DEPRECIATION
At 1 April 2022 4,461,266 599,081 5,249,479
Charge for year 292,604 170,007 547,216
At 31 March 2023 4,753,870 769,088 5,796,695
NET BOOK VALUE
At 31 March 2023 1,019,819 407,439 3,820,222
At 31 March 2022 1,233,089 270,390 3,010,001

Illingworth Ingham (Holdings) Limited (Registered number: 11448344)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2023

13. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant,equipment,
fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 April 2022 723,819 534,271 1,258,090
Transfer to ownership - (177,411 ) (177,411 )
At 31 March 2023 723,819 356,860 1,080,679
DEPRECIATION
At 1 April 2022 177,111 275,947 453,058
Charge for year 131,371 139,202 270,573
Transfer to ownership - (177,412 ) (177,412 )
At 31 March 2023 308,482 237,737 546,219
NET BOOK VALUE
At 31 March 2023 415,337 119,123 534,460
At 31 March 2022 546,708 258,324 805,032

Company
Freehold
property
£   
COST
At 1 April 2022
and 31 March 2023 1,203,649
DEPRECIATION
Charge for year 47,517
At 31 March 2023 47,517
NET BOOK VALUE
At 31 March 2023 1,156,132
At 31 March 2022 1,203,649

Illingworth Ingham (Holdings) Limited (Registered number: 11448344)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2023

14. FIXED ASSET INVESTMENTS

Group
Shares in
group
undertakings
£   
COST
Additions 100
At 31 March 2023 100
NET BOOK VALUE
At 31 March 2023 100
Company
Shares in
group
undertakings
£   
COST
At 1 April 2022
and 31 March 2023 26,416
NET BOOK VALUE
At 31 March 2023 26,416
At 31 March 2022 26,416


The list of subsidiaries is as follows;

Name Registered office Principal activity Holding

Illingworth Ingham (Manchester) Limited
Trafford Park Sawmills, Village Way,
Manchester, Lancashire, M17 1AD
Timber importing, merchanting
and retailing

100%

15. STOCKS

Group
2023 2022
as restated
£    £   
Stocks 4,689,269 5,383,064

Illingworth Ingham (Holdings) Limited (Registered number: 11448344)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2023

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2023 2022
as restated
£    £   
Trade debtors 3,157,929 3,907,872
Other debtors - 861
Tax 133,479 -
Prepayments and accrued income 307,101 299,127
3,598,509 4,207,860

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2023 2022
as restated
£    £   
Bank loans and overdrafts (see note 19) 42,314 -
Hire purchase contracts (see note 20) 166,864 309,293
Trade creditors 2,757,822 3,532,174
Amounts owed to group undertakings 100 -
Tax - 427,423
Social security and other taxes 303,036 501,709
Other creditors 2,091 291
Directors' current accounts 222,511 450,508
Accrued expenses 294,211 360,144
3,788,949 5,581,542

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2023 2022
as restated
£    £   
Bank loans (see note 19) 474,474 -
Hire purchase contracts (see note 20) 284,282 455,018
758,756 455,018

Illingworth Ingham (Holdings) Limited (Registered number: 11448344)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2023

19. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
as restated
£    £   
Amounts falling due within one year or on demand:
Bank loans 42,314 -
Amounts falling due between two and five years:
Bank loans - 2-5 years 474,474 -

20. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
as restated
£    £   
Net obligations repayable:
Within one year 166,864 309,293
Between one and five years 284,282 455,018
451,146 764,311

Group
Non-cancellable operating leases
2023 2022
as restated
£    £   
Within one year 374,919 377,835
Between one and five years 1,628,665 1,094,125
In more than five years 571,850 806,750
2,575,434 2,278,710

Illingworth Ingham (Holdings) Limited (Registered number: 11448344)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2023

21. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
as restated
£    £   
Bank loans 516,788 -
Hire purchase contracts 451,146 764,311
967,934 764,311

The invoice discounting facility is secured by a fixed charge over the book debts upon which the facility is based.

The mortgage facility is secured by a charge over the freehold property known as Waterloo Timber, Waterloo Road, Clitheroe, Lancashire. These details can be found as per Companies House.

Amounts due under finance leases are bank loans are secured on the assets to which they relate.

22. PROVISIONS FOR LIABILITIES

Group
2023 2022
as restated
£    £   
Deferred tax
Accelerated capital allowances 293,766 230,694

Group
Deferred
tax
£   
Balance at 1 April 2022 230,694
Provided during year 63,072
Balance at 31 March 2023 293,766

23. ACCRUALS AND DEFERRED INCOME

Group
2023 2022
as restated
£    £   
Deferred government grants 37,909 44,196

Illingworth Ingham (Holdings) Limited (Registered number: 11448344)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2023

24. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: as restated
£    £   
37,756 A Ordinary 50p 18,878 18,878
15,075 B Ordinary 50p 7,538 7,538
26,416 26,416

25. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 April 2022 11,592,840 6,321 11,599,161
Profit for the year 1,104,411 1,104,411
Dividends (255,441 ) (255,441 )
At 31 March 2023 12,441,810 6,321 12,448,131

Company
Retained
earnings
£   

Prior year adjustment 1,203,649
1,203,649
Profit for the year 207,924
Dividends (255,441 )
At 31 March 2023 1,156,132


26. CAPITAL COMMITMENTS
2023 2022
as restated
£    £   
Contracted but not provided for in the
financial statements 213,801 213,801

27. RELATED PARTY DISCLOSURES

During the financial year the company made rental payments to Mr S Graveley's pension scheme which owns part of the property at Trafford Park, Saw Mills. The total payments made in 2023 amounted to £128,667 (2022 - £115,000).

Illingworth Ingham (Holdings) Limited (Registered number: 11448344)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2023

28. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is S J Graveley.