Registered number
06381122
THE INVENTORY MANAGER LTD
Filleted Accounts
28 February 2023
THE INVENTORY MANAGER LTD
Registered number: 06381122
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Current assets
Debtors 4 512,332 523,259
Cash at bank and in hand 31,769 27,125
544,101 550,384
Creditors: amounts falling due within one year 5 (296,848) (468,617)
Net current assets 247,253 81,767
Total assets less current liabilities 247,253 81,767
Creditors: amounts falling due after more than one year 6 - (19,618)
Net assets 247,253 62,149
Capital and reserves
Called up share capital 100 100
Profit and loss account 247,153 62,049
Shareholders' funds 247,253 62,149
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P C M Camilleri
Director
Approved by the board on 27 November 2023
THE INVENTORY MANAGER LTD
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions are recognised when the Company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation taking into account the risks and uncertainties surrounding the obligation.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
For a defined benefit scheme, the liability recorded in the balance sheet is the present value of the defined obligation at that date. The defined benefit obligation is calculated on an annual basis by independent actuaries.
Actuarial gains and losses are recognised in full in the period in which they occur and are shown in Other Comprehensive Income. Current and past service costs, along with settlements or curtailments, are charged to the Income Statement. Interest on pension plan liabilities are recognised within finance expense.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022 22,314
At 28 February 2023 22,314
Depreciation
At 1 March 2022 22,314
At 28 February 2023 22,314
Net book value
At 28 February 2023 -
4 Debtors 2023 2022
£ £
Trade debtors 14,612 48,158
Other debtors 497,720 475,101
512,332 523,259
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 58,331 73,599
Pension scheme liability 236,000 389,000
Other creditors 2,517 6,018
296,848 468,617
5.1 Pension costs
Employer pension obligation
The Company has agreed to fund a defined benefit pension scheme in respect of key employees. The most recent actuarial valuation of the obligation of £236,000 (2022 - £389,000) was on 28 Feb 2023. During the year the expense incurred was £11,000 (2022 - £7,000)
The principal assumptions used are:
i. Discount rate – 4.7%
ii. Inflation RPI – 3.1%
iii. Inflation CPI – 2.2%
iv. Pre and Post Retirement mortality – S3PMA tables with improvements in the CMI 2020 model and a long term rate of improvement of 1%.
2023 2022
£ £
Present value of defined benefit obligations 236,000 389,000
Fair value of scheme assets - -
Liability recognised in the balance sheet 236,000 389,000
Movements in the present value of the defined benefit obligations were as follows;
2023
£
At the beginning of the year 389,000
Current service cost -
Interest cost 11,000
Acturial loss/(gain) (164,000)
At the end of the year 236,000
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans - 19,618
7 Controlling party
The company is controlled by Mr Paul Camilleri and Mr Lee Martin by virture of directorship and 25% share holding each respectively.
8 Other information
THE INVENTORY MANAGER LTD is a private company limited by shares and incorporated in England. Its registered office is:
651a Mauldeth Road West
Chorlton
Manchester
M21 7SA
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