Company registration number 05936430 (England and Wales)
Illoom Balloon Limited
financial statements
For the year ended 12 April 2023
Illoom Balloon Limited
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
Illoom Balloon Limited
Statement of financial position
As at 12 April 2023
- 1 -
12 April 2023
11 April 2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
126,678
147,309
Current assets
Stocks
276,023
267,555
Debtors
5
807,123
358,611
Cash at bank and in hand
62,509
47,601
1,145,655
673,767
Creditors: amounts falling due within one year
6
(1,653,435)
(1,200,856)
Net current liabilities
(507,780)
(527,089)
Net liabilities
(381,102)
(379,780)
Capital and reserves
Called up share capital
7
100
100
Other reserves
(23,767)
(717)
Profit and loss reserves
(357,435)
(379,163)
Total equity
(381,102)
(379,780)

The director of the company has elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved and signed by the director and authorised for issue on 5 April 2024
Mr J A L Halliburton
Director
Company registration number 05936430 (England and Wales)
Illoom Balloon Limited
Statement of changes in equity
For the year ended 12 April 2023
- 2 -
Share capital
Currency translation reserve
Profit and loss reserves
Total
£
£
£
£
As restated for the period ended 11 April 2022:
Balance at 12 April 2021
100
-
46,584
46,684
Effects of prior year adjustments
-
-
(346,583)
(346,583)
As restated
100
-
0
(299,999)
(299,899)
Year ended 11 April 2022:
Loss for the year
-
-
(79,164)
(79,164)
Other comprehensive income:
Currency translation differences
-
(717)
-
0
(717)
Total comprehensive income for the year
-
(717)
(79,164)
(79,881)
Balance at 11 April 2022
100
(717)
(379,163)
(379,780)
Year ended 12 April 2023:
Profit for the year
-
-
21,728
21,728
Other comprehensive income:
Currency translation differences
-
(23,050)
-
0
(23,050)
Total comprehensive income for the year
-
(23,050)
21,728
(1,322)
Balance at 12 April 2023
100
(23,767)
(357,435)
(381,102)
Illoom Balloon Limited
Notes to the financial statements
For the year ended 12 April 2023
- 3 -
1
Accounting policies
Company information

Illoom Balloon Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cheshire Business Park, Cheshire Avenue, Lostock Gralam, Northwich, Cheshire, CW9 7UA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Seatriever International Holdings Limited. These consolidated financial statements are available from its registered office, Cheshire Business Park Cheshire Avenue, Lostock Gralam, Northwich, Cheshire, CW9 7UA.

1.2
Going concern

At the time of approving the financial statements, the director htrueas a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements. The company also has the continued financial support of its parent company along with the rest of the group.

1.3
Turnover

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:

Illoom Balloon Limited
Notes to the financial statements (continued)
For the year ended 12 April 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
15 years
Plant and equipment
3 - 20 years
Fixtures and fittings
3 - 10 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are held 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 weighted average basis including freight charges. Work in progress and finished goods include labour and attributable overheads.

 

At each reporting date, stocks are assessed for impairment. Is 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.

1.7
Cash and cash equivalents

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

Illoom Balloon Limited
Notes to the financial statements (continued)
For the year ended 12 April 2023
1
Accounting policies
(Continued)
- 5 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

Basic financial assets

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

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

Derecognition of financial liabilities

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

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Illoom Balloon Limited
Notes to the financial statements (continued)
For the year ended 12 April 2023
1
Accounting policies
(Continued)
- 6 -
1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded using the average weekly exchange rates for the week in which the transaction occurred. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are presented within other comprehensive income.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

 

The directors believe there are no critical accounting policies where significant judgement or estimated are made.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
Illoom Balloon Limited
Notes to the financial statements (continued)
For the year ended 12 April 2023
- 7 -
4
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 12 April 2022 and 12 April 2023
49,368
477,363
17,941
544,672
Depreciation and impairment
At 12 April 2022
20,074
359,348
17,941
397,363
Depreciation charged in the year
3,291
17,340
-
0
20,631
At 12 April 2023
23,365
376,688
17,941
417,994
Carrying amount
At 12 April 2023
26,003
100,675
-
0
126,678
At 11 April 2022
29,294
118,015
-
0
147,309
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
359,251
316,621
Amounts owed by group undertakings
373,330
-
0
Other debtors
74,542
41,990
807,123
358,611
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
286,643
296,615
Trade creditors
85,302
112,375
Amounts owed to group undertakings
935,244
333,322
Taxation and social security
8,362
17,386
Other creditors
337,884
441,158
1,653,435
1,200,856

Bank borrowings are secured by way of a fixed and floating charge, held by The Royal Bank of Scotland, over all property and undertakings of the Company.

Included within other creditors are amounts for invoice factoring of £243,117 (2022: £81,353)

Illoom Balloon Limited
Notes to the financial statements (continued)
For the year ended 12 April 2023
- 8 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
8
Other reserves

Included within other reserves is a foreign exchange reserve.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Joanne Beamish ACA FCCA
Statutory Auditor:
DJH Mitten Clarke Audit Limited
10
Ultimate parent company and controlling party

Seatriever International Holdings Limited (registered office Cheshire Business Park, Cheshire Avenue, Lostock Gralam, Northwich, Cheshire, CW9 7UA) is regarded by the director as being the Company's ultimate parent company by way of ownership of 100% of the share capital and forms the smallest and largest group into which the Company's results are consolidated.

 

The ultimate controlling party is J A Halliburton by virtue of his majority shareholding in Seatriever International Holdings Limited.

11
Prior period adjustment

During the year, the directors completed a thorough review of the fixed assets and intercompany balances. This has resulted in amendments being made as follows:

Changes to the statement of financial position
As previously reported
Adjustment
As restated at 11 Apr 2022
£
£
£
Fixed assets
Other intangibles
46,868
(46,868)
-
Tangible assets
179,970
(32,661)
147,309
Current assets
Stocks
277,653
(10,098)
267,555
Debtors due within one year
883,426
(524,815)
358,611
Creditors due within one year
Other creditors
(1,154,714)
267,859
(886,855)
Net assets
(33,197)
(346,583)
(379,780)
Illoom Balloon Limited
Notes to the financial statements (continued)
For the year ended 12 April 2023
11
Prior period adjustment
As previously reported
Adjustment
As restated at 11 Apr 2022
£
£
£
(Continued)
- 9 -
Capital and reserves
Profit and loss reserves
(32,580)
(346,583)
(379,163)
Changes to the income statement
As previously reported
Adjustment
As restated
Period ended 11 April 2022
£
£
£
Turnover
5,933,819
14,074
5,947,893
Administrative expenses
(2,562,430)
(14,074)
(2,576,504)
Loss for the financial period
(79,164)
-
(79,164)
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