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REGISTERED NUMBER: 09966482 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

FOR

IVAPE TUNSTALL LIMITED

IVAPE TUNSTALL LIMITED (REGISTERED NUMBER: 09966482)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023










Page

Statement of Financial Position 1 to 2

Notes to the Financial Statements 3 to 7


IVAPE TUNSTALL LIMITED (REGISTERED NUMBER: 09966482)

STATEMENT OF FINANCIAL POSITION
31 JULY 2023

31.7.23 31.7.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 9,440 9,469

CURRENT ASSETS
Stocks 79,211 72,028
Debtors 5 101,975 89,814
Cash at bank 6,534 11,644
187,720 173,486
CREDITORS
Amounts falling due within one year 6 (149,377 ) (125,268 )
NET CURRENT ASSETS 38,343 48,218
TOTAL ASSETS LESS CURRENT
LIABILITIES

47,783

57,687

CREDITORS
Amounts falling due after more than one
year

7

(20,103

)

(29,614

)

PROVISIONS FOR LIABILITIES (2,382 ) (1,799 )
NET ASSETS 25,298 26,274

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 25,198 26,174
25,298 26,274

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

IVAPE TUNSTALL LIMITED (REGISTERED NUMBER: 09966482)

STATEMENT OF FINANCIAL POSITION - continued
31 JULY 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 April 2024 and were signed by:





P Mason - Director


IVAPE TUNSTALL LIMITED (REGISTERED NUMBER: 09966482)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023


1. STATUTORY INFORMATION

IVAPE TUNSTALL LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 09966482

Registered office: C/o Thoroughgoods
Unit 62
Longton Exchange
Stoke on Trent
Staffordshire
ST3 2JA

The principal activity of the company during the year was the retail of e-cigs and accessories.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimate useful lives and residual values deemed appropriate by the directors. estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during the current and prior accounting periods.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, stated net of discounts and of Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

IVAPE TUNSTALL LIMITED (REGISTERED NUMBER: 09966482)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 10% straight line

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.


IVAPE TUNSTALL LIMITED (REGISTERED NUMBER: 09966482)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pension costs and other post-retirement benefits
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Employee benefits
The company provides a range of benefits to employees.

Short term benefits, including holiday pay, are recognised as an expense in the profit and loss account in the period in which they are incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Long and
leasehold fittings Totals
£    £    £   
COST
At 1 August 2022 - 19,655 19,655
Reclassification/transfer 13,423 1,218 14,641
At 31 July 2023 13,423 20,873 34,296
DEPRECIATION
At 1 August 2022 - 10,186 10,186
Charge for year - 2,087 2,087
Reclassification/transfer 11,685 898 12,583
At 31 July 2023 11,685 13,171 24,856
NET BOOK VALUE
At 31 July 2023 1,738 7,702 9,440
At 31 July 2022 - 9,469 9,469

IVAPE TUNSTALL LIMITED (REGISTERED NUMBER: 09966482)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 2,438 34
Amounts owed by group undertakings 47,958 38,209
Amounts due from connected
companies 49,808 49,808
Prepayments and accrued income 1,771 1,763
101,975 89,814

Amounts due from group and connected companies are interest free, unsecured and repayable on demand.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans and overdrafts 9,755 10,000
Trade creditors 6,147 15
Amounts owed to group undertakings 102,901 92,174
Tax 23,218 17,340
Social security and other taxes 523 468
VAT 6,091 4,507
Other creditors 73 95
Amounts due to connected
companies 145 145
Accruals and deferred income 524 524
149,377 125,268

Amounts due from group and connected companies are interest free, unsecured and repayable on demand.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.23 31.7.22
£    £   
Bank loans - 1-2 years 9,755 10,000
Bank loans - 2-5 years 10,348 19,614
20,103 29,614

The company took out a Coronavirus Business Interruption Loan. The loan was taken in June 2020 with a repayment holiday of 12 months. The loan is repayable by June 2026. Loan interest for the first 12 months of the loan was funded by the UK Government, thereafter the interest rate is 2.5% per annum and is payable by the company.

8. OTHER FINANCIAL COMMITMENTS

The amount of other commitments, guarantees and contingencies is £Nil (2022: £7,100).

9. EVENTS AFTER THE REPORTING DATE

There were no significant events up to the date of approval of the financial statements by the Board.

IVAPE TUNSTALL LIMITED (REGISTERED NUMBER: 09966482)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


10. CONTROLLING PARTY

The company is a wholly owned subsidiary of PM & HP Holdings Limited, a company incorporated in England and Wales.