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Registered number: 04173867
Inter Ceramica Limited
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 04173867
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 3,000 4,000
Tangible Assets 5 185,117 164,520
188,117 168,520
CURRENT ASSETS
Stocks 464,906 354,738
Debtors 6 227,435 424,316
Cash at bank and in hand 34,429 15,989
726,770 795,043
Creditors: Amounts Falling Due Within One Year 7 (543,521 ) (644,004 )
NET CURRENT ASSETS (LIABILITIES) 183,249 151,039
TOTAL ASSETS LESS CURRENT LIABILITIES 371,366 319,559
Creditors: Amounts Falling Due After More Than One Year 8 (23,334 ) (43,333 )
NET ASSETS 348,032 276,226
CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Share premium account 24,800 24,800
Profit and Loss Account 322,232 250,426
SHAREHOLDERS' FUNDS 348,032 276,226
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Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Robin Challis
Director
16/04/2024
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Inter Ceramica Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04173867 . The registered office is Unit 13a, Hornbeam Park Oval, Harrogate, North Yorkshire, HG2 8RB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, and represents amounts receivable for goods supplied and services rendered, excluding discounts and value added tax.
The Company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when the risks and rewards of ownership have passed to the customer. This typically happens when goods and services are delivered to the customer.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of businesses and the fair value of their separable net assets. It is amortised to profit and loss account over its estimated economic life of twenty years and three years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 33.33% on cost
Plant & Machinery 20% on cost and 10% on cost
Motor Vehicles 10% on cost
Fixtures & Fittings 20% on cost and 10% on cost
Computer Equipment 20% on cost
2.5. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. 
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2.7. Financial Instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Amy losses arising form impairment are recognised in the profit and loss account in other administrative expenses.
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
2.8. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.9. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.10. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year  16 (2023: 17)
16 17
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 135,000
As at 31 March 2024 135,000
Amortisation
As at 1 April 2023 131,000
Provided during the period 1,000
As at 31 March 2024 132,000
Net Book Value
As at 31 March 2024 3,000
As at 1 April 2023 4,000
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 12,879 86,521 179,590 13,236 292,226
Additions - 36,731 10,361 - 47,092
Disposals - (3,000 ) (28,262 ) - (31,262 )
As at 31 March 2024 12,879 120,252 161,689 13,236 308,056
Depreciation
As at 1 April 2023 12,879 49,506 52,085 13,236 127,706
Provided during the period - 9,042 17,453 - 26,495
Disposals - (3,000 ) (28,262 ) - (31,262 )
As at 31 March 2024 12,879 55,548 41,276 13,236 122,939
...CONTINUED
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Net Book Value
As at 31 March 2024 - 64,704 120,413 - 185,117
As at 1 April 2023 - 37,015 127,505 - 164,520
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 172,373 356,731
Other debtors 55,062 67,585
227,435 424,316
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 174,954 182,624
Bank loans and overdrafts 20,000 20,000
Other creditors 308,179 408,876
Taxation and social security 40,388 32,504
543,521 644,004
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 23,334 43,333
9. Secured Creditors
On 23 May 2003 and on 5 May 2010 the National Westminster Bank Plc created debentures securing all monies due or to become due from the Company to the chargee on any account whatsoever by way of fixed and floating charges over the Company and all property and assets present and future.
Of the creditors falling due within and after more than one year the following amounts are secured:
2024 2023
£ £
Bank loans and overdrafts 43,334 63,333
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
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11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases were £158,333 (2023: £105,000). These commitments are payable at a rate of £50,000 per annum.
2024 2023
£ £
Not later than one year 50,000 45,000
Later than one year and not later than five years 108,333 60,000
158,333 105,000
12. Related Party Transactions
At 31 March 2024 the Company owed £262,132 to the Directors (2023: £141,041). Interest is payable at rates determined by the Directors on an annual basis. The loan is repayable on demand and is classified in creditors due within one year.
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