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COMPANY REGISTRATION NUMBER: 11086942
IDSH LIMITED AND SUBSIDIARIES
FINANCIAL STATEMENTS
31 July 2023
IDSH LIMITED AND SUBSIDIARIES
FINANCIAL STATEMENTS
PERIOD ENDED 31 JULY 2023
Contents
Pages
Officers and professional advisers
1
Strategic report
2
Directors' report
3 to 4
Independent auditor's report to the member
5 to 8
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10
Company statement of financial position
11
Consolidated statement of changes in equity
12
Company statement of changes in equity
13
Consolidated statement of cash flows
14
Notes to the financial statements
15 to 26
IDSH LIMITED AND SUBSIDIARIES
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
A O'Connell
D J Barnes
Registered office
Numeric House
98 Station Road
Sidcup
Kent
England
DA15 7BY
Auditor
Opass Billings Wilson & Honey LLP
Chartered Certified Accountants & statutory auditor
Numeric House
98 Station Road
Sidcup
Kent
DA15 7BY
Bankers
National Westminster
65 Eltham High Street
London
SE9 1TE
IDSH LIMITED AND SUBSIDIARIES
STRATEGIC REPORT
PERIOD ENDED 31 JULY 2023
IDSH Limited is a holding company and is the parent company of Imperial Ductwork Services Holdings Limited, Imperial Ductwork Services Limited and Imperial Hygiene Solutions Limited. The overall performance of the company and return on investment is based on the performance of the trading subsidiaries.
Strategic Management The objective of the group is to increase market share in the manufacture and installation of ductwork ventilation systems sector. To achieve this objective the group's strategy is to deliver contracts to the highest level of quality and service, on time and snag free. The group companies' personnel have a wealth of experience in the ductwork ventilation sector and the engineering departments are fully supported by their in-house CAD resources.
Business Environment The sector the group companies operates in remains competitive, with continued pressure on raw material and subcontractors' costs. The group has a strong business relationship with a manufacturer of ductwork ventilation systems, which allows the group to ensure that the high quality of the products is maintained and produced on time. In the industry there is a potential liquidity risk due to monies being tied up in large, long-term contracts, however, the management regularly monitors the group's cashflow to manage this risk. The group is subject to various health and safety risks due to the nature of the business. The trading subsidiaries have their own dedicated health, safety and environmental department that ensure that all health and safety procedures are followed. Imperial Ductwork Services Limited is fully accredited to ISO standards 14001, 18001 and 9001.
Key Performance Indicators 1 Gross Profit Percentage The Gross Profit Percentage achieved by the group in 2023 was 14.5% and in 2022 it was 13.8%. This result was in-line with board expectations.. 2 Subcontractor Costs The subcontractors' costs in the group's 2023 financial statements, as a percentage of turnover, for the period was 47.7% and in 2022 it was 54.7%. The board are pleased with this result, given the current industry conditions.
This report was approved by the board of directors on 5 February 2024 and signed on behalf of the board by:
A O'Connell
Director
IDSH LIMITED AND SUBSIDIARIES
DIRECTORS' REPORT
PERIOD ENDED 31 JULY 2023
The directors present their report and the financial statements of the group for the period ended 31 July 2023 .
Directors
The directors who served the company during the period were as follows:
A O'Connell
D J Barnes
Dividends
Particulars of recommended dividends are detailed in note 13 to the financial statements.
Future developments
With the group companies continuing to grow, the group have the resources in place to be able to successfully undertake larger contracts and compete within a highly competitive industry. These contracts are typically works on prestigious buildings which increases the profile of the group and can give a greater return. The board have made a strategic decision to effectively use their resources to undertake more of these larger contracts and therefore increase profitability in the future.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 5 February 2024 and signed on behalf of the board by:
A O'Connell
Director
IDSH LIMITED AND SUBSIDIARIES
INDEPENDENT AUDITOR'S REPORT TO THE MEMBER OF IDSH LIMITED AND SUBSIDIARIES
PERIOD ENDED 31 JULY 2023
Opinion
We have audited the financial statements of IDSH Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2023 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, 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 FRS 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's affairs as at 31 July 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; - 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 auditor's 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 directors' 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 or 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 directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which 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 directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are 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 directors determine is 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 directors are 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor’s report 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identify and assess the key risk areas of material misstatement and then design and perform audit procedures in relation to those risks. Materiality has been calculated on the group's income and has been assessed at a level of £250,000. The key risk area was considered to be recognition of income on long term contracts, as there is a high level of judgements and estimations used to calculate the expected income. The appropriate audit approach was considered and applied to this area. We performed analytical procedures to identify any unusual or unexpected ratios or variances that may indicate risks of material misstatement due to fraud. We reviewed the financial statement disclosures and assessed compliance with the following relevant laws and regulations; - Companies Act 2006. - Employment Rights Act 1996. - Health and Safety at work Act 1974. - Data Protection Act 2018. Irregularities which result from fraud are inherently more difficult to detect than irregularities which result from error, however there have never been any instances of fraud encountered with the company and there are controls in place through the segregation of duties and regular reviews of management accounts which reduce the risk of fraud through management override. All audit team members were made aware of the relevant laws & regulations applicable to the company together with potential fraud risks and remained alert to any indications of fraud non compliance with the laws & regulations throughout the audit. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's member, 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 member those matters we are required to state to them in an auditor's report 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 member as a body, for our audit work, for this report, or for the opinions we have formed.
Philip Benson Woodman FCCA
(Senior Statutory Auditor)
For and on behalf of
Opass Billings Wilson & Honey LLP
Chartered Certified Accountants & statutory auditor
Numeric House
98 Station Road
Sidcup
Kent
DA15 7BY
5 February 2024
IDSH LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
PERIOD ENDED 31 JULY 2023
2023
2022
Note
£
£
Turnover
4
39,995,242
38,474,128
Cost of sales
34,179,039
33,171,039
--------------
--------------
Gross profit
5,816,203
5,303,089
Administrative expenses
5,261,135
4,352,527
Other operating income
5
44,334
------------
------------
Operating profit
6
555,068
994,896
Other interest receivable and similar income
10
30,858
3,167
Interest payable and similar expenses
11
24,411
------------
------------
Profit before taxation
585,926
973,652
Tax on profit
12
( 752)
67,182
----------
----------
Profit for the financial period and total comprehensive income
586,678
906,470
----------
----------
All the activities of the group are from continuing operations.
IDSH LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 July 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
14
567,595
683,038
Tangible assets
15
159,462
85,055
Investments
16
61,122
61,415
----------
----------
788,179
829,508
Current assets
Debtors
17
7,914,266
10,643,728
Cash at bank and in hand
1,938,487
1,910,200
------------
--------------
9,852,753
12,553,928
Creditors: amounts falling due within one year
18
8,322,045
10,957,207
------------
--------------
Net current assets
1,530,708
1,596,721
------------
------------
Total assets less current liabilities
2,318,887
2,426,229
Provisions
19
7,816
1,836
------------
------------
Net assets
2,311,071
2,424,393
------------
------------
Capital and reserves
Called up share capital
23
50,000
50,000
Share premium account
24
1,184,694
1,184,694
Profit and loss account
24
1,076,377
1,189,699
------------
------------
Shareholder funds
2,311,071
2,424,393
------------
------------
These financial statements were approved by the board of directors and authorised for issue on 5 February 2024 , and are signed on behalf of the board by:
A O'Connell
Director
Company registration number: 11086942
IDSH LIMITED AND SUBSIDIARIES
COMPANY STATEMENT OF FINANCIAL POSITION
31 July 2023
2023
2022
Note
£
£
Fixed assets
Investments
16
3,161,122
3,161,415
Current assets
Cash at bank and in hand
6,940
2,344
Creditors: amounts falling due within one year
18
1,829,995
1,825,338
------------
------------
Net current liabilities
1,823,055
1,822,994
------------
------------
Total assets less current liabilities
1,338,067
1,338,421
------------
------------
Capital and reserves
Called up share capital
23
50,000
50,000
Share premium account
24
1,184,694
1,184,694
Profit and loss account
24
103,373
103,727
------------
------------
Shareholder funds
1,338,067
1,338,421
------------
------------
The profit for the financial period of the parent company was £ 699,646 (2022: £ 2,851 ).
These financial statements were approved by the board of directors and authorised for issue on 5 February 2024 , and are signed on behalf of the board by:
A O'Connell
Director
Company registration number: 11086942
IDSH LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
PERIOD ENDED 31 JULY 2023
Called up share capital
Share premium account
Profit and loss account
Total
£
£
£
£
At 1 August 2021
50,000
1,184,694
283,229
1,517,923
Profit for the period
906,470
906,470
--------
------------
----------
------------
Total comprehensive income for the period
906,470
906,470
At 31 July 2022
50,000
1,184,694
1,189,699
2,424,393
Profit for the period
586,678
586,678
--------
------------
------------
------------
Total comprehensive income for the period
586,678
586,678
Dividends paid and payable
13
( 700,000)
( 700,000)
----
----
----------
----------
Total investments by and distributions to owners
( 700,000)
( 700,000)
--------
------------
------------
------------
At 31 July 2023
50,000
1,184,694
1,076,377
2,311,071
--------
------------
------------
------------
IDSH LIMITED AND SUBSIDIARIES
COMPANY STATEMENT OF CHANGES IN EQUITY
PERIOD ENDED 31 JULY 2023
Called up share capital
Share premium account
Profit and loss account
Total
£
£
£
£
At 1 August 2021
50,000
1,184,694
100,876
1,335,570
Profit for the period
2,851
2,851
--------
------------
----------
------------
Total comprehensive income for the period
2,851
2,851
At 31 July 2022
50,000
1,184,694
103,727
1,338,421
Profit for the period
699,646
699,646
--------
------------
----------
------------
Total comprehensive income for the period
699,646
699,646
Dividends paid and payable
13
( 700,000)
( 700,000)
----
----
----------
----------
Total investments by and distributions to owners
( 700,000)
( 700,000)
--------
------------
----------
------------
At 31 July 2023
50,000
1,184,694
103,373
1,338,067
--------
------------
----------
------------
IDSH LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
PERIOD ENDED 31 JULY 2023
2023
2022
£
£
Cash flows from operating activities
Profit for the financial period
586,678
906,470
Adjustments for:
Depreciation of tangible assets
29,835
50,361
Amortisation of intangible assets
115,443
115,443
Government grant income
( 44,334)
Other interest receivable and similar income
( 30,858)
( 3,167)
Interest payable and similar expenses
24,411
Gains on disposal of tangible assets
( 1,904)
Tax on profit
( 752)
67,182
Accrued expenses/(income)
5,264
( 2,138)
Changes in:
Trade and other debtors
2,741,753
( 37,727)
Trade and other creditors
( 2,657,926)
1,048,771
------------
------------
Cash generated from operations
787,533
2,125,272
Interest paid
( 24,411)
Interest received
31,151
254
Tax paid
( 75,559)
----------
------------
Net cash from operating activities
743,125
2,101,115
----------
------------
Cash flows from investing activities
Purchase of tangible assets
( 105,242)
( 24,738)
Proceeds from sale of tangible assets
2,904
Proceeds from sale of other investments
500,000
----------
------------
Net cash (used in)/from investing activities
( 102,338)
475,262
----------
------------
Cash flows from financing activities
Repayments of borrowings
( 1,416,667)
Government grant income
44,334
Dividends paid
( 612,500)
----------
------------
Net cash used in financing activities
( 612,500)
( 1,372,333)
----------
------------
Net increase in cash and cash equivalents
28,287
1,204,044
Cash and cash equivalents at beginning of period
1,910,200
706,156
------------
------------
Cash and cash equivalents at end of period
1,938,487
1,910,200
------------
------------
IDSH LIMITED AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS
PERIOD ENDED 31 JULY 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Numeric House, 98 Station Road, Sidcup, Kent, DA15 7BY, England.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Debtors
Debtors are initially recorded at fair value and are assessed for impairment at each reporting date. If any impairments exist the debtors are remeasured to the present value of the expected future cash inflows.
Going concern
The UK economy was impacted by weak economic growth and high inflation rates during the company's accounting period The company, along with its subsidiaries, have been able to address these challenges and has been able to continue satisfactorily during this accounting period and subsequently.
Creditors
Creditors are initially recorded at fair value and are then remeasured to the present value of the expected future cash outflows.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of IDSH Limited and all of its subsidiary undertakings. The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes. The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not included its individual statement of comprehensive income.
Judgements and 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: The key source of estimation uncertainty is revenue recognition on long term contracts. Profits on long term contracts are accrued evenly over the life of the contract. There are two estimated factors that are used in calculating the carrying amounts, being an estimated budgeted gross profit percentage and the estimated percentage of completion. The carrying amounts of the estimated contract values as at 31st July 2023 are amounts recoverable on contracts of £4,528,921, uninvoiced sales of £716,721 and payments received on account of (£1,252,563).
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Government grants
The government grants received by the group were in relation to the coronavirus job retention scheme. Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
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.
4. Turnover
Turnover arises from:
2023
2022
£
£
Rendering of services
371,512
153,299
Construction contracts
39,623,730
38,320,829
--------------
--------------
39,995,242
38,474,128
--------------
--------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2023
2022
£
£
Government grant income
44,334
----
--------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2023
2022
£
£
Amortisation of intangible assets
115,443
115,443
Depreciation of tangible assets
29,835
50,361
Gains on disposal of tangible assets
( 1,904)
Impairment of trade debtors
755,681
143,279
Research and development expenditure written off
127,328
----------
----------
7. Auditor's remuneration
2023
2022
£
£
Fees payable for the audit of the financial statements
21,000
21,000
--------
--------
Fees payable to the company's auditor and its associates for other services:
Other non-audit services
9,940
8,659
--------
--------
8. Staff costs
The average number of persons employed by the group during the period, including the directors, amounted to:
2023
2022
No.
No.
Production staff
7
8
Administrative staff
39
41
Management staff
8
8
----
----
54
57
----
----
The aggregate payroll costs incurred during the period, relating to the above, were:
2023
2022
£
£
Wages and salaries
2,598,318
2,647,098
Social security costs
324,548
331,435
Other pension costs
182,733
175,075
------------
------------
3,105,599
3,153,608
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2023
2022
£
£
Remuneration
658,038
630,550
Company contributions to defined contribution pension plans
134,192
126,196
----------
----------
792,230
756,746
----------
----------
The number of directors who accrued benefits under company pension plans was as follows:
2023
2022
No.
No.
Defined contribution plans
5
5
----
----
Remuneration of the highest paid director in respect of qualifying services:
2023
2022
£
£
Aggregate remuneration
129,750
108,550
----------
----------
10. Other interest receivable and similar income
2023
2022
£
£
Interest on cash and cash equivalents
31,151
254
Gain on fair value adjustment of financial assets at fair value through profit or loss
(293)
2,913
--------
-------
30,858
3,167
--------
-------
11. Interest payable and similar expenses
2023
2022
£
£
Interest on banks loans and overdrafts
24,411
----
--------
12. Tax on profit
Major components of tax income
2023
2022
£
£
Current tax:
UK current tax income
12,283
70,000
Adjustments in respect of prior periods
( 6,724)
--------
--------
Total current tax
5,559
70,000
--------
--------
Deferred tax:
Origination and reversal of timing differences
( 6,311)
( 2,818)
-------
--------
Tax on profit
( 752)
67,182
-------
--------
Reconciliation of tax (income)/expense
The tax assessed on the profit on ordinary activities for the period is lower than (2022: lower than) the standard rate of corporation tax in the UK of 21 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
585,926
973,652
----------
----------
Profit on ordinary activities by rate of tax
122,847
184,993
Adjustment to tax charge in respect of prior periods
( 6,724)
Effect of expenses not deductible for tax purposes
33,554
23,683
Effect of capital allowances and depreciation
18,431
24,273
Unused tax losses
13
12
Effect of fair value adjustment
61
(553)
Other tax adjustment to decrease tax liability
(162,631)
(162,408)
Effect of chargeable gain
8
Effect of deferred taxation
(6,311)
(2,818)
----------
----------
Tax on profit
( 752)
67,182
----------
----------
13. Dividends
2023
2022
£
£
Dividends paid during the period (excluding those for which a liability existed at the end of the prior period )
700,000
----------
----
14. Intangible assets
Group
Goodwill
£
Cost
At 1 August 2022 and 31 July 2023
1,154,430
------------
Amortisation
At 1 August 2022
471,392
Charge for the period
115,443
------------
At 31 July 2023
586,835
------------
Carrying amount
At 31 July 2023
567,595
------------
At 31 July 2022
683,038
------------
The company has no intangible assets.
15. Tangible assets
Group
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2022
28,519
68,555
29,596
126,670
Additions
99
19,143
86,000
105,242
Disposals
( 3,023)
( 3,023)
--------
--------
----------
----------
At 31 July 2023
28,618
87,698
112,573
228,889
--------
--------
----------
----------
Depreciation
At 1 August 2022
10,005
17,014
14,596
41,615
Charge for the period
3,720
12,475
13,640
29,835
Disposals
( 2,023)
( 2,023)
--------
--------
----------
----------
At 31 July 2023
13,725
29,489
26,213
69,427
--------
--------
----------
----------
Carrying amount
At 31 July 2023
14,893
58,209
86,360
159,462
--------
--------
----------
----------
At 31 July 2022
18,514
51,541
15,000
85,055
--------
--------
----------
----------
The company has no tangible assets.
16. Investments
Group
Other investments
£
Cost
At 1 August 2022
61,415
Revaluations
( 293)
--------
At 31 July 2023
61,122
--------
Impairment
At 1 August 2022 and 31 July 2023
--------
Carrying amount
At 31 July 2023
61,122
--------
At 31 July 2022
61,415
--------
Company
Shares in group undertakings
Other investments
Total
£
£
£
Cost
At 1 August 2022
3,100,000
61,415
3,161,415
Revaluations
( 293)
( 293)
------------
--------
------------
At 31 July 2023
3,100,000
61,122
3,161,122
------------
--------
------------
Impairment
At 1 August 2022 and 31 July 2023
------------
--------
------------
Carrying amount
At 31 July 2023
3,100,000
61,122
3,161,122
------------
--------
------------
At 31 July 2022
3,100,000
61,415
3,161,415
------------
--------
------------
Subsidiaries, associates and other investments
Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Imperial Ductwork Services Holdings Limited
Ordinary
100
Imperial Ductwork Services Limited
Ordinary
100
Imperial Hygiene Solutions Limited
Ordinary
100
17. Debtors
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade debtors
2,901,303
4,632,125
Deferred tax asset
48,344
36,053
Prepayments and accrued income
150,073
131,874
Corporation tax repayable
17,717
Amounts recoverable on contracts
4,528,921
5,345,964
Other debtors
267,908
497,712
------------
--------------
----
----
7,914,266
10,643,728
------------
--------------
----
----
The debtors above include the following amounts falling due after more than one year:
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade debtors
17,918
13,872
Amounts recoverable on contracts
540,283
860,002
----------
----------
----
----
558,201
873,874
----------
----------
----
----
18. Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
7,963,172
10,678,243
Amounts owed to group undertakings
1,829,995
1,825,338
Accruals and deferred income
26,264
21,000
Corporation tax
70,000
Social security and other taxes
209,926
167,208
Dividends payable
87,500
Other creditors
35,183
20,756
------------
--------------
------------
------------
8,322,045
10,957,207
1,829,995
1,825,338
------------
--------------
------------
------------
19. Provisions
Group
Deferred tax (note 20)
£
At 1 August 2022
1,836
Additions
5,980
-------
At 31 July 2023
7,816
-------
The company does not have any provisions.
20. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Included in debtors (note 17)
48,344
36,053
Included in provisions (note 19)
( 7,816)
( 1,836)
--------
--------
----
----
40,528
34,217
--------
--------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2023
2022
2023
2022
£
£
£
£
Accelerated capital allowances
7,816
1,836
Unused tax losses
( 48,344)
( 36,053)
--------
--------
----
----
(40,528)
(34,217)
--------
--------
----
----
21. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 48,541 (2022: £ 48,879 ).
22. Government grants
The amounts recognised in the financial statements for government grants are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Recognised in other operating income:
Government grants recognised directly in income
44,334
----
--------
----
----
23. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
50,000
50,000
50,000
50,000
--------
--------
--------
--------
Shares issued and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
50,000
50,000
50,000
50,000
--------
--------
--------
--------
Shares issued and partly paid
2023
2022
No.
£
No.
£
24. Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.
25. Analysis of changes in net debt
At 1 Aug 2022
Cash flows
At 31 Jul 2023
£
£
£
Cash at bank and in hand
1,910,200
28,287
1,938,487
------------
--------
------------
26. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Not later than 1 year
143,499
146,776
Later than 1 year and not later than 5 years
20,904
86,767
----------
----------
----
----
164,403
233,543
----------
----------
----
----