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COMPANY REGISTRATION NUMBER: 06716906
I Foam Limited
Filleted Unaudited Financial Statements
31 October 2023
I Foam Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
4
8,710
8,710
Tangible assets
5
31,515
45,885
-------
-------
40,225
54,595
Current assets
Stocks
95,848
95,848
Debtors
6
200,903
210,762
Cash at bank and in hand
1,802
10,863
--------
--------
298,553
317,473
Prepayments and accrued income
3,070
5,254
Creditors: amounts falling due within one year
7
423,065
526,750
--------
--------
Net current liabilities
121,442
204,023
--------
--------
Total assets less current liabilities
( 81,217)
( 149,428)
Creditors: amounts falling due after more than one year
8
61,600
95,200
--------
--------
Net liabilities
( 142,817)
( 244,628)
--------
--------
Capital and reserves
Called up share capital
9
850
850
Capital redemption reserve
150
150
Profit and loss account
( 143,817)
( 245,628)
--------
--------
Shareholders deficit
( 142,817)
( 244,628)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
I Foam Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 25 July 2024 , and are signed on behalf of the board by:
G. McDonald
Director
Company registration number: 06716906
I Foam Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales with company number 06716906 . The address of the registered office is Unit A Tyson Courtyard, Weldon South Industrial Estate, Corby, NN18 8AZ, England.
2. 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 company and rounded to the nearest £.
Going concern
The continuation of the company's affairs is dependent upon the support of the creditors. These accounts have been prepared on a going concern basis which assumes their support for the foreseeable future.
Judgements in applying accounting policies and key sources of estimation in uncertainty
In preparing these financial statements the director has had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates and associated assumptions are based on historic experience and various other factors including expectations of future events that are believed to be reasonable under the circumstances, however actual results may differ from these estimates. For this reporting date there are no significant judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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:
Land & Buildings
-
20% straight line
Plant & Machinery
-
25% reducing balance
Fixtures & Fittings
-
33% straight line
Motor Vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
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.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
The company only has basic financial instruments. - Financial assets Financial assets comprise items such as cash at bank and in hand and trade and other debtors. These are initially recorded at cost on the date they originate, the company considers evidence of impairment for all individual elements comprising financial assets and any subsequent impairment is recognised in profit and loss. - Financial liabilities Financial liabilities comprise items such as corporation and other taxes, bank and other loans, accruals and trade and other creditors. These are initially recorded at cost on the date they originate, net of transaction costs where applicable, the company considers evidence of impairment for all individual elements comprising financial liabilities and any subsequent impairment is recognised in profit and loss.
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.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 14 ).
4. Intangible assets
Development costs
£
Cost
At 1 November 2022 and 31 October 2023
8,710
------
Amortisation
At 1 November 2022 and 31 October 2023
------
Carrying amount
At 31 October 2023
8,710
------
At 31 October 2022
8,710
------
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Nov 2022 and 31 Oct 2023
66,025
266,226
3,593
16,021
14,751
366,616
-------
--------
------
-------
-------
--------
Depreciation
At 1 Nov 2022
61,533
230,998
3,272
13,882
11,046
320,731
Charge for the year
3,779
8,807
322
535
927
14,370
-------
--------
------
-------
-------
--------
At 31 Oct 2023
65,312
239,805
3,594
14,417
11,973
335,101
-------
--------
------
-------
-------
--------
Carrying amount
At 31 Oct 2023
713
26,421
( 1)
1,604
2,778
31,515
-------
--------
------
-------
-------
--------
At 31 Oct 2022
4,492
35,228
321
2,139
3,705
45,885
-------
--------
------
-------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
177,002
176,101
Other debtors
23,901
34,661
--------
--------
200,903
210,762
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
171,324
109,394
Trade creditors
217,838
305,282
Social security and other taxes
23,666
20,800
Other creditors
10,237
91,274
--------
--------
423,065
526,750
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
61,600
95,200
-------
-------
The only security which the company has given is in respect of the ID facility.
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A Shares shares of £ 1 each
750
750
750
750
Ordinary B Shares shares of £ 1 each
100
100
100
100
----
----
----
----
850
850
850
850
----
----
----
----
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
73,616
113,616
Later than 1 year and not later than 5 years
148,847
229,129
--------
--------
222,463
342,745
--------
--------
11. Directors' advances, credit and guarantees
At the reporting date the directors loan account was in debit by £15,930 (2022: £26,690). There is no fixed term for repayment and no interest is charged. Transactions during the year can be summarised as follows:
2023
£
Opening Balances Brought Forward 26,690
Net repayments (10,760)
-------
Closing Balance Carried Forward 15,930
-------
12. Related party transactions
The company was under the control of Mr G. McDonald during the current and previous period.