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Company registration number: 03021126
Izumi Products UK Limited
Unaudited filleted financial statements
29 July 2023
Izumi Products UK Limited
Contents
Balance sheet
Notes to the financial statements
Izumi Products UK Limited
Balance sheet
29 July 2023
29/07/23 31/07/22
Note £ £ £ £
Fixed assets
Intangible assets 6 - -
Tangible assets 7 216,087 602,109
_______ _______
216,087 602,109
Current assets
Stocks 665,070 960,903
Debtors 8 643,845 377,989
Cash at bank and in hand 180,786 162,571
_______ _______
1,489,701 1,501,463
Creditors: amounts falling due
within one year 9 ( 891,711) ( 886,475)
_______ _______
Net current assets 597,990 614,988
_______ _______
Total assets less current liabilities 814,077 1,217,097
Creditors: amounts falling due
after more than one year 10 ( 202,434) ( 513,069)
Provisions for liabilities 11 ( 20,115) ( 47,779)
_______ _______
Net assets 591,528 656,249
_______ _______
Capital and reserves
Called up share capital 13 1,005 1,005
Revaluation reserve - 122,571
Profit and loss account 590,523 532,673
_______ _______
Shareholders funds 591,528 656,249
_______ _______
For the period ending 29 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 14 August 2024 , and are signed on behalf of the board by:
Mr Michael Robert Bracher
Director
Company registration number: 03021126
Izumi Products UK Limited
Notes to the financial statements
Period ended 29 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 Unit 4B Hatfield Way, South Church Enterprise Park, Bishop Auckland, County Durham, DL14 6XF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
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:
Patents - Have previously been amortised to nil
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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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 - 10 % reducing balance
Fittings fixtures and equipment - 10 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
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 Balance sheet 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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 7 (2022: 9 ).
5. Tax on profit
Major components of tax expense/income
Period
ended
29/07/23
£
Current tax:
UK current tax expense/income 28,266
_______
Deferred tax:
Origination and reversal of timing differences ( 27,664)
_______
Tax on profit 602
_______
Reconciliation of tax expense/income
The tax assessed on the profit for the period is lower than the standard rate of corporation tax in the UK of 25.00%.
Period
ended
29/07/23
£
Profit before taxation 9,859
_______
Profit multiplied by rate of tax 2,465
Effect of expenses not deductible for tax purposes 11,580
Effect of capital allowances and depreciation ( 4,061)
Utilisation of tax losses ( 9,984)
Chargeable gains 33,677
Marginal rate relief (5,411)
Origination and reversal of timing differences (27,664)
_______
Tax on profit 602
_______
6. Intangible assets
Patents Total
£ £
Cost
At 1 August 2022 1,600 1,600
Disposals (1,600) (1,600)
_______ _______
At 29 July 2023 - -
_______ _______
Amortisation
At 1 August 2022 1,600 1,600
Disposals ( 1,600) ( 1,600)
_______ _______
At 29 July 2023 - -
_______ _______
Carrying amount
At 29 July 2023 - -
_______ _______
At 31 July 2022 - -
_______ _______
7. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 August 2022 350,000 345,242 37,964 164,590 897,796
Disposals ( 350,000) - - - ( 350,000)
_______ _______ _______ _______ _______
At 29 July 2023 - 345,242 37,964 164,590 547,796
_______ _______ _______ _______ _______
Depreciation
At 1 August 2022 - 183,157 20,012 92,518 295,687
Charge for the year - 16,209 1,795 18,018 36,022
_______ _______ _______ _______ _______
At 29 July 2023 - 199,366 21,807 110,536 331,709
_______ _______ _______ _______ _______
Carrying amount
At 29 July 2023 - 145,876 16,157 54,054 216,087
_______ _______ _______ _______ _______
At 31 July 2022 350,000 162,085 17,952 72,072 602,109
_______ _______ _______ _______ _______
On 3 March 2023, the Company disposed of its Freehold property for proceeds of £343,000. This was the only tangible asset held at valuation prior to the sale, therefore the entirety of the revaluation reserve has been reversed to the Profit and Loss Account during this period. All deferred tax which had previously been recognised in the revaluation reserve has been realised as an actual corporation tax charge, and therefore reversed through the Profit and Loss Account during the current period.
8. Debtors
29/07/23 31/07/22
£ £
Trade debtors 638,938 365,651
Other debtors 4,907 12,338
_______ _______
643,845 377,989
_______ _______
9. Creditors: amounts falling due within one year
29/07/23 31/07/22
£ £
Bank loans and overdrafts 79,158 98,358
Trade creditors 267,918 333,979
Corporation tax 5,041 ( 55,336)
Social security and other taxes 32,306 47,573
Other creditors 507,288 461,901
_______ _______
891,711 886,475
_______ _______
10. Creditors: amounts falling due after more than one year
29/07/23 31/07/22
£ £
Bank loans and overdrafts 90,389 289,141
Other creditors 112,045 223,928
_______ _______
202,434 513,069
_______ _______
11. Provisions
Deferred tax (note 12) Total
£ £
At 1 August 2022 47,779 47,779
Charges against provisions ( 27,664) ( 27,664)
_______ _______
At 29 July 2023 20,115 20,115
_______ _______
12. Deferred tax
The deferred tax included in the Balance sheet is as follows:
29/07/23 31/07/22
£ £
Included in provisions (note 11) 20,115 47,779
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
29/07/23 31/07/22
£ £
Accelerated capital allowances 20,115 19,028
Revaluation of tangible assets - 28,751
_______ _______
20,115 47,779
_______ _______
13. Called up share capital
Authorised share capital
29/07/23 31/07/22
No £ No £
Ordinary shares of £ 1.00 each 1,000 1,000 1,000 1,000
Ordinary A shares of £ 1.00 each 1 1 1 1
Ordinary B shares of £ 1.00 each 1 1 1 1
Ordinary C shares of £ 1.00 each 1 1 1 1
Ordinary D shares of £ 1.00 each 1 1 1 1
Ordinary E shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
1,005 1,005 1,005 1,005
_______ _______ _______ _______
Issued, called up and fully paid
29/07/23 31/07/22
No £ No £
Ordinary shares of £ 1.00 each 1,000 1,000 1,000 1,000
Ordinary A shares of £ 1.00 each 1 1 1 1
Ordinary B shares of £ 1.00 each 1 1 1 1
Ordinary C shares of £ 1.00 each 1 1 1 1
Ordinary D shares of £ 1.00 each 1 1 1 1
Ordinary E shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
1,005 1,005 1,005 1,005
_______ _______ _______ _______
14. Directors advances, credits and guarantees
There were no directors advances, credits or guarantees during the period under review.
15. Related party transactions
All related party transactions were undertaken under normal commercial terms.