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Registration number: 03497867

Internet Stamps Group Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Internet Stamps Group Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Internet Stamps Group Limited

Company Information

Director

Mrs CJ Buckingham

Registered office

Warren House
Shearway Road
Folkestone
Kent
CT19 4BF

Accountants

Beresfords
Chartered Certified Accountants
1-2 Rhodium Point
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

 

Internet Stamps Group Limited

(Registration number: 03497867)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

6,407

9,524

Investments

5

200

200

 

6,607

9,724

Current assets

 

Stocks

6

263,531

329,745

Debtors

7

37,489

101,630

Cash at bank and in hand

 

28,672

219,820

 

329,692

651,195

Creditors: Amounts falling due within one year

8

(78,190)

(186,369)

Net current assets

 

251,502

464,826

Total assets less current liabilities

 

258,109

474,550

Provisions for liabilities

(831)

(21,569)

Net assets

 

257,278

452,981

Capital and reserves

 

Called up share capital

103,207

103,207

Capital redemption reserve

1,793

1,793

Retained earnings

152,278

347,981

Shareholders' funds

 

257,278

452,981

 

Internet Stamps Group Limited

(Registration number: 03497867)
Balance Sheet as at 31 December 2023 (continued)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 12 August 2024
 

.........................................
Mrs CJ Buckingham
Director

   
     
 

Internet Stamps Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Warren House
Shearway Road
Folkestone
Kent
CT19 4BF

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis and there are no material uncertainties that cast significant doubt on the Company’s ability to continue as a going concern.

 

Internet Stamps Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Judgements

The Company has accrued for unused TOIL and holiday days. This has been based on the Directors' best estimate and amounts to £30,557 (2022: £27,440).

Year end stock valuations include the use of significant estimates in calculating the historic cost. See Stock accounting policy for more information.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains no continuing managerial involvement associated with ownership;
- the Company retains no effective control over the goods sold ;
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Interest income

Interest income is recognised in profit or loss using the effective intetest method.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 

Internet Stamps Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% reducing balance

Office equipment

25% on cost

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost is an estimate based on an estimated mark-up applied to the retail selling price of each product line. The mark-up includes an estimate of apportioned overheads.

At each balance sheet date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Consignment stock held on sale and return is not included in year end stock valuations, as the ownership is not transferred until products are sold.

 

Internet Stamps Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation, that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision in the Balance sheet.

Operating leases

Rentals paid under operating leases are charged to profit and loss on a straight line basis over the lease term.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

 

Internet Stamps Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 15 (2022 - 16).

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

69,975

39,746

109,721

At 31 December 2023

69,975

39,746

109,721

Depreciation

At 1 January 2023

63,842

36,355

100,197

Charge for the year

920

2,197

3,117

At 31 December 2023

64,762

38,552

103,314

Carrying amount

At 31 December 2023

5,213

1,194

6,407

At 31 December 2022

6,133

3,391

9,524

 

Internet Stamps Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

5

Investments

2023
£

2022
£

Investments in subsidiaries

200

200

Subsidiaries

£

Cost or valuation

At 1 January 2023

200

Provision

Carrying amount

At 31 December 2023

200

At 31 December 2022

200

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

FSS Limited

UK

Ordinary A

100%

100%

Buckingham Covers Limited

UK

Ordinary A

100%

100%

Subsidiary undertakings

FSS Limited

The principal activity of FSS Limited is dormant.

Buckingham Covers Limited

The principal activity of Buckingham Covers Limited is dormant.

 

Internet Stamps Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

263,531

329,745

7

Debtors

Current

2023
£

2022
£

Trade debtors

17,256

54,792

Prepayments

8,719

35,417

Other debtors

11,514

11,421

 

37,489

101,630

 

Internet Stamps Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

27,999

109,568

Taxation and social security

14,055

42,700

Accruals and deferred income

35,907

33,815

Other creditors

229

286

78,190

186,369

9

Dividends

10

Related party transactions

Buckingham Creative Solutions Limited

A company in which Catherine Buckingham is a shareholder and director.

During the year, the Company paid £22,664 (2022: £38,996) in respect of property rent and £20,000 (2022; £30,000) for consultancy services.

As at 31 December 2023, £nil (2022: £26,665) was due to Buckingham Creative Solutions Limited.

11

Provisions for liabilities

Deferred tax
£

Other provisions
£

Total
£

At 1 January 2023

1,348

20,221

21,569

Increase (decrease) in existing provisions

(517)

(20,221)

(20,738)

At 31 December 2023

831

-

831

As part of a reward scheme the Company offers free display folders upon redemption of a number of tokens. At the balance sheet date there were a number of customers who had the required number of tokens but had yet to claim their free folder and this amounted to a value of £Nil (2022: £20,221).

 

Internet Stamps Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

12

Financial commitments

Pension commitments

The Company operates defined contribution pension schemes. The assets of the schemes are held separately from those of the Company in funds under the control of the trustees.

The total pension cost charged to the Profit and Loss of £12,749 (2022: £13,762) represents the amounts payable to those schemes by the Company at rates specified by the rules of the schemes.

As at 31 December 2023, the contributions of £Nil (2022: £Nil) due in respect of the current reporting period had not been paid over to the schemes.