7
01/08/2022
29/07/2023
2023-07-29
false
false
false
false
false
false
false
true
false
false
true
false
false
false
false
false
true
false
No description of principal activities is disclosed
2022-08-01
Sage Accounts Production 23.0 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
03021126
2022-08-01
2023-07-29
03021126
2023-07-29
03021126
2022-07-31
03021126
2021-08-01
2022-07-31
03021126
2022-07-31
03021126
2021-07-31
03021126
core:PlantMachinery
2022-08-01
2023-07-29
03021126
core:FurnitureFittingsToolsEquipment
2022-08-01
2023-07-29
03021126
core:MotorVehicles
2022-08-01
2023-07-29
03021126
bus:OrdinaryShareClass1
2022-08-01
2023-07-29
03021126
bus:OrdinaryShareClass2
2022-08-01
2023-07-29
03021126
bus:OrdinaryShareClass3
2022-08-01
2023-07-29
03021126
bus:OrdinaryShareClass4
2022-08-01
2023-07-29
03021126
bus:OrdinaryShareClass5
2022-08-01
2023-07-29
03021126
bus:Director1
2022-08-01
2023-07-29
03021126
core:IntangibleAssetsOtherThanGoodwill
2022-07-31
03021126
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-07-31
03021126
core:PlantMachinery
2022-07-31
03021126
core:FurnitureFittingsToolsEquipment
2022-07-31
03021126
core:MotorVehicles
2022-07-31
03021126
core:PlantMachinery
2023-07-29
03021126
core:FurnitureFittingsToolsEquipment
2023-07-29
03021126
core:MotorVehicles
2023-07-29
03021126
core:WithinOneYear
2023-07-29
03021126
core:WithinOneYear
2022-07-31
03021126
core:AfterOneYear
2023-07-29
03021126
core:AfterOneYear
2022-07-31
03021126
core:UKTax
2022-08-01
2023-07-29
03021126
core:IntangibleAssetsOtherThanGoodwill
2022-08-01
2023-07-29
03021126
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-08-01
2023-07-29
03021126
core:ShareCapital
2023-07-29
03021126
core:ShareCapital
2022-07-31
03021126
core:RevaluationReserve
2022-07-31
03021126
core:RetainedEarningsAccumulatedLosses
2023-07-29
03021126
core:RetainedEarningsAccumulatedLosses
2022-07-31
03021126
bus:OrdinaryShareClass1
core:ShareCapital
2023-07-29
03021126
bus:OrdinaryShareClass1
core:ShareCapital
2022-07-31
03021126
bus:OrdinaryShareClass2
core:ShareCapital
2023-07-29
03021126
bus:OrdinaryShareClass2
core:ShareCapital
2022-07-31
03021126
bus:OrdinaryShareClass3
core:ShareCapital
2023-07-29
03021126
bus:OrdinaryShareClass3
core:ShareCapital
2022-07-31
03021126
bus:OrdinaryShareClass4
core:ShareCapital
2023-07-29
03021126
bus:OrdinaryShareClass4
core:ShareCapital
2022-07-31
03021126
bus:OrdinaryShareClass5
core:ShareCapital
2023-07-29
03021126
bus:OrdinaryShareClass5
core:ShareCapital
2022-07-31
03021126
core:DeferredTaxation
2022-08-01
2023-07-29
03021126
core:AcceleratedTaxDepreciationDeferredTax
2023-07-29
03021126
core:AcceleratedTaxDepreciationDeferredTax
2022-07-31
03021126
core:RevaluationPropertyPlantEquipmentDeferredTax
2022-07-31
03021126
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-07-31
03021126
core:PlantMachinery
2022-07-31
03021126
core:FurnitureFittingsToolsEquipment
2022-07-31
03021126
core:MotorVehicles
2022-07-31
03021126
core:DeferredTaxation
2022-07-31
03021126
core:DeferredTaxation
2023-07-29
03021126
bus:SmallEntities
2022-08-01
2023-07-29
03021126
bus:AuditExempt-NoAccountantsReport
2022-08-01
2023-07-29
03021126
bus:SmallCompaniesRegimeForAccounts
2022-08-01
2023-07-29
03021126
bus:PrivateLimitedCompanyLtd
2022-08-01
2023-07-29
03021126
bus:FullAccounts
2022-08-01
2023-07-29
03021126
core:NetGoodwill
2022-08-01
2023-07-29
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.