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REGISTERED NUMBER: 02042409 (England and Wales)


















Financial Statements for the Year Ended 31 December 2023

for

Item Products Limited

Item Products Limited (Registered number: 02042409)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Item Products Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J A Cook
C S A Glover





REGISTERED OFFICE: Item House
Blackburn Road
Houghton Regis
Dunstable
Bedfordshire
LU5 5BQ





REGISTERED NUMBER: 02042409 (England and Wales)





AUDITORS: George Hay Partnership LLP
Chartered Accountants
and Statutory Auditor
Unit 1B
Focus 4
Fourth Avenue
Letchworth
Hertfordshire
SG6 2TU

Item Products Limited (Registered number: 02042409)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 1,072 1,429
Tangible assets 6 85,725 84,285
86,797 85,714

CURRENT ASSETS
Stocks 84,963 91,980
Debtors 7 879,490 755,498
Cash at bank and in hand 297,508 207,830
1,261,961 1,055,308
CREDITORS
Amounts falling due within one year 8 124,446 171,783
NET CURRENT ASSETS 1,137,515 883,525
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,224,312

969,239

PROVISIONS FOR LIABILITIES 18,291 13,285
NET ASSETS 1,206,021 955,954

CAPITAL AND RESERVES
Called up share capital 1,157 1,157
Share premium 2,777 2,777
Retained earnings 1,202,087 952,020
SHAREHOLDERS' FUNDS 1,206,021 955,954

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 May 2024 and were signed on its behalf by:





J A Cook - Director


Item Products Limited (Registered number: 02042409)

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

1. STATUTORY INFORMATION

Item Products Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Intangible assets
Website development costs are being amortised at 25% on reducing balance.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Item Products Limited (Registered number: 02042409)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 27,430
AMORTISATION
At 1 January 2023 26,001
Charge for year 357
At 31 December 2023 26,358
NET BOOK VALUE
At 31 December 2023 1,072
At 31 December 2022 1,429

Item Products Limited (Registered number: 02042409)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 763,565
Additions 22,581
At 31 December 2023 786,146
DEPRECIATION
At 1 January 2023 679,280
Charge for year 21,141
At 31 December 2023 700,421
NET BOOK VALUE
At 31 December 2023 85,725
At 31 December 2022 84,285

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 152,130 224,979
Amounts owed by group undertakings 634,040 283,902
Other debtors 93,320 246,617
879,490 755,498

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 27,796 74,151
Taxation and social security 75,278 67,565
Other creditors 21,372 30,067
124,446 171,783

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

R C Dilley FCA FCCA (Senior Statutory Auditor)
for and on behalf of George Hay Partnership LLP