Company registration number 01412704 (England and Wales)
IBI INTERNATIONAL LOGISTICS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
IBI INTERNATIONAL LOGISTICS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 10
IBI INTERNATIONAL LOGISTICS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
33,891
9,551
Tangible assets
5
316,342
287,738
Investments
6
52
350,285
297,289
Current assets
Stocks
110,930
163,707
Debtors
7
2,918,176
1,563,431
Cash at bank and in hand
647,059
1,709,476
3,676,165
3,436,614
Creditors: amounts falling due within one year
8
(1,228,308)
(1,564,337)
Net current assets
2,447,857
1,872,277
Total assets less current liabilities
2,798,142
2,169,566
Creditors: amounts falling due after more than one year
9
(55,980)
(133,940)
Provisions for liabilities
(100,000)
(100,000)
Net assets
2,642,162
1,935,626
Capital and reserves
Called up share capital
10
196,000
196,000
Profit and loss reserves
2,446,162
1,739,626
Total equity
2,642,162
1,935,626
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 3 September 2024 and are signed on its behalf by:
P Holt
Director
Company registration number 01412704 (England and Wales)
IBI INTERNATIONAL LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
IBI International Logistics Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ibex House, Baker Street, Weybridge, Surrey, KT13 8AH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
IBI International Logistics Limited is a wholly owned subsidiary of BII Inc and the results of IBI International Logistics Limited are included in the consolidated financial statements of BII Inc which are available from 37-06, 61st Street, New York, USA, 11377.
1.2
Going concern
The financial statements have been prepared on a going concern basis. The directors, from review of the current reserves and available cash funds, consider it appropriate to prepare the financial statements on a going concern basis.true
The directors have considered forecasts for the next 12 months from the date of signing the accounts, and believe the company will continue to be profitable. Therefore the accounts have been prepared on a going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets other than goodwill
Externally purchased computer software is capitalised at cost, net of amortisation and any provision for impairment. Internally generated software is capitalised at the cost of development of the asset excluding research and training. Amortisation is charged on software so as to write off the cost of the assets to their estimated residual values by equal annual instalments over their expected useful economic lives up to a maximum of eight years.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Other intangibles
4 years on a straight line basis
IBI INTERNATIONAL LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
3-4 years on a straight line basis
Plant and equipment
2 to 5 years on a straight line basis
Computers
2 to 5 years on a straight line basis
Motor vehicles
2 to 5 years on a straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Stocks
Work in progress is valued at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises of supplier costs and direct labour.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of work in progress over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
IBI INTERNATIONAL LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
IBI INTERNATIONAL LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Debtors recoverability
Debtors are recorded at the date that the sales invoice is raised to the customer and translated as required at the date of the sales invoice. The year end balance of the customers sales debtors are reviewed by the client and a judgement is made at management's discretion whether the amount that has been invoiced is still considered recoverable from the customer.
IBI INTERNATIONAL LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 6 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the asset and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as the working condition of the assets and whether the assets are still in use are both taken into account.
Accruals
Accruals are prepared by the company based on the expected costs to be received from suppliers in relation to jobs that have been completed in the period. Where invoices are available after the period end, the company will prepare accruals based on an actual figure, however where there is no documentation available from suppliers the company will prepare estimations based on historic costs and the expected market cost of the services provided.
Provisions
The company has prepared a provision for the future dilapidation costs to be incurred in relation to the leased property. The provision has been prepared based on 3rd party estimations of cost based on the size of the property, and have recalculated the future provision on these assumptions. The 3rd party figure is considered a reliable estimate however the dilapidation costs of the company may differ to the figure provided as the figure is a generic assumption.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
22
20
IBI INTERNATIONAL LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Intangible fixed assets
Other intangibles
£
Cost
At 1 January 2023
13,770
Additions
27,744
At 31 December 2023
41,514
Amortisation and impairment
At 1 January 2023
4,219
Amortisation charged for the year
3,404
At 31 December 2023
7,623
Carrying amount
At 31 December 2023
33,891
At 31 December 2022
9,551
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
415,740
535,447
951,187
Additions
53,438
57,913
111,351
At 31 December 2023
469,178
593,360
1,062,538
Depreciation and impairment
At 1 January 2023
365,904
297,545
663,449
Depreciation charged in the year
23,217
59,530
82,747
At 31 December 2023
389,121
357,075
746,196
Carrying amount
At 31 December 2023
80,057
236,285
316,342
At 31 December 2022
49,836
237,902
287,738
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
52
IBI INTERNATIONAL LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Shares in joint ventures
£
Cost or valuation
At 1 January 2023
-
Additions
52
At 31 December 2023
52
Carrying amount
At 31 December 2023
52
At 31 December 2022
-
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,161,366
1,039,908
Amounts owed by group undertakings
1,398,744
269,876
Other debtors
354,166
235,702
2,914,276
1,545,486
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
3,900
17,945
Total debtors
2,918,176
1,563,431
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
33,333
33,333
Trade creditors
452,153
636,709
Amounts owed to group undertakings
63,454
140,685
Taxation and social security
162,407
209,698
Other creditors
516,961
543,912
1,228,308
1,564,337
IBI INTERNATIONAL LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
5,556
38,889
Other creditors
50,424
95,051
55,980
133,940
Included in creditors are amounts of £92,017 (2022: £138,264) which are secured on the assets to which the creditor relates.
The bank loan of £38,889 (2022: £72,222) is secured by a legal charge over the assets of the company.
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
196,000
196,000
196,000
196,000
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Sarah Squires BEng FCA
Statutory Auditor:
MGI Midgley Snelling LLP
Date of audit report:
3 September 2024
12
Financial commitments, guarantees and contingent liabilities
Amounts due in relation to defined contribution pension scheme as at 31 December 2023 were £7,272 (2022: £5,986).
13
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
961,013
69,233
IBI INTERNATIONAL LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
14
Parent company
The ultimate parent company is BII Inc. The registered office and consolidated financial statements of BII Inc and affiliates are available at 37-06, 61st Street, New York, USA, 11377.
2023-12-312023-01-01false03 September 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityThis audit opinion is unqualifiedJ ElderP HoltH ShieldsM ShieldsM VincentK Shieldsfalsefalse014127042023-01-012023-12-31014127042023-12-31014127042022-12-3101412704core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-12-3101412704core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-12-3101412704core:LandBuildings2023-12-3101412704core:OtherPropertyPlantEquipment2023-12-3101412704core:LandBuildings2022-12-3101412704core:OtherPropertyPlantEquipment2022-12-3101412704core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3101412704core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3101412704core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3101412704core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3101412704core:CurrentFinancialInstruments2023-12-3101412704core:CurrentFinancialInstruments2022-12-3101412704core:Non-currentFinancialInstruments2023-12-3101412704core:Non-currentFinancialInstruments2022-12-3101412704core:ShareCapital2023-12-3101412704core:ShareCapital2022-12-3101412704core:RetainedEarningsAccumulatedLosses2023-12-3101412704core:RetainedEarningsAccumulatedLosses2022-12-3101412704bus:Director22023-01-012023-12-3101412704core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3101412704core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-01-012023-12-3101412704core:LandBuildingscore:LongLeaseholdAssets2023-01-012023-12-3101412704core:PlantMachinery2023-01-012023-12-3101412704core:ComputerEquipment2023-01-012023-12-3101412704core:MotorVehicles2023-01-012023-12-31014127042022-01-012022-12-3101412704core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-12-3101412704core:LandBuildings2022-12-3101412704core:OtherPropertyPlantEquipment2022-12-31014127042022-12-3101412704core:LandBuildings2023-01-012023-12-3101412704core:OtherPropertyPlantEquipment2023-01-012023-12-3101412704core:WithinOneYear2023-12-3101412704core:WithinOneYear2022-12-3101412704core:AfterOneYear2023-12-3101412704core:AfterOneYear2022-12-3101412704bus:PrivateLimitedCompanyLtd2023-01-012023-12-3101412704bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3101412704bus:FRS1022023-01-012023-12-3101412704bus:Audited2023-01-012023-12-3101412704bus:Director12023-01-012023-12-3101412704bus:Director32023-01-012023-12-3101412704bus:Director42023-01-012023-12-3101412704bus:Director52023-01-012023-12-3101412704bus:Director62023-01-012023-12-3101412704bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP