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REGISTERED NUMBER: 05616255 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

INDUSTRIAL SUPPLY CHAIN LIMITED

INDUSTRIAL SUPPLY CHAIN LIMITED (REGISTERED NUMBER: 05616255)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


INDUSTRIAL SUPPLY CHAIN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: C J Palmer
V Pearce





SECRETARY: V Pearce





REGISTERED OFFICE: Chargrove House
Shurdington Road
Cheltenham
Gloucestershire
GL51 4GA





BUSINESS ADDRESS: Unit C11 & C12 Bumpers Way
Bumpers Farm Industrial Estate
Chippenham
Wiltshire
SN14 6LH





REGISTERED NUMBER: 05616255 (England and Wales)





ACCOUNTANTS: Randall & Payne LLP
Chartered Accountants
Chargrove House
Shurdington Road
Cheltenham
Gloucestershire
GL51 4GA

INDUSTRIAL SUPPLY CHAIN LIMITED (REGISTERED NUMBER: 05616255)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 832 1,830
Tangible assets 5 24,877 44,137
25,709 45,967

CURRENT ASSETS
Stocks 6 617,337 504,793
Debtors 7 570,497 730,180
Cash at bank 147 10,322
1,187,981 1,245,295
CREDITORS
Amounts falling due within one year 8 945,803 956,297
NET CURRENT ASSETS 242,178 288,998
TOTAL ASSETS LESS CURRENT
LIABILITIES

267,887

334,965

CREDITORS
Amounts falling due after more than one
year

9

(8,884

)

(14,511

)

PROVISIONS FOR LIABILITIES (6,219 ) (11,045 )
NET ASSETS 252,784 309,409

CAPITAL AND RESERVES
Called up share capital 79,300 79,300
Retained earnings 173,484 230,109
SHAREHOLDERS' FUNDS 252,784 309,409

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

INDUSTRIAL SUPPLY CHAIN LIMITED (REGISTERED NUMBER: 05616255)

BALANCE SHEET - continued
31 DECEMBER 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2024 and were signed on its behalf by:




V Pearce - Director



C J Palmer - Director


INDUSTRIAL SUPPLY CHAIN LIMITED (REGISTERED NUMBER: 05616255)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Industrial Supply Chain 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. ACCOUNTING POLICIES

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

Turnover
Revenue represents the invoiced value of goods and services provided during the period, stated net of VAT. Revenue is recognised at the point the the invoice is raised.

Goodwill
Goodwill being the amount paid in connection with the acquisition of a business was amortised evenly over its estimated life, and is now fully amortised.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of three years.

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 - 33% on cost and 20% on cost
Motor vehicles - 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 Statement of Income and Retained Earnings, 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.


INDUSTRIAL SUPPLY CHAIN LIMITED (REGISTERED NUMBER: 05616255)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. 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.

Hire purchase and leasing commitments
Where assets are financed by leasing agreements that give rights approximating to ownership ("finance leases") the assets are treated as if they has been purchased outright. The amount capitalised is the fair value of the asset concerned. The corresponding liability to the leasing company is included as an obligation under finance leases. Depreciation on leased assets is charged to the profit and loss account over the shorter of the lease terms and their useful lives. Leasing payments are treated as consisting of capital and interest elements, and interest is charged to the profit and loss account on a straight line basis which is considered to be a reasonable approximation to a constant rate of charge on the outstanding balance.

All other leases are treated as 'operating leases' and the relevant annual rentals are charged to the profit and loss account on a straight line basis over the lease term; unless they relate to vacant leasehold properties in which case provision is made on a discounted basis for the net obligation under the lease. The unwinding of the discount is disclosed within interest payable and similar charges.

Going concern
There are no material uncertainties that may cast significant doubt about the company's ability to continue as a going concern.

Provisions
Provisions are recognised only where a present obligation exists as a result of a past transaction or event at or prior to the balance sheet date. In addition, a provision is only recognised where the amounts involved can be reliably estimated. Where material, provisions are calculated on a discounted basis.

Financial instruments
Financial Instruments are classified by the directors as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 16 ) .

INDUSTRIAL SUPPLY CHAIN LIMITED (REGISTERED NUMBER: 05616255)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 136,000 2,995 138,995
AMORTISATION
At 1 January 2023 136,000 1,165 137,165
Charge for year - 998 998
At 31 December 2023 136,000 2,163 138,163
NET BOOK VALUE
At 31 December 2023 - 832 832
At 31 December 2022 - 1,830 1,830

5. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 72,861 25,350 98,211
Additions 5,748 - 5,748
At 31 December 2023 78,609 25,350 103,959
DEPRECIATION
At 1 January 2023 32,580 21,494 54,074
Charge for year 24,044 964 25,008
At 31 December 2023 56,624 22,458 79,082
NET BOOK VALUE
At 31 December 2023 21,985 2,892 24,877
At 31 December 2022 40,281 3,856 44,137

6. STOCKS
2023 2022
£    £   
Stocks 617,337 504,793

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 538,406 696,969
Other debtors 7,283 7,653
Prepayments and accrued income 24,808 25,558
570,497 730,180

INDUSTRIAL SUPPLY CHAIN LIMITED (REGISTERED NUMBER: 05616255)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,009 6,371
Trade creditors 577,076 553,901
Corporation Tax 64,735 53,422
Social security and other taxes 10,270 10,310
Pension - 1,849
VAT 45,370 59,681
Other creditors 227,499 255,231
Directors' loan accounts 11,844 15,532
945,803 956,297

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 2-5 years 8,884 14,511

10. SECURED DEBTS

Included within other creditors is an amount from RBS Invoice Financing of £227,499 (2022: nil) for a factoring facility which is secured against the Trade Debtors of the company.

There is a charge registered at companies House for the above secured factoring facility. The charge contains both fixed and floating charges. The floating charge covers all the property or undertaking of the company. The charge also contains a negative pledge.

11. TRANSACTIONS WITH DIRECTORS

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
V Pearce
Balance outstanding at start of year (14,624 ) (42,051 )
Amounts advanced 13,722 102,839
Amounts repaid (9,722 ) (75,412 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (10,624 ) (14,624 )

C J Palmer
Balance outstanding at start of year (908 ) (596 )
Amounts repaid (312 ) (312 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (1,220 ) (908 )

No interest has been charged on the above balances and there are no set repayment terms.