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REGISTERED NUMBER: 08392012 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

IRONMONGERY INNOVATIONS LIMITED

IRONMONGERY INNOVATIONS LIMITED (REGISTERED NUMBER: 08392012)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IRONMONGERY INNOVATIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: M A McEldon
R K Nicholls





REGISTERED OFFICE: Second Floor South
The Fitted Rigging House
Anchor Wharf, The Historic Dockyard
Chatham
Kent
ME4 4TZ





REGISTERED NUMBER: 08392012 (England and Wales)





ACCOUNTANTS: Carleys
Second Floor South
The Fitted Rigging House
The Historic Dockyard
Chatham
Kent
ME4 4TZ

IRONMONGERY INNOVATIONS LIMITED (REGISTERED NUMBER: 08392012)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 51,672 24,718

CURRENT ASSETS
Stocks 159,685 182,285
Debtors 5 1,014,429 1,053,589
Cash at bank and in hand 411,578 426,778
1,585,692 1,662,652
CREDITORS
Amounts falling due within one year 6 531,087 636,816
NET CURRENT ASSETS 1,054,605 1,025,836
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,106,277

1,050,554

CREDITORS
Amounts falling due after more than one
year

7

(26,546

)

-

PROVISIONS FOR LIABILITIES (12,918 ) (4,906 )
NET ASSETS 1,066,813 1,045,648

CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Retained earnings 1,065,813 1,044,648
SHAREHOLDERS' FUNDS 1,066,813 1,045,648

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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.

IRONMONGERY INNOVATIONS LIMITED (REGISTERED NUMBER: 08392012)

BALANCE SHEET - continued
29 FEBRUARY 2024


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 10 September 2024 and were signed on its behalf by:





M A McEldon - Director


IRONMONGERY INNOVATIONS LIMITED (REGISTERED NUMBER: 08392012)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. STATUTORY INFORMATION

Ironmongery Innovations 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
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 etc - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net estimated selling price less selling costs. In determining the costs of goods purchased for sale, the first in, first out basis is used.

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.

Hire purchase and leasing commitments
Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a ‘finance lease’. The asset is recorded in the balance sheet as a tangible fixed asset and is depreciated over its estimated useful life or the term of the lease, whichever is shorter. Future instalments under such leases, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance element, which is charged to the profit and loss account, and the capital element which reduces the outstanding obligation for future instalments.

All other leases are accounted for as ‘operating leases’ and the rental charges are charged to the profit and loss account on a straight line basis over the life of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 8 ) .

IRONMONGERY INNOVATIONS LIMITED (REGISTERED NUMBER: 08392012)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2023 9,124 73,027 82,151
Additions - 45,448 45,448
Disposals - (15,900 ) (15,900 )
At 29 February 2024 9,124 102,575 111,699
DEPRECIATION
At 1 March 2023 9,124 48,309 57,433
Charge for year - 13,398 13,398
Eliminated on disposal - (10,804 ) (10,804 )
At 29 February 2024 9,124 50,903 60,027
NET BOOK VALUE
At 29 February 2024 - 51,672 51,672
At 28 February 2023 - 24,718 24,718

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 441,622 600,702
Other debtors 572,807 452,887
1,014,429 1,053,589

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 8,876 -
Trade creditors 308,570 539,027
Taxation and social security 149,484 92,088
Other creditors 64,157 5,701
531,087 636,816

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 26,546 -

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
585 Ordinary A £1 585 585
350 Ordinary B £1 350 350
65 Ordinary C £1 65 65
1,000 1,000

IRONMONGERY INNOVATIONS LIMITED (REGISTERED NUMBER: 08392012)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


9. OTHER FINANCIAL COMMITMENTS

The company has financial commitments of £120,600.