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REGISTERED NUMBER: SC062060 (Scotland)
















Financial Statements

for the Year Ended 30 April 2024

for

I B S (Tapes) Limited

I B S (Tapes) Limited (Registered number: SC062060)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


I B S (Tapes) Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: Mr R Wilson
Mr C Mathieson
Mr G Mathieson





REGISTERED OFFICE: 30 Glenburn Road
East Kilbride
Glasgow
G74 5BA





REGISTERED NUMBER: SC062060 (Scotland)





ACCOUNTANTS: Gillespie & Anderson
Chartered Accountants
Westburn Business Centre
McNee Road
Prestwick
KA9 2PB

I B S (Tapes) Limited (Registered number: SC062060)

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 97,552 51,992

CURRENT ASSETS
Stocks 154,168 127,624
Debtors 5 273,289 699,109
Cash at bank 619,760 437,088
1,047,217 1,263,821
CREDITORS
Amounts falling due within one year 6 521,140 737,879
NET CURRENT ASSETS 526,077 525,942
TOTAL ASSETS LESS CURRENT
LIABILITIES

623,629

577,934

CREDITORS
Amounts falling due after more than one
year

7

(44,734

)

(15,555

)

PROVISIONS FOR LIABILITIES (23,981 ) (12,998 )
NET ASSETS 554,914 549,381

CAPITAL AND RESERVES
Called up share capital 40,500 40,500
Retained earnings 514,414 508,881
SHAREHOLDERS' FUNDS 554,914 549,381

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

I B S (Tapes) Limited (Registered number: SC062060)

Balance Sheet - continued
30 April 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2024 and were signed on its behalf by:




Mr G Mathieson - Director



Mr R Wilson - Director


I B S (Tapes) Limited (Registered number: SC062060)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

I B S (Tapes) Limited is a private company, limited by shares , registered in Scotland. 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.

Going concern
After reviewing the company's current trading performance, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with its previous holding company, I B S (Tapes) (Holdings) Limited or its current holding company Coastline Adhesive Tapes (2008) Limited.

Turnover/revenue recognition
Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of the company's activities. Sales are presented, net of value-added tax, rebates and discounts.

The company recognises revenue when the amount of revenue and related cost can be reliably measured, it is probable that the collectability of the related receivables is reasonably assured and when the specific criteria for each of the company's activities are met.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Tangible fixed assets are stated at cost less depreciation.

Impairment of fixed assets
At each reporting date, the company reviews the carrying amounts of its tangible and intangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

I B S (Tapes) Limited (Registered number: SC062060)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stock are valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal.

Where stock has not moved for a period of greater than one year the company will make a provision on these specific lines based on 50% of the original cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

Financial instruments
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality. The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities:

Loans and other receivables
Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses.

Other financial liabilities
Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value.

Impairment of financial instruments
A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted.

Cash and cash equivalents
Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value.

I B S (Tapes) Limited (Registered number: SC062060)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

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 had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable over the term of the lease. The corresponding leasing commitments are shown as amounts payable to the lessor. Depreciation on the relevant assets is charged to the profit and loss account over the shorter of estimated useful economic life and the period of the lease.

Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to the profit and loss account over the period of the lease and is calculated so that it represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor.

All other leases are treated as operating leases. Their annual rentals are charged to the profit and loss account on a straight line basis over the terms of the lease.

Pension costs and other post-retirement benefits
The company operates a money purchase pension scheme in the form of employee personal pension plans. The contracts are between the individual and the pension provider and all funds are held externally by a third party pension provider. Pension contributions are charged to the profit and loss account in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 May 2023 61,310 63,023 33,166 157,499
Additions - 65,675 - 65,675
At 30 April 2024 61,310 128,698 33,166 223,174
DEPRECIATION
At 1 May 2023 46,447 25,894 33,166 105,507
Charge for year 1,488 18,627 - 20,115
At 30 April 2024 47,935 44,521 33,166 125,622
NET BOOK VALUE
At 30 April 2024 13,375 84,177 - 97,552
At 30 April 2023 14,863 37,129 - 51,992

I B S (Tapes) Limited (Registered number: SC062060)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 May 2023 62,495
Additions 65,675
At 30 April 2024 128,170
DEPRECIATION
At 1 May 2023 25,366
Charge for year 18,627
At 30 April 2024 43,993
NET BOOK VALUE
At 30 April 2024 84,177
At 30 April 2023 37,129

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 271,102 241,877
Amounts owed by group undertakings 843 449,285
Other debtors 1,344 7,947
273,289 699,109

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8) 23,223 14,181
Trade creditors 169,637 136,952
Amounts owed to group undertakings 241,116 496,594
Taxation and social security 78,381 83,027
Other creditors 8,783 7,125
521,140 737,879

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8) 44,734 15,555

I B S (Tapes) Limited (Registered number: SC062060)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 23,223 14,181
Between one and five years 44,734 15,555
67,957 29,736

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 67,957 29,736

The hire purchase creditors are secured over the assets funded.

10. ULTIMATE CONTROLLING PARTY

The entire share capital is owned by IBS (Tapes) (Holdings) Limited.

The company is under the joint control of Mr R Wilson, Mr G Mathieson and Mr C Mathieson who together, directly or indirectly, own 100% of the issued share capital of the ultimate parent company, Coastline Adhesive Tapes (2008) Limited.