Registration number:
for the
Year Ended
Intamarque Group Limited
Contents
Company Information |
|
Strategic Report |
|
Director's Report |
|
Statement of Director's Responsibilities |
|
Independent Auditor's Report |
|
Consolidated Profit and Loss Account |
|
Consolidated Balance Sheet |
|
Balance Sheet |
|
Consolidated Statement of Changes in Equity |
|
Statement of Changes in Equity |
|
Consolidated Statement of Cash Flows |
|
Notes to the Financial Statements |
Intamarque Group Limited
Company Information
Director |
R M Shortt |
Company secretary |
S E Shortt |
Registered office |
|
Bankers |
|
Auditors |
|
Intamarque Group Limited
Strategic Report for the Year Ended 31 May 2024
The director presents his strategic report for the year ended 31 May 2024.
Principal activity
The principal activity of the group is that of a parent company of the Intamarque group of companies. The group principal trading activity is the wholesale distribution of household goods.
Basis of consolidation
Intamarque Group Limited was incorporated on 21 March 2019, and on 3 June 2019 acquired the entire share capital of the Intamarque Limited as part of a share for share exchange arrangement.
The director considers that the above transaction qualifies as a group reconstruction under section 611 of the Companies Act 2006, and has therefore prepared these consolidated financial statements using the merger accounting method.
Fair review of the business
Intamarque's strategy is to become a leading UK distributor of health, beauty, household and grocery products to our core channel markets.
We have focused on developing and broadening close partnerships with leading brand manufacturers to provide a full sales, marketing and distribution solution. Our recent track record has been positive, and our results reflect this. We are anticipating further success as a result of building on existing relationships and creating new ones.
In a market with ever challenging conditions, we continue to work hard to strike the right balance between profit and cash generation and investing in the longer term sustainable development of our business.
We look forward to the remainder of 2024 and the future with optimism and expect to make further progress.
The group's key financial and other performance indicators during the year were as follows:
Unit |
2024 |
2023 |
|
Revenue |
£'000 |
38,283 |
36,681 |
Gross profit |
£'000 |
3,597 |
3,710 |
Gross profit margin |
% |
9 |
10 |
Operating profit |
£'000 |
1,913 |
2,076 |
Profit before tax |
£'000 |
2,010 |
2,149 |
Net assets |
£'000 |
15,923 |
14,577 |
Principal risks and uncertainties
The group is exposed to potential foreign currency losses & gains, given the current economic climate and the questionable strength of the pound in the months to come. The directors monitors business risk vigilantly and are conscious of the need to make decisions in order to mitigate business risk.
Future developments
The company has a clear strategic plan which the directors continue to review and monitor. The company's product range continues to grow giving customers a broad range of branded products.
Going concern
In accordance with the Financial Reporting Council's 'Going Concern and Liquidity Risk: Guidance for Directors of UK Companies 2009' the directors of all companies are now required to provide disclosures regarding the adoption of the going concern basis of accounting.
The director has prepared forecasts for the next 12 months that indicate that the group has sufficient financial resources available and continues to generate cash from operating activities. It is believed that this trend will continue.
On that basis, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future and have continued to adopt the going concern basis in preparing the financial statements.
Intamarque Group Limited
Strategic Report for the Year Ended 31 May 2024
Approved by the
Director
Intamarque Group Limited
Director's Report for the Year Ended 31 May 2024
The director presents his report and the for the year ended 31 May 2024.
Director of the company
The director who held office during the year was as follows:
Reappointment of auditors
The auditors Hazlewoods LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Disclosure of information to the auditor
The director has taken the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditor is unaware.
Dividends
Approved by the
Director
Intamarque Group Limited
Statement of Director's Responsibilities
The director is responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:
• | select suitable accounting policies and apply them consistently; |
• | make judgements and accounting estimates that are reasonable and prudent; |
• | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Intamarque Group Limited
Independent Auditor's Report to the Members of Intamarque Group Limited
Opinion
We have audited the financial statements of Intamarque Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 31 May 2024 and of the group's profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Intamarque Group Limited
Independent Auditor's Report to the Members of Intamarque Group Limited
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of director's remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities set out on page 5, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We considered the nature of the group’s industry and its control environment and reviewed the groups’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the group operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgments made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
Intamarque Group Limited
Independent Auditor's Report to the Members of Intamarque Group Limited
• |
reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
• |
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud; |
• |
enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and |
• |
reading minutes of meetings of those charged with governance. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Windsor House
Bayshill Road
GL50 3AT
Intamarque Group Limited
Consolidated Profit and Loss Account for the Year Ended 31 May 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Fair value gain/(loss) on financial instruments |
7,217 |
(32,432) |
|
Other operating income |
|
|
|
Operating profit |
|
|
|
Interest receivable and similar income |
|
|
|
Interest payable and similar charges |
( |
- |
|
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The group has no other comprehensive income for the year.
Intamarque Group Limited
(Registration number: 11896038)
Consolidated Balance Sheet as at 31 May 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
Other financial assets |
6,044,786 |
5,453,505 |
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Capital redemption reserve |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
Approved and authorised by the
Director
Intamarque Group Limited
(Registration number: 11896038)
Balance Sheet as at 31 May 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
Other financial assets |
6,044,786 |
5,453,505 |
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
The company made a profit after tax for the financial year of £1,645,410 (2023 - 1,737,828).
Approved and authorised by the
Director
Intamarque Group Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 May 2024
Equity attributable to the parent company
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
At 1 June 2023 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 31 May 2024 |
|
|
|
|
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
At1 June 2022 |
60 |
40 |
13,324,126 |
13,324,226 |
Profit for the year |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 31 May 2023 |
|
|
|
|
Intamarque Group Limited
Statement of Changes in Equity for the Year Ended 31 May 2024
Share capital |
Profit and loss account |
Total |
|
At 1 June 2023 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 31 May 2024 |
|
|
|
Share capital |
Profit and loss account |
Total |
|
At 1 June 2022 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 31 May 2023 |
|
|
|
Intamarque Group Limited
Consolidated Statement of Cash Flows for the Year Ended 31 May 2024
Note |
2024 |
2023 |
|
Cash flows from operating activities |
|||
Profit for the year |
1,645,410 |
1,737,568 |
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
289,418 |
163,589 |
|
Unrealised Profit on investments |
(531,336) |
(66,163) |
|
Finance income |
(97,103) |
(72,992) |
|
Finance costs |
40 |
- |
|
Corporation tax expense |
364,283 |
411,751 |
|
Foreign exchange gains/losses |
(7,217) |
32,432 |
|
1,663,495 |
2,206,185 |
||
Working capital adjustments |
|||
Increase in stocks |
(736,257) |
(198,445) |
|
Increase in trade debtors |
(1,096,531) |
(306,976) |
|
Increase in trade creditors |
808,546 |
699,635 |
|
Cash generated from operations |
639,253 |
2,400,399 |
|
Corporation tax paid |
(491,632) |
(143,854) |
|
Net cash flow from operating activities |
147,621 |
2,256,545 |
|
Cash flows from investing activities |
|||
Interest received |
34,196 |
15,876 |
|
Acquisitions of tangible assets |
(499,255) |
(243,862) |
|
Proceeds from sale of tangible assets |
61,150 |
- |
|
Acquisition of intangible assets |
(137,111) |
(38,434) |
|
Dividend income |
62,907 |
57,116 |
|
Acquisition of listed investments |
(59,945) |
(51,157) |
|
Net cash flows from investing activities |
(538,058) |
(260,461) |
|
Cash flows from financing activities |
|||
Interest paid |
(40) |
- |
|
Dividends paid |
(299,000) |
(485,000) |
|
Net cash flows from financing activities |
(299,040) |
(485,000) |
|
Net (decrease)/increase in cash and cash equivalents |
(689,477) |
1,511,084 |
|
Cash and cash equivalents at 1 June |
2,301,445 |
790,361 |
|
Cash and cash equivalents at 31 May |
1,611,968 |
2,301,445 |
Intamarque Group Limited
Notes to the Financial Statements for the Year Ended 31 May 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Basis of consolidation
The consolidated profit and loss account and balance sheet include the financial statements of the company and its subsidiary undertakings made up to 31 May 2024 using the merger accounting method. Intra-group sales and profits are eliminated fully on consolidation.
The director considers that the above transaction qualifies as a group reconstruction under section 611 of the Companies Act 2006, and has therefore prepared these consolidated financial statements using the merger accounting method.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Intamarque Group Limited
Notes to the Financial Statements for the Year Ended 31 May 2024
Going concern
After reviewing the company's forecasts and projections, 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.
Critical accounting 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 amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Judgements
No significant judgements have been made by management in preparing these financial statements. |
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies..
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the group’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants relating to revenue are recognised in income over the period in which the related costs are recognised.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold property |
2% on cost to its residual value |
Property improvements |
20% on cost |
Plant and machinery |
10% on cost |
Fixtures and fittings |
20% on cost |
Motor vehicles |
20% on cost |
Computer equipment |
33% on cost |
Intangible assets
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.
Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.
Intamarque Group Limited
Notes to the Financial Statements for the Year Ended 31 May 2024
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Software development |
3 years straight line |
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving stock.
Cost represents the average cost of stock items.
Foreign currency transactions and balances
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.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the debtors.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Intamarque Group Limited
Notes to the Financial Statements for the Year Ended 31 May 2024
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Financial instruments
Classification
Recognition and measurement
Impairment
Non-financial assets:
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Financial assets:
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Intamarque Group Limited
Notes to the Financial Statements for the Year Ended 31 May 2024
Revenue |
The analysis of the group's turnover for the year from continuing operations is as follows:
2024 |
2023 |
|
Rendering of services |
|
|
The analysis of the group's turnover for the year by market is as follows:
2024 |
2023 |
|
UK |
|
|
Europe |
|
|
Rest of world |
|
|
|
|
Other gains and losses |
The analysis of the group's other gains and losses for the year is as follows:
2024 |
2023 |
|
Fair value gain/(loss) on investments |
|
|
Operating profit |
Arrived at after charging
2024 |
2023 |
|
Depreciation expense |
|
|
Amortisation expense |
|
|
Foreign exchange losses |
|
|
Loss on disposal of property, plant and equipment |
|
- |
Auditor's remuneration |
11,500 |
9,000 |
Other operating income |
The analysis of the group's other operating income for the year is as follows:
2024 |
2023 |
|
Rental income |
|
|
Intamarque Group Limited
Notes to the Financial Statements for the Year Ended 31 May 2024
Other interest receivable and similar income |
2024 |
2023 |
|
Interest income on bank deposits |
|
|
Dividend income |
|
|
|
|
Staff costs |
Group and Company
The aggregate payroll costs (including director's remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the group (including the director) during the year, analysed by category was as follows:
2024 |
2023 |
|
Warehouse staff |
|
|
Office staff |
|
|
Directors |
|
|
|
|
Company
The company incurred no staff costs and had no employees other than the directors.
Director's remuneration |
The director's remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Intamarque Group Limited
Notes to the Financial Statements for the Year Ended 31 May 2024
Taxation |
Tax charged/(credited) in the profit and loss account
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
|
( |
299,623 |
366,208 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods |
- |
9,520 |
Total deferred taxation |
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
Effect of revenues exempt from taxation |
( |
( |
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Adjustment to brought forward values |
- |
|
UK deferred tax expense relating to changes in tax rates or laws |
- |
|
Increase in UK and foreign current tax from unrecognised tax loss or credit |
- |
|
Increase/(decrease) in UK and foreign current tax from unrecognised temporary difference from a prior period |
|
( |
Marginal relief |
( |
( |
Total tax charge |
|
|
Intamarque Group Limited
Notes to the Financial Statements for the Year Ended 31 May 2024
10 |
Taxation (continued) |
Deferred tax
Group
Deferred tax assets and liabilities
2024 |
Liability |
Accelerated tax depreciation |
|
Short term timing differences |
(497) |
|
2023 |
Liability |
Accelerated tax depreciation |
|
Short term timing differences |
(461) |
|
Intangible assets |
Group
Internally generated software development costs |
|
Cost |
|
At 1 June 2023 |
|
Additions acquired separately |
|
At 31 May 2024 |
|
Amortisation |
|
At 1 June 2023 |
|
Amortisation charge |
|
At 31 May 2024 |
|
Carrying amount |
|
At 31 May 2024 |
|
At 31 May 2023 |
|
Intamarque Group Limited
Notes to the Financial Statements for the Year Ended 31 May 2024
Tangible assets |
Group
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost |
||||
At 1 June 2023 |
|
|
|
|
Additions |
- |
|
|
|
Disposals |
- |
( |
- |
( |
At 31 May 2024 |
|
|
|
|
Depreciation |
||||
At 1 June 2023 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
( |
- |
( |
At 31 May 2024 |
|
|
|
|
Carrying amount |
||||
At 31 May 2024 |
|
|
|
|
At 31 May 2023 |
|
|
|
|
Company
Land and buildings |
|
Cost |
|
At 1 June 2023 |
|
At 31 May 2024 |
|
Depreciation |
|
At 1 June 2023 |
|
Charge for the year |
|
At 31 May 2024 |
|
Carrying amount |
|
At 31 May 2024 |
|
At 31 May 2023 |
|
Intamarque Group Limited
Notes to the Financial Statements for the Year Ended 31 May 2024
Investments |
Company
2024 |
2023 |
|
Investments in subsidiaries |
|
|
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2024 |
2023 |
Subsidiary undertakings |
||||
|
England and Wales |
Ordinary |
|
|
|
||||
|
England and Wales |
Ordinary |
|
|
|
The profit for the financial year of Intamarque Limited was £1,521,549 and the aggregate amount of capital and reserves at the end of the year was £5,250,100.
The profit for the financial year of Intamarque Distribution Limited was £nil and the aggregate amount of capital and reserves at the end of the year was £100.
Subsidiary undertakings |
Intamarque Limited The principal activity of Intamarque Limited is |
Intamarque Distribution Limited The principal activity of Intamarque Distribution Limited is |
Other financial assets |
Company and Group
Listed investments |
|
Non-current financial assets |
|
Cost or valuation |
|
At 1 June 2023 |
5,453,505 |
Revaluations |
531,336 |
Additions |
59,945 |
At 31 May 2024 |
6,044,786 |
Intamarque Group Limited
Notes to the Financial Statements for the Year Ended 31 May 2024
Stocks |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Stocks for resale |
4,477,886 |
3,741,629 |
- |
- |
Debtors |
Group |
Company |
||||
Note |
2024 |
2023 |
2024 |
2023 |
|
Trade debtors |
|
|
- |
- |
|
Amounts owed by related parties |
|
- |
- |
- |
|
Other debtors |
|
|
|
|
|
Prepayments |
|
|
- |
- |
|
Total current trade and other debtors |
|
|
|
|
Cash and cash equivalents |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Cash on hand |
- |
|
- |
- |
Cash at bank |
|
|
|
|
|
|
|
|
|
Bank overdrafts |
- |
( |
- |
- |
Cash and cash equivalents in statement of cash flows |
1,611,968 |
2,301,445 |
1,217,618 |
762,910 |
Creditors |
Group |
Company |
||||
Note |
2024 |
2023 |
2024 |
2023 |
|
Due within one year |
|||||
Loans and borrowings |
- |
|
- |
- |
|
Trade creditors |
|
|
- |
- |
|
Amounts owed to group undertakings |
(2,052) |
- |
100,160 |
358,571 |
|
Amounts due to related parties |
- |
|
- |
- |
|
Social security and other taxes |
|
|
- |
- |
|
Outstanding defined contribution pension costs |
|
|
- |
- |
|
Accrued expenses |
|
|
- |
- |
|
Corporation tax liability |
179,572 |
371,581 |
5,576 |
81,136 |
|
Derivative financial instrument liabilities |
|
|
- |
- |
|
|
|
|
|
Intamarque Group Limited
Notes to the Financial Statements for the Year Ended 31 May 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
52 |
|
52 |
|
|
8 |
|
8 |
|
|
|
|
The separate share classes rank pari passu in all respects other than dividends, which are discretionary.
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
Dividends |
2024 |
2023 |
|
Dividends paid |
299,000 |
485,000 |
Related party transactions |
R M Shortt, director
The amount due from R M Shortt at the balance sheet date was £53,532 (2023: due to £33,337).
Mrs S Shortt
Mrs S Shortt is the spouse of Mr R Shortt, a director of the company. The amount due to Mrs S Shortt at the balance sheet date was £6,750 (2023 - £11,710).
Mr M Shortt
Mr M Shortt is the son of Mr R Shortt, a director of the company. The amount due from Mr M Shortt at the balance sheet date was £9,900 (2023: £Nil).
Intamarque Group Limited
Notes to the Financial Statements for the Year Ended 31 May 2024
Financial instruments |
2024 |
2023 |
|
Forward foreign currency contracts |
(21,750) |
(28,967) |
( |
( |
The company's forward currency contracts have been valued on a match to market basis at the year end. The movement between the position at 1 June 2023 and 31 May 2024 of £7,217 has been credited (2023 - £32,432 charged) to the profit and loss account.
Analysis of changes in net debt |
Group
At 1 June 2023 |
Financing cash flows |
At 31 May 2024 |
|
Cash and cash equivalents |
|||
Cash |
2,302,234 |
(690,266) |
1,611,968 |
Overdrafts |
(789) |
789 |
- |
2,301,445 |
(689,477) |
1,611,968 |
|
|
|||
|
( |
|