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Registration number: 11896038

Intamarque Group Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 May 2024

 

Intamarque Group Limited

Contents

Company Information

1

Strategic Report

2 to 3

Director's Report

4

Statement of Director's Responsibilities

5

Independent Auditor's Report

6 to 8

Consolidated Profit and Loss Account

9

Consolidated Balance Sheet

10

Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Statement of Changes in Equity

13

Consolidated Statement of Cash Flows

14

Notes to the Financial Statements

15 to 27

 

Intamarque Group Limited

Company Information

Director

R M Shortt

Company secretary

S E Shortt

Registered office

Intamarque Disribution Centre
Alexandra Way
Ashchurch
Tewkesbury
GL20 8NB

Bankers

Barclays Bank PLC
PO Box 299
Birmingham
B1 3PF

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

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 on 20 September 2024 and signed on its behalf by:


R M Shortt
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:

R M Shortt

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 on 20 September 2024 and signed on its behalf by:


R M Shortt
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.





Jon Cartwright (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Windsor House
Bayshill Road
Cheltenham
GL50 3AT

20 September 2024

 

Intamarque Group Limited

Consolidated Profit and Loss Account for the Year Ended 31 May 2024

Note

2024
 £

2023
£

Turnover

3

38,283,214

36,681,004

Cost of sales

 

(34,686,425)

(32,970,917)

Gross profit

 

3,596,789

3,710,087

Administrative expenses

 

(1,695,210)

(1,797,716)

Fair value gain/(loss) on financial instruments

23

7,217

(32,432)

Other operating income

6

3,834

196,388

Operating profit

5

1,912,630

2,076,327

Interest receivable and similar income

7

97,103

72,992

Interest payable and similar charges

(40)

-

Profit before tax

 

2,009,693

2,149,319

Taxation

10

(364,283)

(411,751)

Profit for the financial year

 

1,645,410

1,737,568

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

11

141,570

52,813

Tangible assets

12

4,242,871

4,045,830

Other financial assets

14

6,044,786

5,453,505

 

10,429,227

9,552,148

Current assets

 

Stocks

15

4,477,886

3,741,629

Debtors

16

3,928,574

2,832,043

Cash at bank and in hand

17

1,611,968

2,302,234

 

10,018,428

8,875,906

Creditors: Amounts falling due within one year

18

(4,318,625)

(3,710,094)

Net current assets

 

5,699,803

5,165,812

Total assets less current liabilities

 

16,129,030

14,717,960

Provisions for liabilities

10

(205,826)

(141,166)

Net assets

 

15,923,204

14,576,794

Capital and reserves

 

Called up share capital

19

60

60

Capital redemption reserve

40

40

Profit and loss account

15,923,104

14,576,694

Total equity

 

15,923,204

14,576,794

Approved and authorised by the director on 20 September 2024
 

R M Shortt
Director

 

Intamarque Group Limited

(Registration number: 11896038)
Balance Sheet as at 31 May 2024

Note

2024
 £

2023
 £

Fixed assets

 

Tangible assets

12

3,515,563

3,563,569

Investments

13

160

160

Other financial assets

14

6,044,786

5,453,505

 

9,560,509

9,017,234

Current assets

 

Debtors

16

15,944

5,829

Cash at bank and in hand

17

1,217,618

762,910

 

1,233,562

768,739

Creditors: Amounts falling due within one year

18

(105,736)

(439,707)

Net current assets

 

1,127,826

329,032

Total assets less current liabilities

 

10,688,335

9,346,266

Provisions for liabilities

10

(15,171)

(19,512)

Net assets

 

10,673,164

9,326,754

Capital and reserves

 

Called up share capital

19

60

60

Profit and loss account

10,673,104

9,326,694

Total equity

 

10,673,164

9,326,754

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 on 20 September 2024
 

R M Shortt
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

60

40

14,576,694

14,576,794

Profit for the year

-

-

1,645,410

1,645,410

Dividends

-

-

(299,000)

(299,000)

At 31 May 2024

60

40

15,923,104

15,923,204

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

-

-

1,737,568

1,737,568

Dividends

-

-

(485,000)

(485,000)

At 31 May 2023

60

40

14,576,694

14,576,794

 

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

60

9,326,694

9,326,754

Profit for the year

-

1,645,410

1,645,410

Dividends

-

(299,000)

(299,000)

At 31 May 2024

60

10,673,104

10,673,164

Share capital
£

Profit and loss account
£

Total
£

At 1 June 2022

60

8,073,866

8,073,926

Profit for the year

-

1,737,828

1,737,828

Dividends

-

(485,000)

(485,000)

At 31 May 2023

60

9,326,694

9,326,754

 

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

5

289,418

163,589

Unrealised Profit on investments

4

(531,336)

(66,163)

Finance income

7

(97,103)

(72,992)

Finance costs

40

-

Corporation tax expense

10

364,283

411,751

Foreign exchange gains/losses

 

(7,217)

32,432

 

1,663,495

2,206,185

Working capital adjustments

 

Increase in stocks

15

(736,257)

(198,445)

Increase in trade debtors

16

(1,096,531)

(306,976)

Increase in trade creditors

18

808,546

699,635

Cash generated from operations

 

639,253

2,400,399

Corporation tax paid

10

(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

11

(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

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Intamarque Disribution Centre
Alexandra Way
Ashchurch
Tewkesbury
GL20 8NB

 

2

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

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the
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
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

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

 

3

Revenue

The analysis of the group's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Rendering of services

38,283,214

36,681,004

The analysis of the group's turnover for the year by market is as follows:

2024
£

2023
£

UK

11,727,477

11,432,649

Europe

5,241,710

3,114,695

Rest of world

21,314,027

22,133,660

38,283,214

36,681,004

 

4

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

531,336

66,163

 

5

Operating profit

Arrived at after charging

2024
£

2023
£

Depreciation expense

203,343

139,888

Amortisation expense

48,354

23,701

Foreign exchange losses

26,440

30,032

Loss on disposal of property, plant and equipment

37,721

-

Auditor's remuneration

11,500

9,000

 

6

Other operating income

The analysis of the group's other operating income for the year is as follows:

2024
£

2023
£

Rental income

3,834

196,388

 

Intamarque Group Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

 

7

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

34,196

15,876

Dividend income

62,907

57,116

97,103

72,992

 

8

Staff costs

Group and Company
The aggregate payroll costs (including director's remuneration) were as follows:

2024
£

2023
£

Wages and salaries

1,328,950

1,150,350

Social security costs

135,948

117,363

Pension costs, defined contribution scheme

25,867

22,649

1,490,765

1,290,362

The average number of persons employed by the group (including the director) during the year, analysed by category was as follows:

2024
 No.

2023
No.

Warehouse staff

10

16

Office staff

21

19

Directors

2

2

33

37

Company
The company incurred no staff costs and had no employees other than the directors.

 

9

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

18,321

10,676

 

Intamarque Group Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

 

10

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

295,302

375,873

UK corporation tax adjustment to prior periods

4,321

(9,665)

299,623

366,208

Deferred taxation

Arising from origination and reversal of timing differences

64,660

36,023

Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods

-

9,520

Total deferred taxation

64,660

45,543

Tax expense in the income statement

364,283

411,751

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 25% (2023 - 20%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

2,009,693

2,149,319

Corporation tax at standard rate

502,423

429,922

Tax increase/(decrease) from effect of capital allowances and depreciation

7,469

(1,209)

Effect of revenues exempt from taxation

(148,560)

(24,659)

Effect of expense not deductible in determining taxable profit (tax loss)

83

30

Adjustment to brought forward values

-

739

UK deferred tax expense relating to changes in tax rates or laws

-

7,200

Increase in UK and foreign current tax from unrecognised tax loss or credit

-

9,520

Increase/(decrease) in UK and foreign current tax from unrecognised temporary difference from a prior period

4,321

(9,665)

Marginal relief

(1,453)

(127)

Total tax charge

364,283

411,751

 

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

206,323

Short term timing differences

(497)

205,826

2023

Liability
£

Accelerated tax depreciation

141,627

Short term timing differences

(461)

141,166

 

11

Intangible assets

Group

Internally generated software development costs
 £

Cost

At 1 June 2023

81,065

Additions acquired separately

137,111

At 31 May 2024

218,176

Amortisation

At 1 June 2023

28,252

Amortisation charge

48,354

At 31 May 2024

76,606

Carrying amount

At 31 May 2024

141,570

At 31 May 2023

52,813

 

Intamarque Group Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

 

12

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 June 2023

3,678,113

884,091

102,465

4,664,669

Additions

-

357,562

141,693

499,255

Disposals

-

(194,118)

-

(194,118)

At 31 May 2024

3,678,113

1,047,535

244,158

4,969,806

Depreciation

At 1 June 2023

114,544

464,254

40,041

618,839

Charge for the year

48,006

119,237

36,100

203,343

Eliminated on disposal

-

(95,247)

-

(95,247)

At 31 May 2024

162,550

488,244

76,141

726,935

Carrying amount

At 31 May 2024

3,515,563

559,291

168,017

4,242,871

At 31 May 2023

3,563,569

419,837

62,424

4,045,830

Company

Land and buildings
£

Cost

At 1 June 2023

3,678,113

At 31 May 2024

3,678,113

Depreciation

At 1 June 2023

114,544

Charge for the year

48,006

At 31 May 2024

162,550

Carrying amount

At 31 May 2024

3,515,563

At 31 May 2023

3,563,569

 

Intamarque Group Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

 

13

Investments

Company

2024
£

2023
£

Investments in subsidiaries

160

160

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

Intamarque Limited

England and Wales

Ordinary

100%

100%

 

     

Intamarque Distribution Limited

England and Wales

Ordinary

100%

100%

 

     

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 wholesale of household goods.

Intamarque Distribution Limited

The principal activity of Intamarque Distribution Limited is dormant.

 

14

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

 

15

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Stocks for resale

4,477,886

3,741,629

-

-

 

16

Debtors

   

Group

Company

Note

2024
 £

2023
 £

2024
 £

2023
 £

Trade debtors

 

2,758,742

2,149,487

-

-

Amounts owed by related parties

22

54,630

-

-

-

Other debtors

 

809,350

587,600

15,944

5,829

Prepayments

 

305,852

94,956

-

-

Total current trade and other debtors

 

3,928,574

2,832,043

15,944

5,829

 

17

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

-

266

-

-

Cash at bank

1,611,968

2,301,968

1,217,618

762,910

1,611,968

2,302,234

1,217,618

762,910

Bank overdrafts

-

(789)

-

-

Cash and cash equivalents in statement of cash flows

1,611,968

2,301,445

1,217,618

762,910

 

18

Creditors

   

Group

Company

Note

2024
 £

2023
 £

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

-

789

-

-

Trade creditors

 

4,031,654

3,152,402

-

-

Amounts owed to group undertakings

 

(2,052)

-

100,160

358,571

Amounts due to related parties

22

-

45,087

-

-

Social security and other taxes

 

27,440

26,477

-

-

Outstanding defined contribution pension costs

 

8,545

7,641

-

-

Accrued expenses

 

51,716

77,150

-

-

Corporation tax liability

10

179,572

371,581

5,576

81,136

Derivative financial instrument liabilities

 

21,750

28,967

-

-

 

4,318,625

3,710,094

105,736

439,707

 

Intamarque Group Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

 

19

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A of £1 each

52

52

52

52

Ordinary B of £1 each

8

8

8

8

 

60

60

60

60

The separate share classes rank pari passu in all respects other than dividends, which are discretionary.

 

20

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 £25,867 (2023 - £22,649).

Contributions totalling £8,545 (2023 - £7,641) were payable to the scheme at the end of the year and are included in creditors.

 

21

Dividends

2024
 £

2023
 £

Dividends paid

299,000

485,000

 

22

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

 

23

Financial instruments

2024
£

2023
£

Forward foreign currency contracts

(21,750)

(28,967)

(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.

 

24

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

 

2,301,445

(689,477)

1,611,968