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COMPANY REGISTRATION NUMBER: 06818726
Industrial Racking Supplies Limited
Filleted Unaudited Financial Statements
31 March 2024
Industrial Racking Supplies Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
6
661,318
669,250
Investments
7
10
10
---------
---------
661,328
669,260
Current assets
Stocks
881,912
825,412
Debtors
8
485,557
380,985
Cash at bank and in hand
525,457
307,367
------------
------------
1,892,926
1,513,764
Creditors: amounts falling due within one year
9
735,988
525,377
------------
------------
Net current assets
1,156,938
988,387
------------
------------
Total assets less current liabilities
1,818,266
1,657,647
Creditors: amounts falling due after more than one year
10
32,259
41,701
Provisions
Taxation including deferred tax
31,890
60,956
------------
------------
Net assets
1,754,117
1,554,990
------------
------------
Capital and reserves
Called up share capital
11
20
20
Profit and loss account
1,754,097
1,554,970
------------
------------
Shareholders funds
1,754,117
1,554,990
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Industrial Racking Supplies Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
Mr J Bradley
Director
Company registration number: 06818726
Industrial Racking Supplies Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2 Reservoir road, Clough road, Hull, HU6 7QD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
2% reducing balance
Plant and machinery
-
20% straight line
Fixtures and fittings
-
25% straight line
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
Property improvements
-
25 % straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2023: 17 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
83,514
69,973
Adjustments in respect of prior periods
( 4,962)
--------
--------
Total current tax
78,552
69,973
--------
--------
Deferred tax:
Origination and reversal of timing differences
( 29,066)
43,995
--------
---------
Tax on profit
49,486
113,968
--------
---------
6. Tangible assets
Long leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Apr 2023
590,040
100,326
116,691
137,256
24,556
968,869
Additions
24,818
8,038
1,111
33,967
Disposals
( 726)
( 726)
---------
---------
---------
---------
--------
------------
At 31 Mar 2024
614,858
108,364
117,802
136,530
24,556
1,002,110
---------
---------
---------
---------
--------
------------
Depreciation
At 1 Apr 2023
95,660
53,422
58,078
68,907
23,552
299,619
Charge for the year
10,383
10,989
2,065
15,258
3,204
41,899
Disposals
( 726)
( 726)
---------
---------
---------
---------
--------
------------
At 31 Mar 2024
106,043
64,411
60,143
83,439
26,756
340,792
---------
---------
---------
---------
--------
------------
Carrying amount
At 31 Mar 2024
508,815
43,953
57,659
53,091
( 2,200)
661,318
---------
---------
---------
---------
--------
------------
At 31 Mar 2023
494,380
46,904
58,613
68,349
1,004
669,250
---------
---------
---------
---------
--------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 31 March 2024
32,259
--------
At 31 March 2023
51,143
--------
7. Investments
Other investments other than loans
£
Cost
At 1 April 2023 and 31 March 2024
10
----
Impairment
At 1 April 2023 and 31 March 2024
----
Carrying amount
At 31 March 2024
10
----
At 31 March 2023
10
----
8. Debtors
2024
2023
£
£
Trade debtors
361,185
257,391
Amounts owed by group undertakings
109,643
112,043
Prepayments and accrued income
14,729
11,551
---------
---------
485,557
380,985
---------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
439,974
324,406
Accruals and deferred income
41,259
60,090
Corporation tax
83,514
69,973
Social security and other taxes
161,799
61,466
Obligations under finance leases and hire purchase contracts
9,442
9,442
---------
---------
735,988
525,377
---------
---------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases and hire purchase contracts
32,259
41,701
--------
--------
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
20
20
20
20
----
----
----
----
12. Directors' advances, credits and guarantees
During the year there were no director's advances, credits and guarantees.