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Registration number: 05775185

Intamarque Limited

Annual Report and Financial Statements

for the Year Ended 31 May 2024

 

Intamarque Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Profit and Loss Account

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11 to 20

 

Intamarque Limited

Company Information

Directors

R M Shortt

C J Eden

Company secretary

S E Shortt

Registered office

Intamarque Distribution 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 Limited

Strategic Report for the Year Ended 31 May 2024

The directors present their strategic report for the year ended 31 May 2024.

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 company'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

1,435

1,946

Profit before tax

£'000

1,435

1,946

Net assets

£'000

5,250

5,250

Principal risks and uncertainties

The company 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.

Approved by the Board on 20 September 2024 and signed on its behalf by:


R M Shortt
Director

 

Intamarque Limited

Directors' Report for the Year Ended 31 May 2024

The directors present their report and the financial statements for the year ended 31 May 2024.

Directors of the company

The directors who held office during the year were as follows:

R M Shortt

C J Eden

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the Board on 20 September 2024 and signed on its behalf by:


R M Shortt
Director

 

Intamarque Limited

Statement of Directors' Responsibilities

The directors are responsible for preparing the Directors Report, Strategic Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are 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 has 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Intamarque Limited

Independent Auditor's Report to the Members of Intamarque Limited

Opinion

We have audited the financial statements of Intamarque Limited (the 'company') for the year ended 31 May 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, 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 company's affairs as at 31 May 2024 and of its 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 company 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 directors' 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 company'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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

 

Intamarque Limited

Independent Auditor's Report to the Members of Intamarque 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 Directors' 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, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are 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 directors determine 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 directors are responsible for assessing the 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 directors either intend to liquidate the 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 company’s industry and its control environment and reviewed the company’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 company 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 company’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:

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;

 

Intamarque Limited

Independent Auditor's Report to the Members of Intamarque Limited

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 this 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 Limited

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

 

(2,169,391)

(1,802,655)

Fair value gain/(loss) on financial instruments

21

7,217

(32,432)

Other operating income

-

70,982

Operating profit

4

1,434,615

1,945,982

Interest payable and similar charges

5

(40)

-

Profit before tax

 

1,434,575

1,945,982

Taxation

8

(429,548)

(387,401)

Profit for the financial year

 

1,005,027

1,558,581

The above results were derived from continuing operations.

The company has no other comprehensive income for the year.

 

Intamarque Limited

(Registration number: 05775185)
Balance Sheet as at 31 May 2024

Note

2024
 £

2023
 £

Fixed assets

 

Intangible assets

9

141,570

52,813

Tangible assets

10

727,308

482,261

 

868,878

535,074

Current assets

 

Stocks

11

4,477,886

3,741,629

Debtors

12

4,014,742

3,184,685

Cash at bank and in hand

13

394,350

1,539,324

 

8,886,978

8,465,638

Creditors: Amounts falling due within one year

14

(4,315,101)

(3,628,958)

Net current assets

 

4,571,877

4,836,680

Total assets less current liabilities

 

5,440,755

5,371,754

Provisions for liabilities

8

(190,655)

(121,654)

Net assets

 

5,250,100

5,250,100

Capital and reserves

 

Called up share capital

16

60

60

Capital redemption reserve

40

40

Profit and loss account

5,250,000

5,250,000

Total equity

 

5,250,100

5,250,100

Approved and authorised by the Board on 20 September 2024 and signed on its behalf by:
 


R M Shortt
Director

 

Intamarque Limited

Statement of Changes in Equity for the 31 May 2024

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 June 2022

60

40

5,250,260

5,250,360

Profit for the year

-

-

1,558,581

1,558,581

Dividends

-

-

(1,558,841)

(1,558,841)

At 31 May 2023

60

40

5,250,000

5,250,100

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 June 2023

60

40

5,250,000

5,250,100

Profit for the year

-

-

1,005,027

1,005,027

Dividends

-

-

(1,005,027)

(1,005,027)

At 31 May 2024

60

40

5,250,000

5,250,100

 

Intamarque 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 Distribution 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.

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 company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

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.

 

Intamarque Limited

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

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

Plant and machinery

10% on cost

Fixtures and fittings

20% on cost

Motor vehicles

20% on cost

Computer equipment

33% on cost

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 are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

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 corporation 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 company 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 financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’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.

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

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.

 

Intamarque Limited

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

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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 company 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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.

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.

Financial assets and liabilities are only offset in the balance sheet when, and only when, there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
 

 

Intamarque Limited

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

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.

 

3

Revenue

The analysis of the company's revenue for the year from continuing operations is as follows:

2024
£

2023
£

Sales of goods

38,283,214

36,681,004

The analysis of the company'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

Operating profit

The operating profit is stated after charging/(crediting):

2024
 £

2023
 £

Depreciation

155,337

95,201

Amortisation expense

48,354

23,701

Foreign exchange gains

26,440

30,032

Loss on disposal of tangible fixed assets

37,721

-

Auditor's remuneration

11,500

9,000

 

Intamarque Limited

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

 

5

Interest payable and similar charges

2024
 £

Bank interest

40

 

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

1,333,608

1,152,917

Social security costs

135,948

117,363

Pension costs, defined contribution scheme

25,867

22,649

1,495,423

1,292,929

The average number of persons employed by the company (including directors) 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

 

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

94,739

75,886

Contributions paid to money purchase schemes

1,321

1,211

96,060

77,097

 

Intamarque Limited

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

 

8

Corporation tax

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

2024
£

2023
£

Current taxation

UK corporation tax

289,726

361,237

UK corporation tax adjustment to prior periods

70,821

(9,665)

360,547

351,572

Deferred taxation

Arising from origination and reversal of timing differences

69,001

26,309

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

-

9,520

Total deferred taxation

69,001

35,829

Tax expense in the income statement

429,548

387,401

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 20%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

1,434,575

1,945,982

Corporation tax at standard rate

358,644

389,249

Tax decrease from effect of capital allowances and depreciation

-

(7,731)

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

83

30

Adjustment to brought forward values

-

739

Increase/(decrease) in UK and foreign current tax from adjustment for prior periods

70,821

(9,665)

Increase in UK and foreign current tax from unrecognised temporary difference from a prior period

-

9,520

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

-

5,259

Total tax charge

429,548

387,401

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Accelerated tax depreciation

191,152

Short term timing differences

(497)

190,655

2023

Liability
£

Accelerated tax depreciation

112,115

Short term timing differences

(461)

111,654

 

Intamarque Limited

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

 

9

Intangible assets

Internally generated software development costs
 £

Cost or valuation

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

 

10

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

884,091

102,465

986,556

Additions

357,562

141,693

499,255

Disposals

(194,118)

-

(194,118)

At 31 May 2024

1,047,535

244,158

1,291,693

Depreciation

At 1 June 2023

464,254

40,041

504,295

Charge for the year

119,237

36,100

155,337

Eliminated on disposal

(95,247)

-

(95,247)

At 31 May 2024

488,244

76,141

564,385

Carrying amount

At 31 May 2024

559,291

168,017

727,308

At 31 May 2023

419,837

62,424

482,261

 

11

Stocks

2024
 £

2023
 £

Stock for resale

4,477,886

3,741,629

 

Intamarque Limited

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

 

12

Debtors

Note

2024
 £

2023
 £

Trade debtors

 

2,758,742

2,149,487

Amounts due from parent undertaking

 

100,060

358,471

Loans to related parties

20

56,682

-

Other debtors

 

793,406

581,771

Prepayments

 

305,852

94,956

 

4,014,742

3,184,685

 

13

Cash and cash equivalents

2024
£

2023
£

Cash on hand

-

266

Cash at bank

394,350

1,539,058

394,350

1,539,324

Bank overdrafts

-

(789)

Cash and cash equivalents in statement of cash flows

394,350

1,538,535

 

14

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

15

-

789

Trade creditors

 

4,031,654

3,152,402

Amounts due to related parties

20

-

45,087

Social security and other taxes

 

27,440

26,477

Outstanding defined contribution pension costs

 

8,545

7,641

Accruals

 

51,716

77,150

Corporation tax

 

173,996

290,445

Derivative financial instrument liabilities

21

21,750

28,967

 

4,315,101

3,628,958

 

15

Loans and borrowings

Note

2024
 £

2023
 £

Current loans and borrowings

Bank overdrafts

 

-

789

 

Intamarque Limited

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

 

16

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.

 

17

Obligations under leases

Operating leases

The total of future minimum lease payments is as follows:

2024
 £

2023
 £

Not later than one year

16,152

12,279

Later than one year and not later than five years

15,631

17,516

31,783

29,795

The amount of non-cancellable operating lease payments recognised as an expense during the year was £16,699 (2023 - £14,121).

 

18

Pension and other schemes

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company 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.

 

19

Dividends

2024
 £

2023
 £

Dividends paid

1,005,027

1,558,841

 

20

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 £33,377).

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 Limited

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

 

21

Financial instruments

2024
£

2023
£

Forward foreign currency contracts

21,750

28,967


The company's forward foreign 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.

 

22

Control

The company is controlled by R M Shortt.