Company Registration No. 04299459 (England and Wales)
Instore Direct Ltd
Unaudited accounts
for the year ended 31 March 2024
Instore Direct Ltd
Unaudited accounts
Contents
Instore Direct Ltd
Company Information
for the year ended 31 March 2024
Company Number
04299459 (England and Wales)
Registered Office
Instore Direct Ltd
Unit 2
Eagle Industrial Estate, Torre Road
Leeds
West Yorkshire
LS9 7QL
England
Accountants
Pure Cloud Accountancy Limited
9 Nicholson Close
Bingley
BD16 4UN
Instore Direct Ltd
Statement of financial position
as at 31 March 2024
Tangible assets
83,497
54,386
Inventories
273,654
225,690
Cash at bank and in hand
246,785
272,836
Creditors: amounts falling due within one year
(181,373)
(179,471)
Net current assets
478,109
458,692
Total assets less current liabilities
561,606
513,078
Creditors: amounts falling due after more than one year
(12,467)
(22,667)
Provisions for liabilities
Deferred tax
(13,000)
(8,000)
Net assets
536,139
482,411
Called up share capital
29,000
29,000
Profit and loss account
507,139
453,411
Shareholders' funds
536,139
482,411
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 2 October 2024 and were signed on its behalf by
S Myers
Director
Company Registration No. 04299459
Instore Direct Ltd
Notes to the Accounts
for the year ended 31 March 2024
Instore Direct Ltd is a private company, limited by shares, registered in England and Wales, registration number 04299459. The registered office is Instore Direct Ltd, Unit 2, Eagle Industrial Estate, Torre Road, Leeds, West Yorkshire, LS9 7QL, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The directors having made due and careful enquiry, are of the opinion that the company has sufficient working capital to execute its operations over the next 12 months. The directors have made an informed judgement at the time of approving the financial statements that the company has adequate resources to continue in operational existence for the foreseeable future.
Having regard to the above, the directors believe it appropriate to adopt the going concern basis in preparing the financial statements.
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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
12% reducing balance
Motor vehicles
12% reducing balance
Fixtures & fittings
6 years straight-line
Computer equipment
6 years straight-line
Instore Direct Ltd
Notes to the Accounts
for the year ended 31 March 2024
Intangible fixed assets are included at cost less accumulated amortisation.
Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset .
Website development is amortised over 5 years on a straight-line basis.
No amortisation is charged in the year of development.
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.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis 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 and not deducted from the carrying amount of the asset.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Instore Direct Ltd
Notes to the Accounts
for the year ended 31 March 2024
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.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the date of the statement of financial position and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Details of these judgements are set out in the accounting policies.
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.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that
largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Instore Direct Ltd
Notes to the Accounts
for the year ended 31 March 2024
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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Intangible fixed assets
Other
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2023
285,433
17,500
36,125
32,323
371,381
Additions
9,790
46,495
-
-
56,285
At 31 March 2024
295,223
63,995
36,125
32,323
427,666
At 1 April 2023
255,294
2,553
29,490
29,658
316,995
Charge for the year
17,331
5,269
1,871
2,703
27,174
At 31 March 2024
272,625
7,822
31,361
32,361
344,169
At 31 March 2024
22,598
56,173
4,764
(38)
83,497
At 31 March 2023
30,139
14,947
6,635
2,665
54,386
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
13,079
14,948
Instore Direct Ltd
Notes to the Accounts
for the year ended 31 March 2024
Amounts falling due within one year
Trade debtors
117,503
128,454
Other debtors
21,540
11,183
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Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
9,952
9,704
Trade creditors
146,004
80,977
Taxes and social security
22,198
39,801
Other creditors
19,052
18,933
8
Creditors: amounts falling due after more than one year
2024
2023
Allotted, called up and fully paid:
29,000 Ordinary shares of £1 each
29,000
29,000
Included within other debtors at the year end was £2,515 (2023 £6,339) due from a director.
11
Average number of employees
During the year the average number of employees was 14 (2023: 16).