1 April 2023 false Taxfiler 2024.5 true 04299459business:PrivateLimitedCompanyLtd2023-04-012024-03-31 042994592023-03-31 042994592023-04-012024-03-31 04299459business:AuditExemptWithAccountantsReport2023-04-012024-03-31 04299459business:FilletedAccounts2023-04-012024-03-31 042994592024-03-31 04299459business:Director12023-04-012024-03-31 04299459business:RegisteredOffice2023-04-012024-03-31 042994592023-03-31 04299459core:WithinOneYear2024-03-31 04299459core:WithinOneYear2023-03-31 04299459core:AfterOneYear2024-03-31 04299459core:AfterOneYear2023-03-31 04299459core:ShareCapitalcore:PreviouslyStatedAmount2024-03-31 04299459core:ShareCapitalcore:PreviouslyStatedAmount2023-03-31 04299459core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2024-03-31 04299459core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-03-31 04299459core:PreviouslyStatedAmount2024-03-31 04299459core:PreviouslyStatedAmount2023-03-31 04299459business:SmallEntities2023-04-012024-03-31 04299459countries:EnglandWales2023-04-012024-03-31 04299459core:PlantMachinery2023-04-012024-03-31 04299459core:MotorVehicles2023-04-012024-03-31 04299459core:FurnitureFittings2023-04-012024-03-31 04299459core:ComputerEquipment2023-04-012024-03-31 04299459core:IntangibleAssetsOtherThanGoodwill2023-03-31 04299459core:IntangibleAssetsOtherThanGoodwill2024-03-31 04299459core:PlantMachinery2023-03-31 04299459core:MotorVehicles2023-03-31 04299459core:FurnitureFittings2023-03-31 04299459core:ComputerEquipment2023-03-31 04299459core:PlantMachinery2024-03-31 04299459core:MotorVehicles2024-03-31 04299459core:FurnitureFittings2024-03-31 04299459core:ComputerEquipment2024-03-31 04299459core:MotorVehiclescore:LeasedAssetsHeldAsLessee2024-03-31 04299459core:MotorVehiclescore:LeasedAssetsHeldAsLessee2023-03-31 04299459business:OrdinaryShareClass12023-04-012024-03-31 04299459business:OrdinaryShareClass12022-04-012023-03-31 042994592022-04-012023-03-31 iso4217:GBP xbrli:shares xbrli:pure
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
Page
- 2 -
Instore Direct Ltd Company Information for the year ended 31 March 2024
Director
S Myers
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
- 3 -
Instore Direct Ltd Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
83,497 
54,386 
Current assets
Inventories
273,654 
225,690 
Debtors
139,043 
139,637 
Cash at bank and in hand
246,785 
272,836 
659,482 
638,163 
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 
Capital and reserves
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
- 4 -
Instore Direct Ltd Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Going concern
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
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
- 5 -
Instore Direct Ltd Notes to the Accounts for the year ended 31 March 2024
Intangible fixed assets
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
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 taxation
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
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.
- 6 -
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.
Financial instruments
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.
Pension costs
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.
Taxation
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.
- 7 -
Instore Direct Ltd Notes to the Accounts for the year ended 31 March 2024
Provisions
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.
4
Intangible fixed assets
Other 
£ 
Cost
At 1 April 2023
58,386 
At 31 March 2024
58,386 
Amortisation
At 1 April 2023
58,386 
At 31 March 2024
58,386 
Net book value
At 31 March 2024
- 
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 
Depreciation
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 
Net book value
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 
2024 
2023 
Carrying values included above held under finance leases and hire purchase contracts:
£ 
£ 
- Motor vehicles
13,079 
14,948 
- 8 -
Instore Direct Ltd Notes to the Accounts for the year ended 31 March 2024
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
117,503 
128,454 
Other debtors
21,540 
11,183 
139,043 
139,637 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
9,952 
9,704 
VAT
(15,833)
30,056 
Trade creditors
146,004 
80,977 
Taxes and social security
22,198 
39,801 
Other creditors
19,052 
18,933 
181,373 
179,471 
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
12,467 
22,667 
9
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
29,000 Ordinary shares of £1 each
29,000 
29,000 
10
Loans to directors
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).
- 9 -