Company Registration No. 07034824 (England and Wales)
ILFD GROUP LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
ILFD GROUP LTD
COMPANY INFORMATION
Directors
Mrs D Nesnas
Mr S Nesnas
Mrs B Nesnas
Mr G Nesnas
Ms C Nesnas
Company number
07034824
Registered office
Matrix House
12-16 Lionel Road
Canvey Island
Essex
SS8 9DE
Auditor
Maynard Heady LLP
Matrix House
12-16 Lionel Road
Canvey Island
Essex
SS8 9DE
Business address
Unit 3
40 Comet Way
Southend on Sea
Essex
SS2 6GD
ILFD GROUP LTD
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 31
ILFD GROUP LTD
STRATEGIC REPORT true
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

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

Review of the business

The groups turnover decreased by 8% resulting in a gross profit of £2,987,543 and a profit before tax of £615,488.

 

Administrative expenses largely remained the same as we looked to reinvest money in new projects. The direction last year was towards investing in new marketing offline and online for our marketplace Cazaar and overall attention pulling away from the core retail business. Interest on loans and shipping costs increased which also played a factor in the reduced profit this year.

 

The direction moving forward is to maximise the efficiency of our core online retail business and the introduction of 2 new sales channels has already started to make a difference. Overall we have seen key competitors in the space cease trading this year so we are satisfied with the performance and look forward to returning to stronger profits in 2025.

Principal risks and uncertainties

We have already seen major changes in shipping with costs rising 5 times since the post Covid reduction. This will always have a harm on cash flow. The increased shipping times from 30 to 50 days due to the situation close to the Suez canal has had an impact on our forecasting and means having to order stock for key dates earlier which in turn hurts the harmony and process of our cash flow.

Market volatility with currency will remain a risk for the business.

Development and performance

We will continue to develop our strong relationships with our suppliers across the world. We are also very focused on developing close relationships with our sales channels to gain more insight into their direction and make sure our business plays a role in their growth plans

Key performance indicators

2024 2023

Turnover £14,707,731 £15,924,800

Gross profit margin 20.3% 22%

Profit before tax margin 4.2% 8.1%

On behalf of the board

Mrs D Nesnas
Director
8 October 2024
ILFD GROUP LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

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

Principal activities

The principal activity of the company and group continued to be that of retail of clothing.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £246,900. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mrs D Nesnas
Mr S Nesnas
Mrs B Nesnas
Mr G Nesnas
Ms C Nesnas
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mrs D Nesnas
Mr S Nesnas
Director
Director
8 October 2024
ILFD GROUP LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The directors are responsible for preparing the Annual 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ILFD GROUP LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ILFD GROUP LTD
- 4 -
Opinion

We have audited the financial statements of ILFD Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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:

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's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

ILFD GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ILFD GROUP LTD
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 directors either intend to liquidate 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

- Enquiry of management, those charged with governance around actual and potential litigation and claims.

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities including those leading to material misstatement in the financial statements or non-compliance with laws and regulations. This risk increases the more that compliance with a law and regulation is removed from the events and transactions reflected in the financial statements as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters which we are required to address

In the previous accounting period the directors of the group took advantage of audit exemption under s. 477 of the Companies Act 2006. Therefore the prior period financial statements were not subject to audit’

ILFD GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ILFD GROUP LTD
- 6 -

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.

Mr David Smith FCA
Senior Statutory Auditor
For and on behalf of
8 October 2024
Maynard Heady LLP
Chartered Accountants
Statutory Auditor
Matrix House
12-16 Lionel Road
Canvey Island
Essex
SS8 9DE
ILFD GROUP LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
14,707,731
15,924,800
Cost of sales
(11,720,188)
(12,427,116)
Gross profit
2,987,543
3,497,684
Administrative expenses
(1,991,416)
(1,976,877)
Other operating income
-
500
Operating profit
4
996,127
1,521,307
Interest receivable and similar income
8
-
0
944
Interest payable and similar expenses
9
(380,639)
(232,477)
Profit before taxation
615,488
1,289,774
Tax on profit
10
(171,782)
(154,765)
Profit for the financial year
443,706
1,135,009
Profit for the financial year is all attributable to the owners of the parent company.
ILFD GROUP LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
£
£
Profit for the year
443,706
1,135,009
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
443,706
1,135,009
Total comprehensive income for the year is all attributable to the owners of the parent company.
ILFD GROUP LTD
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
168,189
109,804
Investment property
13
1,000,626
1,000,626
1,168,815
1,110,430
Current assets
Stocks
16
6,100,494
6,578,147
Debtors
17
760,327
572,760
Cash at bank and in hand
299,411
101,394
7,160,232
7,252,301
Creditors: amounts falling due within one year
18
(2,794,630)
(3,302,023)
Net current assets
4,365,602
3,950,278
Total assets less current liabilities
5,534,417
5,060,708
Creditors: amounts falling due after more than one year
19
(1,016,811)
(754,681)
Provisions for liabilities
Deferred tax liability
22
37,167
22,394
(37,167)
(22,394)
Net assets
4,480,439
4,283,633
Capital and reserves
Called up share capital
24
200
200
Profit and loss reserves
4,480,239
4,283,433
Total equity
4,480,439
4,283,633

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 8 October 2024 and are signed on its behalf by:
08 October 2024
Mrs D  Nesnas
Mr S  Nesnas
Director
Director
Company registration number 07034824 (England and Wales)
ILFD GROUP LTD
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
167,284
109,100
Investments
14
104
4
167,388
109,104
Current assets
Stocks
16
6,091,729
5,883,386
Debtors
17
962,783
1,356,380
Cash at bank and in hand
264,024
57,965
7,318,536
7,297,731
Creditors: amounts falling due within one year
18
(2,714,447)
(3,073,775)
Net current assets
4,604,089
4,223,956
Total assets less current liabilities
4,771,477
4,333,060
Creditors: amounts falling due after more than one year
19
(329,468)
(98,958)
Provisions for liabilities
Deferred tax liability
22
36,995
22,260
(36,995)
(22,260)
Net assets
4,405,014
4,211,842
Capital and reserves
Called up share capital
24
200
200
Profit and loss reserves
4,404,814
4,211,642
Total equity
4,405,014
4,211,842

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £440,072 (2023 - £1,116,106 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 8 October 2024 and are signed on its behalf by:
08 October 2024
Mrs D  Nesnas
Mr S  Nesnas
Director
Director
Company registration number 07034824 (England and Wales)
ILFD GROUP LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
200
3,393,424
3,393,624
Year ended 31 March 2023:
Profit and total comprehensive income
-
1,135,009
1,135,009
Dividends
11
-
(245,000)
(245,000)
Balance at 31 March 2023
200
4,283,433
4,283,633
Year ended 31 March 2024:
Profit and total comprehensive income
-
443,706
443,706
Dividends
11
-
(246,900)
(246,900)
Balance at 31 March 2024
200
4,480,239
4,480,439
ILFD GROUP LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
200
3,340,536
3,340,736
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
1,116,106
1,116,106
Dividends
11
-
(245,000)
(245,000)
Balance at 31 March 2023
200
4,211,642
4,211,842
Year ended 31 March 2024:
Profit and total comprehensive income
-
440,072
440,072
Dividends
11
-
(246,900)
(246,900)
Balance at 31 March 2024
200
4,404,814
4,405,014
ILFD GROUP LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
27
1,220,380
(616,658)
Interest paid
(380,639)
(232,477)
Income taxes paid
(148,422)
(165,772)
Net cash inflow/(outflow) from operating activities
691,319
(1,014,907)
Investing activities
Purchase of tangible fixed assets
(105,371)
(32,696)
Purchase of investment property
-
(1,000,626)
Repayment of loans
(37)
(25,375)
Interest received
-
0
944
Net cash used in investing activities
(105,408)
(1,057,753)
Financing activities
Repayment of bank loans
(201,830)
1,746,177
Payment of finance leases obligations
60,836
-
Dividends paid to equity shareholders
(246,900)
(245,000)
Net cash (used in)/generated from financing activities
(387,894)
1,501,177
Net increase/(decrease) in cash and cash equivalents
198,017
(571,483)
Cash and cash equivalents at beginning of year
101,394
672,877
Cash and cash equivalents at end of year
299,411
101,394
ILFD GROUP LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
28
1,137,336
(926,934)
Interest paid
(337,242)
(200,594)
Income taxes paid
(146,266)
(163,151)
Net cash inflow/(outflow) from operating activities
653,828
(1,290,679)
Investing activities
Purchase of tangible fixed assets
(104,704)
(32,458)
Proceeds from disposal of subsidiaries
(100)
-
0
Interest received
-
0
569
Net cash used in investing activities
(104,804)
(31,889)
Financing activities
Repayment of bank loans
(156,901)
1,027,791
Payment of finance leases obligations
60,836
-
Dividends paid to equity shareholders
(246,900)
(245,000)
Net cash (used in)/generated from financing activities
(342,965)
782,791
Net increase/(decrease) in cash and cash equivalents
206,059
(539,777)
Cash and cash equivalents at beginning of year
57,965
597,742
Cash and cash equivalents at end of year
264,024
57,965
ILFD GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
1
Accounting policies
Company information

ILFD Group Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Matrix House, 12-16 Lionel Road, Canvey Island, Essex, SS8 9DE.

 

The group consists of ILFD Group Ltd and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company ILFD Group Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

ILFD GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Remain at cost
Plant and equipment
10% Reducing balance
Fixtures and fittings
33% On cost
Computers
33% On cost
Motor vehicles
25% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

ILFD GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.7
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Borrowing costs related to fixed assets

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

ILFD GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

ILFD GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

ILFD GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ILFD GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.19
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

ILFD GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
Europe
14,567,764
15,862,530
Rest of the world
139,967
62,270
14,707,731
15,924,800
2024
2023
£
£
Other revenue
Interest income
-
944
Grants received
-
500
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(494)
148,809
Government grants
-
(500)
Fees payable to the group's auditor for the audit of the group's financial statements
12,500
-
Depreciation of owned tangible fixed assets
46,986
36,409
(Profit)/loss on disposal of tangible fixed assets
-
710
Operating lease charges
194,300
199,106
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
12,500
-
ILFD GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
56
48
53
45

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,319,196
1,310,390
1,257,515
1,192,496
Social security costs
103,764
80,158
97,726
72,399
Pension costs
39,072
35,100
37,393
33,280
1,462,032
1,425,648
1,392,634
1,298,175
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
104,005
44,808
Company pension contributions to defined contribution schemes
16,500
15,000
120,505
59,808
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
-
944
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
329,164
230,755
Other finance costs:
Interest on finance leases and hire purchase contracts
1,300
-
Other interest
50,175
1,722
Total finance costs
380,639
232,477
ILFD GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
157,009
245,763
Adjustments in respect of prior periods
-
0
(94,928)
Total current tax
157,009
150,835
Deferred tax
Origination and reversal of timing differences
14,773
3,930
Total tax charge
171,782
154,765

The UK government changed the corporation tax rate from the 1st April 2023 to 25% from 19%

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
615,488
1,289,774
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
153,872
245,057
Tax effect of expenses that are not deductible in determining taxable profit
18,420
874
Adjustments in respect of prior years
-
0
(94,928)
Permanent capital allowances in excess of depreciation
(14,735)
(232)
Tax at marginal rate
(548)
-
0
Defered tax charge
14,773
3,994
Taxation charge
171,782
154,765
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
246,900
245,000
ILFD GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
12
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
179,593
11,664
97,005
92,704
10,750
391,716
Additions
650
-
0
6,240
11,485
86,996
105,371
At 31 March 2024
180,243
11,664
103,245
104,189
97,746
497,087
Depreciation and impairment
At 1 April 2023
116,962
3,009
90,898
62,845
8,198
281,912
Depreciation charged in the year
12,414
865
4,070
19,067
10,570
46,986
At 31 March 2024
129,376
3,874
94,968
81,912
18,768
328,898
Carrying amount
At 31 March 2024
50,867
7,790
8,277
22,277
78,978
168,189
At 31 March 2023
62,631
8,655
6,107
29,859
2,552
109,804
Company
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
179,593
11,664
96,918
90,949
10,750
389,874
Additions
650
-
0
5,573
11,485
86,996
104,704
At 31 March 2024
180,243
11,664
102,491
102,434
97,746
494,578
Depreciation and impairment
At 1 April 2023
116,962
3,009
90,882
61,723
8,198
280,774
Depreciation charged in the year
12,414
865
3,982
18,689
10,570
46,520
At 31 March 2024
129,376
3,874
94,864
80,412
18,768
327,294
Carrying amount
At 31 March 2024
50,867
7,790
7,627
22,022
78,978
167,284
At 31 March 2023
62,631
8,655
6,036
29,226
2,552
109,100
ILFD GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 April 2023 and 31 March 2024
1,000,626
-

Investment property is valued at cost in the initial year, this includes its purchase price and any directly attributable expenditure to purchase the property. The Directors' review the value of the property each year using several valuation methods and when required will rely on an expert.

14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
104
4
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
4
Additions
100
At 31 March 2024
104
Carrying amount
At 31 March 2024
104
At 31 March 2023
4
15
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
BFCN Global Ltd
England & Wales
Ordinary
100.00
ILFD Holdings Ltd
England & Wales
Ordinary
100.00
I Love Fancy Dress Limited
England & Wales
Ordinary
100.00
Buy From China Now Limited
England & Wales
Ordinary
100.00
Cazaar Ltd
England & Wales
Ordinary
100.00
ILFD GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
6,100,494
6,578,147
6,091,729
5,883,386
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
296,837
277,078
240,136
114,231
Corporation tax recoverable
-
0
94,928
-
0
94,928
Amounts owed by group undertakings
-
-
304,966
1,000,532
Other debtors
353,767
133,771
331,281
100,802
Prepayments and accrued income
109,723
66,983
86,400
45,887
760,327
572,760
962,783
1,356,380
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
949,847
1,360,283
921,638
1,255,525
Obligations under finance leases
21
7,312
-
0
7,312
-
0
Trade creditors
433,224
534,580
427,636
459,076
Amounts owed to group undertakings
-
0
-
0
90,787
-
0
Corporation tax payable
159,334
245,675
148,539
241,194
Other taxation and social security
340,739
224,998
219,581
195,862
Other creditors
852,207
922,439
852,207
916,273
Accruals and deferred income
51,967
14,048
46,747
5,845
2,794,630
3,302,023
2,714,447
3,073,775
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
963,287
754,681
275,944
98,958
Obligations under finance leases
21
53,524
-
0
53,524
-
0
1,016,811
754,681
329,468
98,958
ILFD GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,913,134
2,114,964
1,197,582
1,354,483
Payable within one year
949,847
1,360,283
921,638
1,255,525
Payable after one year
963,287
754,681
275,944
98,958

The bank loan is secured by a fixed and floating charge over the group's assets.

21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
7,312
-
0
7,312
-
0
In two to five years
53,524
-
0
53,524
-
0
60,836
-
60,836
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
37,167
22,394
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
36,995
22,260
ILFD GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
22
Deferred taxation
(Continued)
- 29 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
22,394
22,260
Charge to profit or loss
14,773
14,735
Liability at 31 March 2024
37,167
36,995
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
39,072
35,100

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
Ordinary 'B' shares of £1 each
100
100
100
100
200
200
200
200
25
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
28,933
28,933
28,933
28,933
Between two and five years
19,920
48,853
19,920
48,853
48,853
77,786
48,853
77,786
ILFD GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 30 -
26
Related party transactions

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Company
Other related parties
42,000
42,000
27
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit for the year after tax
443,706
1,135,009
Adjustments for:
Taxation charged
171,782
154,765
Finance costs
380,639
232,477
Investment income
-
0
(944)
(Gain)/loss on disposal of tangible fixed assets
-
710
Depreciation and impairment of tangible fixed assets
46,986
36,409
Movements in working capital:
Decrease/(increase) in stocks
477,653
(2,252,226)
(Increase)/decrease in debtors
(282,458)
740,478
Decrease in creditors
(17,928)
(663,336)
Cash generated from/(absorbed by) operations
1,220,380
(616,658)
28
Cash generated from/(absorbed by) operations - company
2024
2023
£
£
Profit for the year after tax
440,072
1,116,106
Adjustments for:
Taxation charged
163,274
150,348
Finance costs
337,242
200,594
Investment income
-
0
(569)
(Gain)/loss on disposal of tangible fixed assets
-
710
Depreciation and impairment of tangible fixed assets
46,520
35,833
Movements in working capital:
Increase in stocks
(208,343)
(2,039,431)
Decrease/(increase) in debtors
298,669
(284,400)
Increase/(decrease) in creditors
59,902
(106,125)
Cash generated from/(absorbed by) operations
1,137,336
(926,934)
ILFD GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 31 -
29
Analysis of changes in net debt - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
101,394
198,017
299,411
Borrowings excluding overdrafts
(2,114,964)
201,830
(1,913,134)
Obligations under finance leases
-
(60,836)
(60,836)
(2,013,570)
339,011
(1,674,559)
30
Analysis of changes in net debt - company
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
57,965
206,059
264,024
Borrowings excluding overdrafts
(1,354,483)
156,901
(1,197,582)
Obligations under finance leases
-
(60,836)
(60,836)
(1,296,518)
302,124
(994,394)
2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.200Mrs D NesnasMr S NesnasMrs B NesnasMr G NesnasMs C NesnasMs B NesnasMr G 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