REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 25 JANUARY 2022 TO 29 MAY 2023 |
FOR |
I & E TRADING LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 25 JANUARY 2022 TO 29 MAY 2023 |
FOR |
I & E TRADING LIMITED |
I & E TRADING LIMITED (REGISTERED NUMBER: 09167185) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 25 JANUARY 2022 TO 29 MAY 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
I & E TRADING LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 25 JANUARY 2022 TO 29 MAY 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Old Casino |
28 Fourth Avenue |
Hove |
East Sussex |
BN3 2PJ |
I & E TRADING LIMITED (REGISTERED NUMBER: 09167185) |
BALANCE SHEET |
29 MAY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 3 |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the director and authorised for issue on |
I & E TRADING LIMITED (REGISTERED NUMBER: 09167185) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 25 JANUARY 2022 TO 29 MAY 2023 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared on the basis that the company will continue to be a going concern. If this assumption is not considered valid, then adjustments would need to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets and long term liabilities as current assets and liabilities. |
Turnover |
Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are physically delivered to the customer. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred taxation is provided in full on timing differences which represent a liability at the balance sheet date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements. Deferred tax assets and liabilities are not discounted. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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 profit or loss in the period to which they relate. |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
I & E TRADING LIMITED (REGISTERED NUMBER: 09167185) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 25 JANUARY 2022 TO 29 MAY 2023 |
3. | INTANGIBLE FIXED ASSETS |
Development |
costs |
£ |
COST |
At 25 January 2022 |
and 29 May 2023 |
AMORTISATION |
At 25 January 2022 |
Amortisation for period |
At 29 May 2023 |
NET BOOK VALUE |
At 29 May 2023 |
At 24 January 2022 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 25 January 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 29 May 2023 |
DEPRECIATION |
At 25 January 2022 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 29 May 2023 |
NET BOOK VALUE |
At 29 May 2023 |
At 24 January 2022 |
5. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts | 162,806 | 75,842 |
Tax |
VAT |
Tax debtor - S455 | 53,577 | 24,226 |
I & E TRADING LIMITED (REGISTERED NUMBER: 09167185) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 25 JANUARY 2022 TO 29 MAY 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Tax |
Social security and other taxes |
VAT | - | 3,453 |
Other creditors |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the periods ended 29 May 2023 and 24 January 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of period |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
This balance represented the maximum amount outstanding during the period. Interest is charged on any overdrawn amounts at the beneficial loan interest rate. |
10. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
This was by virtue of his 100% holding of the issued share capital. |
11. | ACCOUNTING BASIS |
As stated in the accounting policy note, these financial statements have been prepared on the basis that the company will continue to be a going concern. During the period the company made a loss of £469,227 and as at the period end the current liabilities exceeded current assets by £791,298. |
The validity of this basis depends upon the continued support of the company's director and the financial institutions that have lent the company capital. The director confirms that he will give the required support and is in daily contact with the financial institutions, ensuring they have the information they require to continue supporting the company. |