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REGISTERED NUMBER: 09167185 (England and Wales)















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: J Y Boulos





REGISTERED OFFICE: The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ





REGISTERED NUMBER: 09167185 (England and Wales)





ACCOUNTANTS: Galloways Accounting (Hove) Limited
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 1,367 1,641
Tangible assets 4 116,826 81,735
118,193 83,376

CURRENT ASSETS
Stocks 5 96,745 173,377
Debtors 6 359,920 125,891
Cash at bank and in hand 8,281 17,631
464,946 316,899
CREDITORS
Amounts falling due within one year 7 1,256,244 560,004
NET CURRENT LIABILITIES (791,298 ) (243,105 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(673,105

)

(159,729

)

CREDITORS
Amounts falling due after more than one
year

8

76,524

120,673
NET LIABILITIES (749,629 ) (280,402 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (749,630 ) (280,403 )
SHAREHOLDERS' FUNDS (749,629 ) (280,402 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 29 May 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 29 May 2023 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 October 2024 and were signed by:





J Y Boulos - Director


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 in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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 9 (2022 - 8 ) .

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 2,737
AMORTISATION
At 25 January 2022 1,096
Amortisation for period 274
At 29 May 2023 1,370
NET BOOK VALUE
At 29 May 2023 1,367
At 24 January 2022 1,641

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 25 January 2022 48,241 86,719 35,222 1,075 171,257
Additions 68,888 1,281 - - 70,169
Disposals - - (33,222 ) - (33,222 )
At 29 May 2023 117,129 88,000 2,000 1,075 208,204
DEPRECIATION
At 25 January 2022 15,601 57,653 16,228 40 89,522
Charge for period 8,670 7,286 77 358 16,391
Eliminated on disposal - - (14,535 ) - (14,535 )
At 29 May 2023 24,271 64,939 1,770 398 91,378
NET BOOK VALUE
At 29 May 2023 92,858 23,061 230 677 116,826
At 24 January 2022 32,640 29,066 18,994 1,035 81,735

5. STOCKS
2023 2022
£    £   
Stocks 96,745 173,377

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 128,353 -
Other debtors 14,422 13,607
Directors' current accounts 162,806 75,842
Tax - 12,216
VAT 762 -
Tax debtor - S455 53,577 24,226
359,920 125,891

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 202,695 202,660
Hire purchase contracts - 17,661
Trade creditors 355,095 285,244
Tax 34,103 -
Social security and other taxes 4,768 2,176
VAT - 3,453
Other creditors 652,269 39,345
Accrued expenses 7,314 9,465
1,256,244 560,004

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 35,319 35,319
Bank loans - 2-5 years 41,205 85,354
76,524 120,673

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
£    £   
J Y Boulos
Balance outstanding at start of period 75,842 145,762
Amounts advanced 250,846 147,874
Amounts repaid (163,882 ) (217,794 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 162,806 75,842

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 J Y Boulos.

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.