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COMPANY REGISTRATION NUMBER: 03690131
Ison Distribution Limited
Filleted Unaudited Financial Statements
31 January 2024
Ison Distribution Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
1,364,229
1,415,176
Investments
7
10,642
10,642
------------
------------
1,374,871
1,425,818
Current assets
Stocks
3,605,848
3,952,153
Debtors
8
269,445
315,308
Cash at bank and in hand
1,734,513
1,386,298
------------
------------
5,609,806
5,653,759
Creditors: amounts falling due within one year
9
614,728
637,970
------------
------------
Net current assets
4,995,078
5,015,789
------------
------------
Total assets less current liabilities
6,369,949
6,441,607
Provisions
Taxation including deferred tax
3,155
7,834
------------
------------
Net assets
6,366,794
6,433,773
------------
------------
Capital and reserves
Called up share capital
150
150
Capital redemption reserve
50
50
Profit and loss account
6,366,594
6,433,573
------------
------------
Shareholders funds
6,366,794
6,433,773
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Ison Distribution Limited
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 23 September 2024 , and are signed on behalf of the board by:
Mr L Townsend
Director
Company registration number: 03690131
Ison Distribution Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 201 Lancaster Way Business Park, Ely, Cambridge, Cambs, CB6 3NX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.
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 specifically recoverability of trade debtors and depreciation of fixed assets. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover represents the value of goods despatched or sold at the point of sale in the retail divisions, excluding value added tax.
Income tax
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. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant & machinery
-
25% reducing balance
Land is not depreciated.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is based on third party purchase invoices, with purchases in foreign currency being translated at an appropriate average rate of exchange.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. The Company uses forward foreign currency contracts to reduce exposure to foreign exchange rates. Derivative financial instruments are initially measure at fair value on the date on which a derivative contract is entered into and are subsequently measured at fair value through profit or loss. Derivatives are carried as assets when fair value is positive and as liabilities when the fair value is negative. The fair value of the forward currency contracts is calculated by reference to current forward exchange contracts with similar maturity profiles.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 26 (2023: 26 ).
5. Operating lease commitments
Future lease commitments at 31 January 2024 are £52,500 (2023: £52,500)
6. Tangible assets
Freehold land and property
Plant and machinery
Total
£
£
£
Cost
At 1 February 2023
1,459,798
922,306
2,382,104
Additions
1,399
1,399
Disposals
( 23,495)
( 23,495)
------------
---------
------------
At 31 January 2024
1,459,798
900,210
2,360,008
------------
---------
------------
Depreciation
At 1 February 2023
149,853
817,075
966,928
Charge for the year
16,664
33,378
50,042
Transfers
( 21,191)
( 21,191)
------------
---------
------------
At 31 January 2024
166,517
829,262
995,779
------------
---------
------------
Carrying amount
At 31 January 2024
1,293,281
70,948
1,364,229
------------
---------
------------
At 31 January 2023
1,309,945
105,231
1,415,176
------------
---------
------------
7. Investments
Shares in group undertakings
Shares in Associates
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
100
10,542
10,642
----
--------
--------
Impairment
At 1 February 2023 and 31 January 2024
----
--------
--------
Carrying amount
At 31 January 2024
100
10,542
10,642
----
--------
--------
At 31 January 2023
100
10,542
10,642
----
--------
--------
8. Debtors
2024
2023
£
£
Trade debtors
238,909
292,846
Other debtors
30,536
22,462
---------
---------
269,445
315,308
---------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
130,237
132,375
Amounts owed to group undertakings and undertakings in which the company has a participating interest
100
100
Corporation tax
1,859
18,678
Social security and other taxes
103,201
62,748
Other creditors
379,331
424,069
---------
---------
614,728
637,970
---------
---------
10. Unaudited financial statements
For a number years the company has requested its financial statements be subject to external audit. This is a voluntary request rather than a requirement under Company law. It is completed each year as the directors recognise the benefits of an external review and external opinion regarding the financial performance and position of the business.
The audit for the year ended 31 January 2020 was planned and a timetable agreed prior to Coved-19 restrictions being put in place during March 2020. Following the announcement of lockjaw restrictions the operational aspects of the audit were discussed in detail with safety being of paramount importance. The directors, in conjunction with the company's auditors, concluded that in these extreme circumstances the voluntary audit should not take place for the years ended 31 January 2020 to 2024. It is fully intend to reintroduce the voluntary audit process as soon as it is safe to do so without significant additional administrative or financial burdens being placed upon the business.