Registered number
02416201
IBSL Group Limited
Filleted Accounts
31 March 2024
IBSL Group Limited
Registered number: 02416201
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 218,523 292,674
Investments 4 251,440 190
469,963 292,864
Current assets
Stocks 321,885 220,579
Debtors 5 809,387 872,081
Cash at bank and in hand 369,344 305,439
1,500,616 1,398,099
Creditors: amounts falling due within one year 6 (1,186,410) (434,064)
Net current assets 314,206 964,035
Total assets less current liabilities 784,169 1,256,899
Creditors: amounts falling due after more than one year 7 - (547,271)
Provisions for liabilities (3,707) (8,385)
Net assets 780,462 701,243
Capital and reserves
Called up share capital 100 100
Profit and loss account 780,362 701,143
Shareholder's funds 780,462 701,243
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Renney
Director
Approved by the board on 27 June 2024
IBSL Group Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% Straight Line
Fixtures, fittings, tools and equipment 20% Straight Line
Motor Vehicles 20% Straight Line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 17 17
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 197,947 48,890 90,307 337,144
Additions - 6,112 - 6,112
Disposals - - (77,308) (77,308)
At 31 March 2024 197,947 55,002 12,999 265,948
Depreciation
At 1 April 2023 - 25,093 19,377 44,470
Charge for the year - 9,333 14,184 23,517
On disposals - - (20,562) (20,562)
At 31 March 2024 - 34,426 12,999 47,425
Net book value
At 31 March 2024 197,947 20,576 - 218,523
At 31 March 2023 197,947 23,797 70,930 292,674
4 Investments
Other
investments
£
Cost
At 1 April 2023 190
Additions 251,250
At 31 March 2024 251,440
5 Debtors 2024 2023
£ £
Trade debtors 365,540 426,997
Amounts owed by group undertakings and undertakings in which the company has a participating interest 429,195 429,195
Other debtors 14,652 15,889
809,387 872,081
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 10,852
Trade creditors 213,873 318,223
Amounts owed to group undertakings and undertakings in which the company has a participating interest 843,714 37,641
Taxation and social security costs 122,280 58,913
Other creditors 6,543 8,435
1,186,410 434,064
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - 297,271
Other creditors - 250,000
- 547,271
8 Other information
IBSL Group Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 14 D
Double Row Delaval Trading Estate
Seaton Delaval, Whitley Bay
Northumberland
NE25 0QT
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