4 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 06811491 2023-03-01 2024-02-29 06811491 2024-02-29 06811491 2023-02-28 06811491 2022-03-01 2023-02-28 06811491 2023-02-28 06811491 2022-02-28 06811491 core:PlantMachinery 2023-03-01 2024-02-29 06811491 core:FurnitureFittings 2023-03-01 2024-02-29 06811491 bus:Director2 2023-03-01 2024-02-29 06811491 core:PlantMachinery 2023-02-28 06811491 core:FurnitureFittings 2023-02-28 06811491 core:PlantMachinery 2024-02-29 06811491 core:FurnitureFittings 2024-02-29 06811491 core:WithinOneYear 2024-02-29 06811491 core:WithinOneYear 2023-02-28 06811491 core:AfterOneYear 2024-02-29 06811491 core:AfterOneYear 2023-02-28 06811491 core:ShareCapital 2024-02-29 06811491 core:ShareCapital 2023-02-28 06811491 core:RetainedEarningsAccumulatedLosses 2024-02-29 06811491 core:RetainedEarningsAccumulatedLosses 2023-02-28 06811491 core:PlantMachinery 2023-02-28 06811491 core:FurnitureFittings 2023-02-28 06811491 bus:Director2 2023-02-28 06811491 bus:Director2 2024-02-29 06811491 bus:Director2 2022-02-28 06811491 bus:Director2 2023-02-28 06811491 bus:Director2 2022-03-01 2023-02-28 06811491 bus:SmallEntities 2023-03-01 2024-02-29 06811491 bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 06811491 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 06811491 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 06811491 bus:FullAccounts 2023-03-01 2024-02-29 06811491 core:ComputerEquipment 2023-03-01 2024-02-29 06811491 core:ComputerEquipment 2023-02-28 06811491 core:ComputerEquipment 2024-02-29 06811491 core:AllAssociates 2023-03-01 2024-02-29
COMPANY REGISTRATION NUMBER: 06811491
Ironmongery Express Ltd
Filleted Unaudited Financial Statements
29 February 2024
Ironmongery Express Ltd
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
3,955
3,297
Current assets
Stocks
156,424
151,269
Debtors
6
244,533
281,303
Cash at bank and in hand
40,064
269
---------
---------
441,021
432,841
Creditors: amounts falling due within one year
7
231,233
351,536
---------
---------
Net current assets
209,788
81,305
---------
--------
Total assets less current liabilities
213,743
84,602
Creditors: amounts falling due after more than one year
8
143,106
20,504
---------
--------
Net assets
70,637
64,098
---------
--------
Ironmongery Express Ltd
Statement of Financial Position (continued)
29 February 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
10
10
Profit and loss account
70,627
64,088
--------
--------
Shareholders funds
70,637
64,098
--------
--------
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 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 28 November 2024 , and are signed on behalf of the board by:
Mr J Harrison
Director
Company registration number: 06811491
Ironmongery Express Ltd
Notes to the Financial Statements
Year ended 29 February 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 7 Victoria Road, Tamworth, B79 7HS, England.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant & Machinery Depreciation
-
25% reducing balance
Fixtures & Fittings Depreciation
-
25% reducing balance
Equipment Depreciation
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 March 2023
3,020
8,532
12,304
23,856
Additions
1,655
1,655
-------
--------
--------
--------
At 29 February 2024
3,020
10,187
12,304
25,511
-------
--------
--------
--------
Depreciation
At 1 March 2023
2,884
7,531
10,144
20,559
Charge for the year
34
423
540
997
-------
--------
--------
--------
At 29 February 2024
2,918
7,954
10,684
21,556
-------
--------
--------
--------
Carrying amount
At 29 February 2024
102
2,233
1,620
3,955
-------
--------
--------
--------
At 28 February 2023
136
1,001
2,160
3,297
-------
--------
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
172,477
250,368
Other debtors
72,056
30,935
---------
---------
244,533
281,303
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
162,879
212,862
Trade creditors
49,484
117,353
Corporation tax
6,226
8,996
Social security and other taxes
10,258
10,324
Other creditors
2,386
2,001
---------
---------
231,233
351,536
---------
---------
Hitachi Capital hold a floating charge over the book debts of the company dated 21 October 2013.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
143,106
20,504
---------
--------
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr J Harrison
9,880
56,191
( 60,400)
5,671
-------
--------
--------
-------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr J Harrison
( 363)
17,929
( 7,686)
9,880
----
--------
-------
-------
10. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under FRS102(1A).