Industrial Component Supplies Limited 04402541 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is retail trade of industrial and engineering components Digita Accounts Production Advanced 6.30.9574.0 true true 04402541 2023-04-01 2024-03-31 04402541 2024-03-31 04402541 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 04402541 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-03-31 04402541 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2024-03-31 04402541 core:CurrentFinancialInstruments 2024-03-31 04402541 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 04402541 core:Non-currentFinancialInstruments 2024-03-31 04402541 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 04402541 core:Goodwill 2024-03-31 04402541 core:BetweenTwoFiveYears 2024-03-31 04402541 core:WithinOneYear 2024-03-31 04402541 core:FurnitureFittings 2024-03-31 04402541 core:MotorVehicles 2024-03-31 04402541 core:OfficeEquipment 2024-03-31 04402541 core:PlantMachinery 2024-03-31 04402541 1 2024-03-31 04402541 bus:SmallEntities 2023-04-01 2024-03-31 04402541 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04402541 bus:FilletedAccounts 2023-04-01 2024-03-31 04402541 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04402541 bus:RegisteredOffice 2023-04-01 2024-03-31 04402541 bus:Director1 2023-04-01 2024-03-31 04402541 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04402541 core:Goodwill 2023-04-01 2024-03-31 04402541 core:ComputerEquipment 2023-04-01 2024-03-31 04402541 core:FurnitureFittings 2023-04-01 2024-03-31 04402541 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 04402541 core:MotorCars 2023-04-01 2024-03-31 04402541 core:MotorVehicles 2023-04-01 2024-03-31 04402541 core:OfficeEquipment 2023-04-01 2024-03-31 04402541 core:PlantMachinery 2023-04-01 2024-03-31 04402541 countries:EnglandWales 2023-04-01 2024-03-31 04402541 1 2023-04-01 2024-03-31 04402541 2023-03-31 04402541 core:Goodwill 2023-03-31 04402541 core:FurnitureFittings 2023-03-31 04402541 core:MotorVehicles 2023-03-31 04402541 core:OfficeEquipment 2023-03-31 04402541 core:PlantMachinery 2023-03-31 04402541 1 2023-03-31 04402541 2022-04-01 2023-03-31 04402541 2023-03-31 04402541 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 04402541 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 04402541 core:CurrentFinancialInstruments 2023-03-31 04402541 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 04402541 core:Non-currentFinancialInstruments 2023-03-31 04402541 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 04402541 core:BetweenTwoFiveYears 2023-03-31 04402541 core:WithinOneYear 2023-03-31 04402541 core:FurnitureFittings 2023-03-31 04402541 core:MotorVehicles 2023-03-31 04402541 core:OfficeEquipment 2023-03-31 04402541 core:PlantMachinery 2023-03-31 04402541 1 2023-03-31 04402541 1 2022-04-01 2023-03-31 04402541 1 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 04402541

Industrial Component Supplies Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Industrial Component Supplies Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 12

 

Industrial Component Supplies Limited

(Registration number: 04402541)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

39,221

50,102

Other financial assets

7

1,000

-

 

40,221

50,102

Current assets

 

Stocks

112,805

111,643

Debtors

8

229,396

167,774

Cash at bank and in hand

 

15,417

43,567

 

357,618

322,984

Creditors: Amounts falling due within one year

9

(277,056)

(265,108)

Net current assets

 

80,562

57,876

Total assets less current liabilities

 

120,783

107,978

Creditors: Amounts falling due after more than one year

9

(26,708)

(40,505)

Provisions for liabilities

(9,805)

(12,526)

Net assets

 

84,270

54,947

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

84,170

54,847

Shareholders' funds

 

84,270

54,947




 

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Industrial Component Supplies Limited

(Registration number: 04402541)
Statement of Financial Position as at 31 March 2024 (continued)

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 4 December 2024 and signed on its behalf by:
 


Mr T E Penney
Director

 

Industrial Component Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Plym House, 3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT

Principal activity

The principal activity of the company is retail trade of industrial and engineering components

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Industrial Component Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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. 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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% Reducing balance

Fixtures and fittings

20% Reducing balance

 

Industrial Component Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Motor vehicles

25% Reducing balance

Computer equipment

20% Reducing balance

Impairment

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.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 5 Years

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Industrial Component Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

 

Industrial Component Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 7).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

11,295

14,657

 

Industrial Component Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

50,000

50,000

At 31 March 2024

50,000

50,000

Amortisation

At 1 April 2023

50,000

50,000

At 31 March 2024

50,000

50,000

Carrying amount

At 31 March 2024

-

-

6

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

19,195

5,311

69,526

41,611

135,643

Additions

249

-

165

-

414

At 31 March 2024

19,444

5,311

69,691

41,611

136,057

Depreciation

At 1 April 2023

12,818

3,649

51,276

17,798

85,541

Charge for the year

1,325

333

3,684

5,953

11,295

At 31 March 2024

14,143

3,982

54,960

23,751

96,836

Carrying amount

At 31 March 2024

5,301

1,329

14,731

17,860

39,221

At 31 March 2023

6,377

1,662

18,250

23,813

50,102

 

Industrial Component Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

7

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

Additions

1,000

1,000

At 31 March 2024

1,000

1,000

Impairment

Carrying amount

At 31 March 2024

1,000

1,000

8

Debtors

2024
£

2023
£

Trade debtors

211,324

143,337

Other debtors

11,194

11,186

Prepayments

6,878

13,251

229,396

167,774

 

Industrial Component Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Loans and borrowings

11

19,842

17,877

Trade creditors

 

156,689

152,460

Taxation and social security

 

45,431

20,643

Accruals and deferred income

 

5,632

9,360

Other creditors

 

49,462

64,768

 

277,056

265,108

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £3,770 (2023 - £5,583).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

11

26,708

40,505

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £7,541 (2023 - £11,311).

10

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Industrial Component Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

19,167

29,194

Hire purchase contracts

7,541

11,311

26,708

40,505

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

9,973

Bank overdrafts

6,072

2,321

Hire purchase contracts

3,770

5,583

19,842

17,877

12

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

25,446

25,321

Later than one year and not later than five years

68,822

93,801

94,268

119,122

The amount of non-cancellable operating lease payments recognised as an expense during the year was £25,446 (2023 - £25,321).

13

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Directors

(55,004)

12,815

(6,100)

(48,289)

         
       

 

 

Industrial Component Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

13

Related party transactions (continued)

2023

At 1 April 2022
£

Repayments by director
£

At 31 March 2023
£

Directors

(52,979)

(2,025)

(55,004)