Company registration number 08991356 (England and Wales)
ILEAD MOBILE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
ILEAD MOBILE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ILEAD MOBILE LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
211,447
96,813
Current assets
Stocks
1,337,966
1,758,054
Debtors
4
2,127,723
1,691,813
Cash at bank and in hand
322,920
494,173
3,788,609
3,944,040
Creditors: amounts falling due within one year
5
(3,212,202)
(3,270,967)
Net current assets
576,407
673,073
Total assets less current liabilities
787,854
769,886
Creditors: amounts falling due after more than one year
6
(203,447)
(208,333)
Provisions for liabilities
(32,720)
(24,203)
Net assets
551,687
537,350
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
551,587
537,250
Total equity
551,687
537,350
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
ILEAD MOBILE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 January 2025 and are signed on its behalf by:
Mr M B Dorsch
Director
Company Registration No. 08991356
ILEAD MOBILE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Ilead Mobile Limited is a private company limited by shares incorporated in England and Wales. The registered office is Millennium House, Brannam Crescent, Roundswell Business Park, Barnstaple, Devon, United Kingdom, EX31 3TD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
straight line over length of lease
Plant and machinery
straight line over 4 years
Fixtures, fittings & equipment
straight line 2-4 years
Motor vehicles
straight line over 5 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
ILEAD MOBILE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
ILEAD MOBILE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
42
41
3
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
52,704
167,906
470,743
691,353
Additions
2,559
81,824
138,270
222,653
At 30 April 2024
52,704
170,465
552,567
138,270
914,006
Depreciation and impairment
At 1 May 2023
22,850
148,618
423,072
594,540
Depreciation charged in the year
5,261
12,337
88,114
2,307
108,019
At 30 April 2024
28,111
160,955
511,186
2,307
702,559
Carrying amount
At 30 April 2024
24,593
9,510
41,381
135,963
211,447
At 30 April 2023
29,854
19,288
47,671
96,813
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,634,797
1,121,364
Corporation tax recoverable
25,151
2,861
Other debtors
467,775
567,588
2,127,723
1,691,813
ILEAD MOBILE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
100,161
100,000
Trade creditors
2,375,891
2,581,065
Corporation tax
2,520
1,416
Other taxation and social security
133,035
68,198
Other creditors
600,595
520,288
3,212,202
3,270,967
The bank loan is secured by a company Guarantee in favour of the Bank from Ilead Mobile Ltd and Rethink Products Ltd guaranteeing all liabilities of the Borrower.
Other creditors include:-
- An advance from the company's invoice discounting arrangement of £310,800 (2023: £380,678) secured by a charge over all the assets of the company.
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
108,333
208,333
Other creditors
95,114
203,447
208,333
The bank loan is secured by a company Guarantee in favour of the Bank from Ilead Mobile Ltd and Rethink Products Ltd guaranteeing all liabilities of the Borrower.
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
32,720
24,203
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
ILEAD MOBILE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
14,625
14,625