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COMPANY REGISTRATION NUMBER: 11086942
IDSH LIMITED AND SUBSIDIARIES
FINANCIAL STATEMENTS
31 July 2024
IDSH LIMITED AND SUBSIDIARIES
FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2024
Contents
Pages
Officers and professional advisers
1
Strategic report
2
Directors' report
3 to 4
Independent auditor's report to the member
5 to 9
Consolidated statement of comprehensive income
10
Consolidated statement of financial position
11
Company statement of financial position
12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Consolidated statement of cash flows
15
Notes to the financial statements
16 to 26
IDSH LIMITED AND SUBSIDIARIES
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
A O'Connell
D J Barnes
Registered office
Numeric House
98 Station Road
Sidcup
Kent
England
DA15 7BY
Auditor
Opass Billings Wilson & Honey LLP
Chartered Certified Accountants & statutory auditor
Numeric House
98 Station Road
Sidcup
Kent
DA15 7BY
Bankers
National Westminster Bank Plc
1-7 Powis Street
Woolwich
London
SE18 6LE
IDSH LIMITED AND SUBSIDIARIES
STRATEGIC REPORT
YEAR ENDED 31 JULY 2024
IDSH Limited is a holding company and is the parent company of Imperial Ductwork Services Holdings Limited, Imperial Ductwork Services Limited and Imperial Hygiene Solutions Limited. The overall performance of the company and return on investment is based on the performance of the trading subsidiaries.
Strategic Management The objective of the group is to increase market share in the manufacture and installation of ductwork ventilation systems sector. To achieve this objective the group's strategy is to deliver contracts to the highest level of quality and service, on time and snag free. The group companies' personnel have a wealth of experience in the ductwork ventilation sector and the engineering departments are fully supported by their in-house CAD resources.
Business Environment The sector the group companies operates in remains competitive, with continued pressure on raw material and subcontractors' costs. The group has a strong business relationship with a manufacturer of ductwork ventilation systems, which allows the group to ensure that the high quality of the products is maintained and produced on time. In the industry there is a potential liquidity risk due to monies being tied up in large, long-term contracts, however, the management regularly monitors the group's cashflow to manage this risk. The group is subject to various health and safety risks due to the nature of the business. The trading subsidiaries have their own dedicated health, safety and environmental department that ensure that all health and safety procedures are followed. Imperial Ductwork Services Limited is fully accredited to ISO standards 45001, 14001 and 9001.
Key Performance Indicators 1 Gross Profit Percentage The Gross Profit Percentage achieved by the group in 2024 was 15.6% and in 2023 it was 14.5%. This result was in-line with board expectations.. 2 Subcontractor Costs The subcontractors' costs in the group's 2024 financial statements, as a percentage of turnover, for the period was 40.1% and in 2023 it was 47.7%. The board are pleased with this result, given the current industry conditions.
This report was approved by the board of directors on 27 January 2025 and signed on behalf of the board by:
A O'Connell
Director
IDSH LIMITED AND SUBSIDIARIES
DIRECTORS' REPORT
YEAR ENDED 31 JULY 2024
The directors present their report and the financial statements of the group for the year ended 31 July 2024 .
Directors
The directors who served the company during the year were as follows:
A O'Connell
D J Barnes
Dividends
Particulars of recommended dividends are detailed in note 11 to the financial statements.
Future developments
With the group companies continuing to grow, the group have the resources in place to be able to successfully undertake larger contracts and compete within a highly competitive industry. These contracts are typically works on prestigious buildings which increases the profile of the group and can give a greater return. The board have made a strategic decision to effectively use their resources to undertake more of these larger contracts and therefore increase profitability in the future.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 27 January 2025 and signed on behalf of the board by:
A O'Connell
Director
IDSH LIMITED AND SUBSIDIARIES
INDEPENDENT AUDITOR'S REPORT TO THE MEMBER OF IDSH LIMITED AND SUBSIDIARIES
YEAR ENDED 31 JULY 2024
Opinion
We have audited the financial statements of IDSH Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 July 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identify and assess the key risk areas of material misstatement and then design and perform audit procedures in relation to those risks. Materiality has been calculated on the group's income and has been assessed at a level of £250,000. The considered key risk areas and the appropriate audit approach was as follows; - long-term contracts - our work involved reviewing sales invoices during the year to ensure the invoices agree to the surveyor's valuations ensuring the invoices are raised on a timely manner and are accurate. - Debtors - Reviewed after date transactions as well as sales invoices around the year end to ensure all invoices were recorded in the correct period and have been recovered post year end. - Creditors - This involved reviewing purchase invoices during the year to ensure the invoices agree ensuring the invoices are raised on a timely manner and are accurate. - Complexness of Income - Reviewed sales invoices during the year to ensure the invoices agree to the subcontractor certificates ensuring the invoices are raised on a timely manner and are accurate. - Management override of controls - Our audit work involved reviewing journals throughout the year as well as various discussions with management during the audit. - Completeness of related parties - We agreed all transactions and balances with related parties to the related company's accounting records and ensured any related party transactions are adequately disclosed. - Compliance with fundamental laws - Our audit work included reviewing expense items for existence of any non-compliance and having discussions with the health & safety manager. We performed analytical procedures to identify any unusual or unexpected ratios or variances that may indicate risks of material misstatement due to fraud. We reviewed the financial statement disclosures and assessed compliance with the following relevant laws and regulations; - Companies Act 2006. - Employment Rights Act 1996. - Health and Safety at work Act 1974. - Data Protection Act 2018. Irregularities which result from fraud are inherently more difficult to detect than irregularities which result from error, however there have never been any instances of fraud encountered with the group and there are controls in place through the segregation of duties and regular reviews of management accounts which reduce the risk of fraud through management override. All audit team members were made aware of the relevant laws & regulations applicable to the group together with potential fraud risks and remained alert to any indications of fraud non compliance with the laws & regulations throughout the audit. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's member, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member as a body, for our audit work, for this report, or for the opinions we have formed.
Philip Benson Woodman FCCA
(Senior Statutory Auditor)
For and on behalf of
Opass Billings Wilson & Honey LLP
Chartered Certified Accountants & statutory auditor
Numeric House
98 Station Road
Sidcup
Kent
DA15 7BY
27 January 2025
IDSH LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 31 JULY 2024
2024
2023
Note
£
£
Turnover
4
38,600,767
39,995,242
Cost of sales
32,558,221
34,179,039
-------------
-------------
Gross profit
6,042,546
5,816,203
Administrative expenses
5,116,688
5,261,135
------------
------------
Operating profit
5
925,858
555,068
Other interest receivable and similar income
9
30,060
30,858
------------
------------
Profit before taxation
955,918
585,926
Tax on profit
10
175,376
( 752)
---------
---------
Profit for the financial year and total comprehensive income
780,542
586,678
---------
---------
All the activities of the group are from continuing operations.
IDSH LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 July 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
12
452,152
567,595
Tangible assets
13
140,914
159,462
Investments
14
66,792
61,122
---------
---------
659,858
788,179
Current assets
Debtors
15
9,209,460
7,914,266
Cash at bank and in hand
1,837,629
1,938,487
-------------
------------
11,047,089
9,852,753
Creditors: amounts falling due within one year
16
9,600,498
8,322,045
-------------
------------
Net current assets
1,446,591
1,530,708
------------
------------
Total assets less current liabilities
2,106,449
2,318,887
Provisions
17
14,836
7,816
------------
------------
Net assets
2,091,613
2,311,071
------------
------------
Capital and reserves
Called up share capital
20
50,000
50,000
Share premium account
21
1,184,694
1,184,694
Profit and loss account
21
856,919
1,076,377
------------
------------
Shareholder funds
2,091,613
2,311,071
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 27 January 2025 , and are signed on behalf of the board by:
A O'Connell
Director
Company registration number: 11086942
IDSH LIMITED AND SUBSIDIARIES
COMPANY STATEMENT OF FINANCIAL POSITION
31 July 2024
2024
2023
Note
£
£
Fixed assets
Investments
14
3,166,792
3,161,122
Current assets
Cash at bank and in hand
11,520
6,940
Creditors: amounts falling due within one year
16
1,834,653
1,829,995
------------
------------
Net current liabilities
1,823,133
1,823,055
------------
------------
Total assets less current liabilities
1,343,659
1,338,067
------------
------------
Capital and reserves
Called up share capital
20
50,000
50,000
Share premium account
21
1,184,694
1,184,694
Profit and loss account
21
108,965
103,373
------------
------------
Shareholder funds
1,343,659
1,338,067
------------
------------
The profit for the financial year of the parent company was £ 1,005,592 (2023: £ 699,646 ).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 27 January 2025 , and are signed on behalf of the board by:
A O'Connell
Director
Company registration number: 11086942
IDSH LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 JULY 2024
Called up share capital
Share premium account
Profit and loss account
Total
£
£
£
£
At 1 August 2022
50,000
1,184,694
1,189,699
2,424,393
Profit for the year
586,678
586,678
--------
------------
------------
------------
Total comprehensive income for the year
586,678
586,678
Dividends paid and payable
11
( 700,000)
( 700,000)
--------
------------
------------
------------
Total investments by and distributions to owners
( 700,000)
( 700,000)
At 31 July 2023
50,000
1,184,694
1,076,377
2,311,071
Profit for the year
780,542
780,542
--------
------------
------------
------------
Total comprehensive income for the year
780,542
780,542
Dividends paid and payable
11
( 1,000,000)
( 1,000,000)
----
----
------------
------------
Total investments by and distributions to owners
( 1,000,000)
( 1,000,000)
--------
------------
------------
------------
At 31 July 2024
50,000
1,184,694
856,919
2,091,613
--------
------------
------------
------------
IDSH LIMITED AND SUBSIDIARIES
COMPANY STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 JULY 2024
Called up share capital
Share premium account
Profit and loss account
Total
£
£
£
£
At 1 August 2022
50,000
1,184,694
103,727
1,338,421
Profit for the year
699,646
699,646
--------
------------
---------
------------
Total comprehensive income for the year
699,646
699,646
Dividends paid and payable
11
( 700,000)
( 700,000)
--------
------------
---------
------------
Total investments by and distributions to owners
( 700,000)
( 700,000)
At 31 July 2023
50,000
1,184,694
103,373
1,338,067
Profit for the year
1,005,592
1,005,592
--------
------------
------------
------------
Total comprehensive income for the year
1,005,592
1,005,592
Dividends paid and payable
11
( 1,000,000)
( 1,000,000)
----
----
------------
------------
Total investments by and distributions to owners
( 1,000,000)
( 1,000,000)
--------
------------
------------
------------
At 31 July 2024
50,000
1,184,694
108,965
1,343,659
--------
------------
------------
------------
IDSH LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
YEAR ENDED 31 JULY 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
780,542
586,678
Adjustments for:
Depreciation of tangible assets
37,014
29,835
Amortisation of intangible assets
115,443
115,443
Other interest receivable and similar income
( 30,060)
( 30,858)
Gains on disposal of tangible assets
( 1,904)
Tax on profit
175,376
( 752)
Accrued (income)/expenses
( 264)
5,264
Changes in:
Trade and other debtors
( 1,343,538)
2,741,753
Trade and other creditors
1,044,373
( 2,657,926)
------------
------------
Cash generated from operations
778,886
787,533
Interest received
24,390
31,151
Tax paid
( 90,671)
( 75,559)
---------
---------
Net cash from operating activities
712,605
743,125
---------
---------
Cash flows from investing activities
Purchase of tangible assets
( 36,964)
( 105,242)
Proceeds from sale of tangible assets
18,498
2,904
---------
---------
Net cash used in investing activities
( 18,466)
( 102,338)
---------
---------
Cash flows from financing activities
Dividends paid
( 794,997)
( 612,500)
---------
---------
Net cash used in financing activities
( 794,997)
( 612,500)
---------
---------
Net (decrease)/increase in cash and cash equivalents
( 100,858)
28,287
Cash and cash equivalents at beginning of year
1,938,487
1,910,200
------------
------------
Cash and cash equivalents at end of year
1,837,629
1,938,487
------------
------------
IDSH LIMITED AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 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 Numeric House, 98 Station Road, Sidcup, Kent, DA15 7BY, England.
2. Statement of compliance
These financial statements have been prepared in compliance with 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.
Debtors
Debtors are initially recorded at fair value and are assessed for impairment at each reporting date. If any impairments exist the debtors are remeasured to the present value of the expected future cash inflows.
Creditors
Creditors are initially recorded at fair value and are then remeasured to the present value of the expected future cash outflows.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of IDSH Limited and all of its subsidiary undertakings. The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes. The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not included its individual statement of comprehensive income.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: The key source of estimation uncertainty is revenue recognition on long term contracts. Profits on long term contracts are accrued evenly over the life of the contract. There are two estimated factors that are used in calculating the carrying amounts, being an estimated budgeted gross profit percentage and the estimated percentage of completion. The carrying amounts of the estimated contract values as at 31st July 2024 are amounts recoverable on contracts £4,649,772, un-invoiced sales £983,976 and payments received on account (£4,253,642).
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. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
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.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
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 and machinery
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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. Turnover
Turnover arises from:
2024
2023
£
£
Rendering of services
388,096
371,512
Construction contracts
38,212,671
39,623,730
-------------
-------------
38,600,767
39,995,242
-------------
-------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Operating loss
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Amortisation of intangible assets
115,443
115,443
Depreciation of tangible assets
37,014
29,835
Gains on disposal of tangible assets
( 1,904)
Impairment of trade debtors
755,681
Research and development expenditure written off
428,224
127,328
---------
---------
6. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
22,000
21,000
--------
--------
Fees payable to the company's auditor and its associates for other services:
Other non-audit services
9,407
9,940
--------
--------
7. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
7
7
Administrative staff
54
39
Management staff
8
8
----
----
69
54
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
2,665,041
2,598,318
Social security costs
323,347
324,548
Other pension costs
183,790
182,733
------------
------------
3,172,178
3,105,599
------------
------------
8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
628,256
658,038
Company contributions to defined contribution pension plans
130,192
134,192
---------
---------
758,448
792,230
---------
---------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
5
5
----
----
Remuneration of the highest paid director in respect of qualifying services:
2024
2023
£
£
Aggregate remuneration
150,100
129,750
---------
---------
9. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
24,390
31,151
Gain on fair value adjustment of financial assets at fair value through profit or loss
5,670
( 293)
--------
--------
30,060
30,858
--------
--------
10. Tax on profit
Major components of tax income
2024
2023
£
£
Current tax:
UK current tax income
109,341
12,283
Adjustments in respect of prior periods
10,671
( 6,724)
---------
--------
Total current tax
120,012
5,559
---------
--------
Deferred tax:
Origination and reversal of timing differences
55,364
( 6,311)
---------
-------
Tax on profit
175,376
( 752)
---------
-------
Reconciliation of tax expense/(income)
The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 21 %).
2024
2023
£
£
Profit on ordinary activities before taxation
955,918
585,926
---------
---------
Profit on ordinary activities by rate of tax
238,979
122,847
Adjustment to tax charge in respect of prior periods
10,671
( 6,724)
Effect of expenses not deductible for tax purposes
43,730
33,554
Effect of capital allowances and depreciation
26,021
18,431
Effect of different UK tax rates on some earnings
(254)
Utilisation of tax losses
( 50,714)
Unused tax losses
13
Effect of fair value adjustment
(1,417)
61
Other tax adjustment to decrease tax liability
(147,004)
(162,631)
Effect of chargeable gain
8
Effect of deferred taxation
55,364
(6,311)
---------
---------
Tax on profit
175,376
( 752)
---------
---------
11. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
1,000,000
612,500
Dividends proposed before the year end and recognised as a liability
87,500
------------
---------
12. Intangible assets
Group
Goodwill
£
Cost
At 1 August 2023 and 31 July 2024
1,154,430
------------
Amortisation
At 1 August 2023
586,835
Charge for the year
115,443
------------
At 31 July 2024
702,278
------------
Carrying amount
At 31 July 2024
452,152
------------
At 31 July 2023
567,595
------------
The company has no intangible assets.
13. Tangible assets
Group
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2023
28,618
87,698
112,573
228,889
Additions
1,604
35,360
36,964
Disposals
( 32,350)
( 32,350)
--------
---------
---------
---------
At 31 July 2024
30,222
123,058
80,223
233,503
--------
---------
---------
---------
Depreciation
At 1 August 2023
13,725
29,489
26,213
69,427
Charge for the year
3,300
14,914
18,800
37,014
Disposals
( 13,852)
( 13,852)
--------
---------
---------
---------
At 31 July 2024
17,025
44,403
31,161
92,589
--------
---------
---------
---------
Carrying amount
At 31 July 2024
13,197
78,655
49,062
140,914
--------
---------
---------
---------
At 31 July 2023
14,893
58,209
86,360
159,462
--------
---------
---------
---------
The company has no tangible assets.
14. Investments
Group
Other investments
£
Cost
At 1 August 2023
61,122
Revaluations
5,670
--------
At 31 July 2024
66,792
--------
Impairment
At 1 August 2023 and 31 July 2024
--------
Carrying amount
At 31 July 2024
66,792
--------
At 31 July 2023
61,122
--------
Company
Shares in group undertakings
Other investments
Total
£
£
£
Cost
At 1 August 2023
3,100,000
61,122
3,161,122
Revaluations
5,670
5,670
------------
--------
------------
At 31 July 2024
3,100,000
66,792
3,166,792
------------
--------
------------
Impairment
At 1 August 2023 and 31 July 2024
------------
--------
------------
Carrying amount
At 31 July 2024
3,100,000
66,792
3,166,792
------------
--------
------------
At 31 July 2023
3,100,000
61,122
3,161,122
------------
--------
------------
Subsidiaries, associates and other investments
Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Imperial Ductwork Services Holdings Limited
Ordinary
100
Imperial Ductwork Services Limited
Ordinary
100
Imperial Hygiene Solutions Limited
Ordinary
100
15. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
4,194,651
2,901,303
Deferred tax asset
48,344
Prepayments and accrued income
110,961
150,073
Corporation tax repayable
17,717
Amounts recoverable on contracts
4,649,772
4,528,921
Other debtors
254,076
267,908
------------
------------
----
----
9,209,460
7,914,266
------------
------------
----
----
The debtors above include the following amounts falling due after more than one year:
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
24,599
17,918
Amounts recoverable on contracts
334,335
540,283
---------
---------
----
----
358,934
558,201
---------
---------
----
----
16. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
9,068,265
7,963,172
Amounts owed to group undertakings
1,834,653
1,829,995
Accruals and deferred income
26,000
26,264
Corporation tax
29,341
Social security and other taxes
143,488
209,926
Dividends payable
292,503
87,500
Other creditors
40,901
35,183
------------
------------
------------
------------
9,600,498
8,322,045
1,834,653
1,829,995
------------
------------
------------
------------
17. Provisions
Group
Deferred tax (note 18)
£
At 1 August 2023
7,816
Additions
7,020
--------
At 31 July 2024
14,836
--------
The company does not have any provisions.
18. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in debtors (note 15)
48,344
Included in provisions (note 17)
( 14,836)
( 7,816)
--------
--------
----
----
( 14,836)
40,528
--------
--------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
14,836
7,816
Unused tax losses
( 48,344)
--------
--------
----
----
14,836
(40,528)
--------
--------
----
----
19. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 53,598 (2023: £ 48,541 ).
20. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
50,000
50,000
50,000
50,000
--------
--------
--------
--------
21. Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.
22. Analysis of changes in net debt
At 1 Aug 2023
Cash flows
At 31 Jul 2024
£
£
£
Cash at bank and in hand
1,938,487
(100,858)
1,837,629
------------
---------
------------
23. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
157,396
143,499
Later than 1 year and not later than 5 years
338,636
20,904
---------
---------
----
----
496,032
164,403
---------
---------
----
----
24. Related party transactions
Group
During the year the group purchased goods and materials to the value of £4,342,804 from Imperial Ductwork Manufacturing Limited. At the balance sheet date the group owed Imperial Ductwork Manufacturing Limited £141,118, which is included withing trade creditors. The group and Imperial Ductwork Manufacturing Limited are related by the virtue of the fact that they both have directors in common. The transactions were completed under standard trading terms and conditions, the payables are due 60 days from invoice date.
25. Controlling party
IDSH limited and it's Subsidiaries were controlled by Mr A O'connell by the virtue of the fact that he is the majority shareholder of IDSH Limited