REGISTERED NUMBER: |
Infotone Imaging Supplies Limited |
Unaudited Financial Statements |
For The Year Ended 30 April 2024 |
REGISTERED NUMBER: |
Infotone Imaging Supplies Limited |
Unaudited Financial Statements |
For The Year Ended 30 April 2024 |
Infotone Imaging Supplies Limited (Registered number: 03939355) |
Contents of the Financial Statements |
For The Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Abridged Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
Infotone Imaging Supplies Limited |
Company Information |
For The Year Ended 30 April 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
George Stanley House |
2 West Parade Road |
Scarborough |
North Yorkshire |
YO12 5ED |
BANKERS: |
33 St Nicholas Street |
Scarborough |
North Yorkshire |
YO11 2HN |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Infotone Imaging Supplies Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Infotone Imaging Supplies Limited for the year ended 30 April 2024 which comprise the Income Statement, Abridged Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Infotone Imaging Supplies Limited, as a body, in accordance with the terms of our engagement letter dated 6 December 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Infotone Imaging Supplies Limited and state those matters that we have agreed to state to the Board of Directors of Infotone Imaging Supplies Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Infotone Imaging Supplies Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Infotone Imaging Supplies Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Infotone Imaging Supplies Limited. You consider that Infotone Imaging Supplies Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Infotone Imaging Supplies Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
George Stanley House |
2 West Parade Road |
Scarborough |
North Yorkshire |
YO12 5ED |
Infotone Imaging Supplies Limited (Registered number: 03939355) |
Abridged Balance Sheet |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Infotone Imaging Supplies Limited (Registered number: 03939355) |
Abridged Balance Sheet - continued |
30 April 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Infotone Imaging Supplies Limited (Registered number: 03939355) |
Notes to the Financial Statements |
For The Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
Infotone Imaging Supplies Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, has been fully written off over its estimated useful life of five years. |
Goodwill, being the amount paid in connection with the acquisition of a business in 2000, was fully written off in the year of acquisition. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Leasehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Infotone Imaging Supplies Limited (Registered number: 03939355) |
Notes to the Financial Statements - continued |
For The Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
AMORTISATION |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Infotone Imaging Supplies Limited (Registered number: 03939355) |
Notes to the Financial Statements - continued |
For The Year Ended 30 April 2024 |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 May 2023 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Totals |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 | 10,995 |
DEPRECIATION |
At 1 May 2023 | 4,810 |
Charge for year | 1,546 |
At 30 April 2024 | 6,356 |
NET BOOK VALUE |
At 30 April 2024 | 4,639 |
At 30 April 2023 | 6,185 |
6. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
Infotone Imaging Supplies Limited (Registered number: 03939355) |
Notes to the Financial Statements - continued |
For The Year Ended 30 April 2024 |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank overdrafts |
Other loans |
Hire purchase contracts | 5,058 | 7,850 |
Factoring Loan | 100,352 | 218,758 |
The company is using a debt factoring facility in respect of its trade debtors. At 30 April 2024, the factor had advanced £100,352 to the company, which is included in creditors: amounts due within one year as a factoring loan. The loan is secured on the outstanding debts, with full recourse to the company in the event of non-payment of the debtor. |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 900 | 900 |
A Ordinary | £1 | 50 | 50 |
B Ordinary | £1 | 50 | 50 |
1,000 | 1,000 |
On 24 May 2022 share options were exercised over 30 A Ordinary Shares of £1 each and 30 B Ordinary Shares of £1 each. The shares were issued for cash at a premium of £488 per share. The aggregate consideration received for the A Ordinary Shares of £1 each was £14,670. The aggregate consideration received for the B Ordinary Shares of £1 each was £14,670. |
Enterprise Management Incentive ("EMI") Scheme |
During the year ended 30 April 2021 the Company established an EMI Scheme. Share Options have been granted to two employees permitting them to acquire up to 50 A Ordinary Shares of £1 each and 50 B Ordinary Shares of £1 each for a consideration of £488 per share. |
At the period end there were no unexercised options outstanding. |
Infotone Imaging Supplies Limited (Registered number: 03939355) |
Notes to the Financial Statements - continued |
For The Year Ended 30 April 2024 |
8. | CALLED UP SHARE CAPITAL - continued |
Rights regarding the Ordinary shares, the A Ordinary Shares and the B Ordinary Shares |
As regards voting |
The holders of each of the classes of shares shall be entitled to receive notice and attend all General Meetings and shall be entitled to vote on any matters. |
As regards dividend |
The holders of each of the classes of shares shall be entitled to receive a dividend in respect of such shares at the direction of the Directors. Dividends may be declared at different rates on each of the classes of shares. |
As regards capital |
The holders of each of the classes of shares shall be entitled to participate in any surplus, after the payment of all liabilities as if each of the classes of shares constituted a single one class of share, pro rated to the number of shares held. |
9. | OTHER FINANCIAL COMMITMENTS |
At 30 April , the company had commitments under non-cancellable operating leases as follows: |
2024 | 2023 |
£ | £ |
Commitments due within one year | 80,957 | 74,423 |
Commitments due between two and five years | 237,489 | 22,780 |
Commiments due after more than five years | 35,832 | - |
Total | 354,278 | 97,202 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The director's loan is repayable on demand, and is interest free. |
11. | RELATED PARTY DISCLOSURES |
The company has advanced a loan of £2,328,188 (2023 - £1,961,986) to Infotone Imaging Supplies LLC, a USA registered company controlled by J Hughes. A provision has been included during the year of £400,000 (2023 - £400,000), making a total provision at 30 April 2024 of £1,600,000 (2023 - £1,200,000). This has reduced the recoverable amount to £728,188 (2023 - £761,986). The loan is unsecured, and interest is charged at 3%. |
Infotone Imaging Supplies Limited (Registered number: 03939355) |
Notes to the Financial Statements - continued |
For The Year Ended 30 April 2024 |
12. | POST BALANCE SHEET EVENTS |
On 22 January 2025 the company declared an interim dividend of £583.33 per share in respect of the Ordinary Shares, an aggregate net dividend of £525,000. |