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REGISTERED NUMBER: 03939355 (England and Wales)














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: J Hughes
M A Longthorn
R A Kennedy



SECRETARY: Mrs R E Hughes



REGISTERED OFFICE: 2 West Parade Road
Scarborough
North Yorkshire
YO12 5ED



REGISTERED NUMBER: 03939355 (England and Wales)



ACCOUNTANTS: Ingham & Co.
Chartered Accountants
George Stanley House
2 West Parade Road
Scarborough
North Yorkshire
YO12 5ED



BANKERS: HSBC Bank plc
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.






Ingham & Co.
Chartered Accountants
George Stanley House
2 West Parade Road
Scarborough
North Yorkshire
YO12 5ED


23 January 2025

Infotone Imaging Supplies Limited (Registered number: 03939355)

Abridged Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 18,823 25,919
18,823 25,919

CURRENT ASSETS
Stocks 279,782 366,294
Debtors 6 2,598,073 2,548,290
Cash at bank and in hand 79,219 64,481
2,957,074 2,979,065
CREDITORS
Amounts falling due within one year 1,522,438 1,577,427
NET CURRENT ASSETS 1,434,636 1,401,638
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,453,459

1,427,557

CREDITORS
Amounts falling due after more than one
year

(99,476

)

(26,550

)

PROVISIONS FOR LIABILITIES (3,114 ) (4,425 )
NET ASSETS 1,350,869 1,396,582

CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Share premium 48,800 48,800
Retained earnings 1,301,069 1,346,782
SHAREHOLDERS' FUNDS 1,350,869 1,396,582

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 April 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 January 2025 and were signed on its behalf by:





J Hughes - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Leasehold property - Straight line over the term of the lease
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 20% on cost and 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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 62 (2023 - 62 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 May 2023
and 30 April 2024 37,000
AMORTISATION
At 1 May 2023
and 30 April 2024 37,000
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 297,398
Additions 1,586
At 30 April 2024 298,984
DEPRECIATION
At 1 May 2023 271,479
Charge for year 8,682
At 30 April 2024 280,161
NET BOOK VALUE
At 30 April 2024 18,823
At 30 April 2023 25,919

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 44,711 44,711

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 5,476 5,470
Other loans 102,033 -
Hire purchase contracts 5,058 7,850
Factoring Loan 100,352 218,758
212,919 232,078

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: £    £   
900 Ordinary £1 900 900
50 A Ordinary £1 50 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:

20242023
££

Commitments due within one year80,95774,423
Commitments due between two and five years237,48922,780
Commiments due after more than five years35,832-
Total354,27897,202

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
£    £   
J Hughes
Balance outstanding at start of year 554,329 287,276
Amounts advanced 581,720 573,880
Amounts repaid (436,747 ) (306,827 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 699,302 554,329

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.