7 false false false false false false false false false false true false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 794 794 xbrli:pure xbrli:shares iso4217:GBP 02741447 2023-05-01 2024-04-30 02741447 2024-04-30 02741447 2023-04-30 02741447 2022-05-01 2023-04-30 02741447 2023-04-30 02741447 2022-04-30 02741447 core:PlantMachinery 2023-05-01 2024-04-30 02741447 core:MotorVehicles 2023-05-01 2024-04-30 02741447 bus:Director1 2023-05-01 2024-04-30 02741447 core:PlantMachinery 2023-04-30 02741447 core:MotorVehicles 2023-04-30 02741447 core:PlantMachinery 2024-04-30 02741447 core:MotorVehicles 2024-04-30 02741447 core:WithinOneYear 2024-04-30 02741447 core:WithinOneYear 2023-04-30 02741447 core:ShareCapital 2024-04-30 02741447 core:ShareCapital 2023-04-30 02741447 core:RetainedEarningsAccumulatedLosses 2024-04-30 02741447 core:RetainedEarningsAccumulatedLosses 2023-04-30 02741447 core:DeferredTaxation 2023-05-01 2024-04-30 02741447 core:PlantMachinery 2023-04-30 02741447 core:MotorVehicles 2023-04-30 02741447 core:DeferredTaxation 2023-04-30 02741447 bus:SmallEntities 2023-05-01 2024-04-30 02741447 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 02741447 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 02741447 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 02741447 bus:FullAccounts 2023-05-01 2024-04-30
COMPANY REGISTRATION NUMBER: 02741447
I C DISCOUNTS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 April 2024
I C DISCOUNTS LIMITED
STATEMENT OF FINANCIAL POSITION
30 April 2024
2024
2023
Note
£
£
£
FIXED ASSETS
Tangible assets
6
36,543
4,173
CURRENT ASSETS
Stocks
12,000
68,472
Debtors
7
4,242
2,155
Cash at bank and in hand
65,348
76,856
--------
---------
81,590
147,483
CREDITORS: amounts falling due within one year
8
( 42,601)
( 55,959)
--------
---------
NET CURRENT ASSETS
38,989
91,524
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
75,532
95,697
PROVISIONS
9
( 794)
--------
--------
NET ASSETS
75,532
94,903
--------
--------
CAPITAL AND RESERVES
Called up share capital
30
30
Profit and loss account
75,502
94,873
--------
--------
SHAREHOLDERS FUNDS
75,532
94,903
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
I C DISCOUNTS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 29 January 2025 , and are signed on behalf of the board by:
I Wilson
Director
Company registration number: 02741447
I C DISCOUNTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 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 87 Upper Boundary Road, Derby, England, DE22 3NU.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of 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.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of goods supplied, exclusive of Value Added Tax.
Income tax
Deferred tax is recognised in respect of all timing differences at the reporting date that have originated but not reversed at the balance sheet date.
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.
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
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at transaction price and thereafter at fair value with changes recognised in profit and loss. The company holds the following financial assets and liabilities: Cash, Short-term trade and other debtors, and creditors. Cash in the balance sheet comprises cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account before operating profit.
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.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 7 (2023: 7 ).
5. TAX ON LOSS
Major components of tax income
2024
2023
£
£
Deferred tax:
Origination and reversal of timing differences
( 794)
( 252)
----
----
Tax on loss
( 794)
( 252)
----
----
6. TANGIBLE ASSETS
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 May 2023
4,300
6,100
10,400
Additions
416
35,888
36,304
Disposals
( 1,537)
( 6,100)
( 7,637)
-------
--------
--------
At 30 April 2024
3,179
35,888
39,067
-------
--------
--------
Depreciation
At 1 May 2023
1,394
4,833
6,227
Charge for the year
438
1,495
1,933
Disposals
( 803)
( 4,833)
( 5,636)
-------
--------
--------
At 30 April 2024
1,029
1,495
2,524
-------
--------
--------
Carrying amount
At 30 April 2024
2,150
34,393
36,543
-------
--------
--------
At 30 April 2023
2,906
1,267
4,173
-------
--------
--------
7. DEBTORS
2024
2023
£
£
Other debtors
4,242
2,155
-------
-------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
963
10,938
Social security and other taxes
5,128
7,332
Other creditors
36,510
37,689
--------
--------
42,601
55,959
--------
--------
9. PROVISIONS
Deferred tax
£
At 1 May 2023
794
Charge against provision
( 794)
----
At 30 April 2024
----