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Registration number: 11648956

Insider Vapes Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Insider Vapes Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 12

iXBRL Detailed Profit and Loss Account

13

 

Insider Vapes Ltd

Company Information

Director

Mr Usman Ali Sarwar

Registered office

82 Blackburn Road
Accrington
Lancashire
BB5 1LL

Accountants

A.Y.A Accountants Limited
82 Blackburn Road
Accrington
Lancashire
BB5 1LL

 

Insider Vapes Ltd

Director's Report for the Year Ended 31 March 2024

The director presents his report and the financial statements for the year ended 31 March 2024.

Director of the company

The director who held office during the year was as follows:

Mr Usman Ali Sarwar

Principal activity

The principal activity of the company is Retail Vape Supplies

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 14 March 2025
 

.........................................
Mr Usman Ali Sarwar
Director

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Insider Vapes Ltd
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Insider Vapes Ltd for the year ended 31 March 2024 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Insider Vapes Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Insider Vapes Ltd and state those matters that we have agreed to state to the Board of Directors of Insider Vapes Ltd. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Insider Vapes Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Insider Vapes Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Insider Vapes Ltd. You consider that Insider Vapes Ltd 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 accounts of Insider Vapes Ltd. 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 accounts.

......................................

A.Y.A Accountants Limited
82 Blackburn Road
Accrington
Lancashire
BB5 1LL

14 March 2025

 

Insider Vapes Ltd

Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

 

83,865

111,900

Cost of sales

 

(26,728)

(50,404)

Gross profit

 

57,137

61,496

Distribution costs

 

(765)

(838)

Administrative expenses

 

(51,972)

(54,797)

Operating profit

 

4,400

5,861

Profit before tax

4

4,400

5,861

Tax on profit

 

(922)

(1,086)

Profit for the financial year

 

3,478

4,775

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Insider Vapes Ltd

Statement of Comprehensive Income for the Year Ended 31 March 2024

2024
£

2023
£

Profit for the year

3,478

4,775

Total comprehensive income for the year

3,478

4,775

 

Insider Vapes Ltd

(Registration number: 11648956)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,821

2,276

Current assets

 

Stocks

6

5,845

4,725

Cash at bank and in hand

 

3,865

1,510

 

9,710

6,235

Creditors: Amounts falling due within one year

8

(3,672)

(1,750)

Net current assets

 

6,038

4,485

Net assets

 

7,859

6,761

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

7,759

6,661

Shareholders' funds

 

7,859

6,761

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 14 March 2025
 

.........................................
Mr Usman Ali Sarwar
Director

 

Insider Vapes Ltd

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Retained earnings
£

Total
£

At 1 April 2023

100

6,661

6,761

Profit for the year

-

3,478

3,478

Dividends

-

(2,380)

(2,380)

At 31 March 2024

100

7,759

7,859

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

100

2,500

2,600

Profit for the year

-

4,775

4,775

Dividends

-

(614)

(614)

At 31 March 2023

100

6,661

6,761

 

Insider Vapes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
82 Blackburn Road
Accrington
Lancashire
BB5 1LL

These financial statements were authorised for issue by the director on 14 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Insider Vapes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & Firring

20% Per Annum Reducing Balance Basis

Office Equipment

20% Per Annum Reducing Balance Basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Insider Vapes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

455

569

 

Insider Vapes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

4,445

4,445

At 31 March 2024

4,445

4,445

Depreciation

At 1 April 2023

2,169

2,169

Charge for the year

455

455

At 31 March 2024

2,624

2,624

Carrying amount

At 31 March 2024

1,821

1,821

At 31 March 2023

2,276

2,276

6

Stocks

2024
£

2023
£

Other inventories

5,845

4,725

7

Debtors

Current

2024
£

2023
£

 

-

-

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

2,309

1,524

Accruals and deferred income

1,320

210

Other creditors

43

16

3,672

1,750

 

Insider Vapes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

10

Dividends

2024

2023

£

£

 

 
 

Insider Vapes Ltd

iXBRL Detailed Profit and Loss Account for the Year Ended 31 March 2024

2024
£

2023
£

Turnover/revenue

83,865

111,900

Cost of sales

Opening raw materials

(4,725)

(3,655)

Purchase of raw materials and consumables

(27,848)

(40,594)

Closing raw materials

5,845

4,725

External commission costs

-

(10,880)

Gross profit

57,137

61,496

Distribution costs

Freight and haulage costs

(765)

(838)

Administrative expenses

Audit and accountancy other services

(1,110)

(928)

Advertising, promotions and marketing costs

(2,385)

(10,453)

Rent, rates and services costs

(12,000)

(12,700)

Utilities costs

(1,488)

(1,473)

Other repairs and maintenance costs

(785)

(1,211)

Cleaning costs

(117)

(89)

Depreciation of fixed assets

(455)

(569)

Wages and salaries excluding directors

(26,515)

(17,427)

Pension costs defined contribution schemes excluding directors

(985)

(806)

Staff costs excluding directors

(27,500)

(18,233)

Travel and subsistence

(2,611)

(3,319)

Legal and professional costs

-

(774)

Bank charges

(969)

(1,159)

Insurance costs

(815)

(913)

Telecommunications

(1,361)

(1,909)

Printing, postage and stationery

(73)

(62)

Charitable donations

(100)

(100)

Other costs

(203)

(905)

Other operating income

Other items

Profit on ordinary activities before taxation

4,400

5,861

Tax on profit or loss on ordinary activities

(922)

(1,086)

Profit for the financial year

3,478

4,775