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REGISTERED NUMBER: 10411700 (England and Wales)















AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

FOR

IVAPE LONGTON LIMITED

IVAPE LONGTON LIMITED (REGISTERED NUMBER: 10411700)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024










Page

Statement of Financial Position 1

Notes to the Financial Statements 2 to 5


IVAPE LONGTON LIMITED (REGISTERED NUMBER: 10411700)

STATEMENT OF FINANCIAL POSITION
31 JULY 2024

31.7.24 31.7.23
(Unaudited)
Notes £    £   
CURRENT ASSETS
Debtors 4 683 2,496
Cash at bank 1,351 3,142
2,034 5,638
CREDITORS
Amounts falling due within one year 5 (2,098 ) (65,832 )
NET CURRENT LIABILITIES (64 ) (60,194 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(64

)

(60,194

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (164 ) (60,294 )
(64 ) (60,194 )

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

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

The financial statements were approved by the director and authorised for issue on 16 April 2025 and were signed by:





P Mason - Director


IVAPE LONGTON LIMITED (REGISTERED NUMBER: 10411700)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024


1. STATUTORY INFORMATION

IVAPE LONGTON LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 10411700

Registered office: Grindco 427 Unit 62
Longton Exchange
Stoke on Trent
Staffordshire
ST3 2JA

The principal activity of the company during the year was the retail of e-cigarettes and accessories.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

GOING CONCERN
The company ceased to trade on 30 June 2023. The company will be dissolved in the foreseeable future and so the accounts have not been prepared on a going concern basis. All assets and liabilities are shown at their recoverable amount.

SIGNIFICANT JUDGEMENTS AND ESTIMATES
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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:

As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimate useful lives and residual values deemed appropriate by the directors. estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during the current and prior accounting periods.

REVENUE RECOGNITION
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, stated net of discounts and of Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.

IVAPE LONGTON LIMITED (REGISTERED NUMBER: 10411700)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.


IVAPE LONGTON LIMITED (REGISTERED NUMBER: 10411700)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 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 statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 3 ).

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
(Unaudited)
£    £   
Amounts owed by group undertakings - 1,811
PAYE and NIC 683 685
683 2,496

Amounts owed by group undertakings are interest free, unsecured and are repayable on demand.

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
(Unaudited)
£    £   
Amounts owed to group undertakings - 63,682
VAT 2,098 2,063
Accruals and deferred income - 87
2,098 65,832

Amounts owed to group undertakings are interest free, unsecured and are repayable on demand.

6. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michelle Coates (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited

EMPHASIS OF MATTER

We draw your attention to Note 2 of the financial statements which explains the director's decision to cease trading and dissolve the company in the foreseeable future. Accordingly, the financial statements have not been prepared on the going concern basis. Our opinion is not modified in this respect.

IVAPE LONGTON LIMITED (REGISTERED NUMBER: 10411700)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


7. EVENTS AFTER THE END OF THE REPORTING PERIOD

There were no other significant events up to the date of approval of the financial statements by the Board.

8. CONTROLLING PARTY

The company is a wholly owned subsidiary of PM & HP Holdings Limited, a company incorporated in England and Wales.