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COMPANY REGISTRATION NUMBER: 06576776
Instacase Limited
Filleted Unaudited Financial Statements
30 April 2024
Instacase Limited
Financial Statements
Year ended 30 April 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Instacase Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
7
6,201
9,273
Current assets
Stocks
5,185
4,105
Debtors
8
27,092
40,762
--------
--------
32,277
44,867
Creditors: amounts falling due within one year
9
143,228
135,652
---------
---------
Net current liabilities
110,951
90,785
---------
--------
Total assets less current liabilities
( 104,750)
( 81,512)
Creditors: amounts falling due after more than one year
10
19,167
31,250
Provisions
Taxation including deferred tax
872
1,388
---------
---------
Net liabilities
( 124,789)
( 114,150)
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 124,791)
( 114,152)
---------
---------
Shareholders deficit
( 124,789)
( 114,150)
---------
---------
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 .
Instacase Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 23 April 2025 , and are signed on behalf of the board by:
Mr I E Lockwood
Director
Company registration number: 06576776
Instacase 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 Unit 7, Riverside Business Park, Station Road, Colchester, CO6 2ER, England.
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.
Going concern
The financial statements have been prepared on a going concern basis which is dependent on the continued support of the directors. The directors have indicated their willingness for to support the company for the foreseeable future.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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% straight line
Fixtures and Fittings
-
20% straight line
Motor Vehicles
-
20% straight line
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 3 ).
5. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2024
2023
£
£
Dividends on equity shares
9,000
36,000
-------
--------
During the year the company paid dividends in excess of its distributable profit in contravention of section 830 of the Companies Act 2006. The shareholders are aware of their responsibilities.
6. Intangible assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
44,680
--------
Amortisation
At 1 May 2023 and 30 April 2024
44,680
--------
Carrying amount
At 30 April 2024
--------
At 30 April 2023
--------
7. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023 and 30 April 2024
69,381
2,706
5,950
78,037
--------
-------
-------
--------
Depreciation
At 1 May 2023
60,108
2,706
5,950
68,764
Charge for the year
3,072
3,072
--------
-------
-------
--------
At 30 April 2024
63,180
2,706
5,950
71,836
--------
-------
-------
--------
Carrying amount
At 30 April 2024
6,201
6,201
--------
-------
-------
--------
At 30 April 2023
9,273
9,273
--------
-------
-------
--------
8. Debtors
2024
2023
£
£
Trade debtors
12,917
25,321
Prepayments and accrued income
2,366
2,366
Directors loan account
8,158
9,113
Other debtors
3,651
3,962
--------
--------
27,092
40,762
--------
--------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
51,534
45,869
Trade creditors
23,723
15,143
Accruals and deferred income
2,650
2,520
Corporation tax
2,981
7,643
Social security and other taxes
5,675
10,942
Other creditors
56,665
53,535
---------
---------
143,228
135,652
---------
---------
Included in other creditors are loans of £51,889 (2023: £51,454) secured by personal guarantees. Included in bank loans and overdrafts is an overdraft of £9,655 (2023: £17,370) secured by personal guarantees.
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
19,167
31,250
--------
--------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
14,196
11,830
Later than 1 year and not later than 5 years
54,418
--------
--------
68,614
11,830
--------
--------
12. Directors' advances, credits and guarantees
At the year end the directors owed the company £8,158 (2023: £9,113) in the form of a loan account. The maximum amount outstanding during the year was £9,113. This loan, which is shown amongst debtors, is interest free and repayable on demand.