Registered number
00082340
Imray, Laurie, Norie & Wilson Limited
Unaudited Filleted Accounts
31 October 2024
Imray, Laurie, Norie & Wilson Limited
Registered number: 00082340
Directors' Report
The directors present their report and accounts for the year ended 31 October 2024.
Principal activities
The company's principal activity during the year continued to be the publication of charts and nautical books.
Directors
The following persons served as directors during the year:
W G Wilson
I D Rippington
L E Wilson
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 1 April 2025 and signed on its behalf.
W G Wilson
Director
Imray, Laurie, Norie & Wilson Limited
Registered number: 00082340
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 25,042 49,330
Tangible assets 4 38,995 55,995
Investments 5 312,750 312,750
376,787 418,075
Current assets
Stocks 278,768 334,983
Debtors 6 383,755 301,595
Cash at bank and in hand 422,564 753,430
1,085,087 1,390,008
Creditors: amounts falling due within one year 7 (413,612) (440,180)
Net current assets 671,475 949,828
Net assets 1,048,262 1,367,903
Capital and reserves
Called up share capital 17,005 17,005
Capital redemption reserve 5,000 5,000
Fair value reserve 8 14,900 14,900
Profit and loss account 1,011,357 1,330,998
Shareholders' funds 1,048,262 1,367,903
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
L E Wilson
Director
Approved by the board on 1 April 2025
Imray, Laurie, Norie & Wilson Limited
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 2% per annum straight line
Motor vehicles 25% per annum straight line
Plant and machinery 25% per annum straight line
Computer equipment 25% per annum straight line
Fixtures and fittings 10% per annum straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 22 27
3 Intangible fixed assets Digital assets
£
Cost
At 1 November 2023 542,440
At 31 October 2024 542,440
Amortisation
At 1 November 2023 493,110
Provided during the year 24,288
At 31 October 2024 517,398
Net book value
At 31 October 2024 25,042
At 31 October 2023 49,330
Digital assets are being written off in equal annual instalments over its estimated economic life of 4 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 November 2023 13,387 125,817 22,840 162,044
At 31 October 2024 13,387 125,817 22,840 162,044
Depreciation
At 1 November 2023 4,485 97,757 3,807 106,049
Charge for the year 266 11,024 5,710 17,000
At 31 October 2024 4,751 108,781 9,517 123,049
Net book value
At 31 October 2024 8,636 17,036 13,323 38,995
At 31 October 2023 8,902 28,060 19,033 55,995
5 Investments
Other
investments
£
Cost
At 1 November 2023 312,750
At 31 October 2024 312,750
6 Debtors 2024 2023
£ £
Trade debtors 232,377 144,762
Other debtors 151,378 156,833
383,755 301,595
7 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 331,225 356,994
Taxation and social security costs 11,983 15,732
Other creditors 70,404 67,454
413,612 440,180
8 Fair value reserve 2024 2023
£ £
At 1 November 2023 14,900 14,900
At 31 October 2024 14,900 14,900
9 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 79,883 116,203
10 Other information
Imray, Laurie, Norie & Wilson Limited is a private company limited by shares and incorporated in England. Its registered office is:
Wych House
The Broadway
St. Ives
Cambridgeshire
PE27 5BT
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