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Registered number: 01445952









INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED
 
 
COMPANY INFORMATION


Directors
K R Hubbard 
J J Wild 
V A Wild 
P E A Hubbard 




Company secretary
K R Hubbard



Registered number
01445952



Registered office
Dc One
Edinburgh Way

Harlow

Essex

CM20 2BN




Independent auditors
Haslers
Chartered Accountants & Statutory Auditor

Old Station Road

Loughton

Essex

IG10 4PL





 
INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Directors' Responsibilities Statement
 
5
Independent Auditors' Report
 
6 - 9
Statement of Comprehensive Income
 
10
Balance Sheet
 
11 - 13
Statement of Changes in Equity
 
13
Statement of Cash Flows
 
14 - 15
Analysis of Net Debt
 
16
Notes to the Financial Statements
 
17 - 32

 
INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024

Introduction
 
The directors present their strategic report for the year ended 31 December 2024.

Business review
 
The principal activity of the company continues to be the retail supply of professional power tools, hand tools and related products via online and traditional retail channels.

Principal risks and uncertainties
 
The company continued to monitor economic conditions closely as it moved through 2024, with particular attention to the ongoing impact of inflationary pressures, interest rate movements, and wider consumer sentiment. While inflation has shown signs of easing compared to the highs of 2023, input and operational costs remain an area for ongoing focus and control. The company continues to manage these pressures by maintaining disciplined internal cost control and engaging in proactive negotiations with suppliers to secure the most competitive terms possible.
Rising interest rates during 2023 and early 2024 had a notable impact on consumer and business confidence, particularly within the construction and trade sectors. However, the company has responded effectively by continuing to refine its promotional strategies and expanding its product portfolio, with a focus on affordability and value. This approach has allowed ITS to remain competitive and responsive to shifting customer needs.
Gross profit margin remains an area of focus and tight control. This has been successfully managed throughout the year with KPI’s firmly in place.
The company remains confident in its strategic decision made in 2023 to withdraw from third-party marketplace platforms such as Amazon, eBay, and ManoMano. This move has further strengthened the ITS brand identity and reduced exposure to the high fees and volatile pricing dynamics associated with those platforms. The direct-to-customer strategy has proven successful, with overall turnover and customer engagement continuing to grow despite the absence of marketplace-driven sales.
Operationally, the company remains vigilant regarding global supply chain risks, which, while more stable than in the previous two years, still pose challenges in terms of lead times and product availability in some categories. Inventory planning and supplier diversification remain key tools in managing these risks.
Labour availability continues to be a risk factor, particularly in warehousing, Marketing, IT, and technical customer service roles. Although the company has so far been successful in attracting and retaining staff, the UK labour market remains tight, with increasing wage expectations and competition for skilled personnel. The company will continue to invest in training, retention initiatives, and process efficiency to mitigate potential disruption from staff shortages.
The company also recognises the growing risk of cyber threats and other technology-related disruptions. As reliance on digital infrastructure and ecommerce platforms increases, so too does the potential for security breaches and service downtime. The company continues to invest in robust cybersecurity measures, staff awareness training, and disaster recovery planning to ensure continuity of service and the protection of customer data.
Finally, the company acknowledges the rising importance of environmental and sustainability expectations, both from customers and within the supply chain. While regulatory pressures remain relatively light in this sector, the company is aware that future legislation and consumer expectations may drive a need for greater transparency and sustainability practices. In response, ITS has begun reviewing its packaging, delivery methods, and supplier credentials with a view to reducing environmental impact over time.

 
Page 1

 
INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024

In summary, while economic conditions remain uncertain, the company is well-positioned to navigate the challenges ahead through a combination of strong brand presence, responsive pricing strategy, disciplined cost control, and ongoing investment in people, technology, and sustainability initiatives.

Financial key performance indicators
 
The board monitors the progress of the company by reference to the following Key Performance Indicators:

                                             
2024          2023
Sales                                    £71m         £62m
Gross profit margin                 26.7%        26.7% 
Return on capital employed     25%           22%
Current liquidity ratio               9.28           5.94
 

Directors' statement of compliance with duty to promote the success of the Company
 
The decisions made throughout the year by the directors have been made to promote the long-term success of the company and likely consequences of any decision made were considered.


This report was approved by the board on 30 May 2025 and signed on its behalf.





................................................
K R Hubbard
Director
Page 2

 
INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the period ended 31 December 2024.

Principal activity

The principal activity of the company is the supply of professional power tools, hand tools and related products.

Directors

The directors who served during the period were:

K R Hubbard 
J J Wild 
V A Wild 
P E A Hubbard 

Results and dividends

The profit for the period, after taxation, amounted to £5,679,790 (2023 - £4,218,423).

Dividends totalling £3,200,000 (2023 - £1,333,332) were paid during the year.

Future developments

The company remains committed to sustainable, strategic growth across both its digital and physical retail operations. Key developments in late 2024 and early 2025 have significantly strengthened the business’s market position and long-term potential.
In October 2024, the company completed the acquisition of the intellectual property, web domain and stock of Folkestone Fixings Limited, formerly one of the largest independent retailers in the sector. This strategic move has already proven to be a highly beneficial one, contributing to increased market share, broader end-user reach, and further enhancing the strength and visibility of the ITS brand.
To complement this, the company has also successfully introduced a Click & Collect service. Early uptake has exceeded expectations, further bridging the gap between digital convenience and in-store experience, offering additional value to both trade and DIY customers.
In early 2025, the company also launched its first pilot concept retail branch in Harlow, focused on delivering high-quality, face-to-face service and a more tactile product experience. This new direction reflects the company’s belief in the enduring value of traditional, bricks-and-mortar retail. Initial trading results and customer feedback from Harlow have been overwhelmingly positive, and further investment in physical retail is planned as part of a broader multi-channel strategy.
Internally, the company continues to invest in team growth and capability, with the expansion of its web and marketing departments to support ongoing digital development and customer engagement initiatives. Operational efficiency also remains a priority. Further process improvements are being implemented at the company’s distribution centre to support growing volumes while keeping costs tightly controlled.
These developments, combined with a loyal customer base, a scalable infrastructure, and a strong brand foundation, position the company well for the future. 
The directors remain focused on growth while also being open to exploring strategic opportunities that align with the company’s long-term vision.

Page 3

 
INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024

Engagement with suppliers, customers and others

The company actively engages with its employees on any matters likely to affect their interests and information is passed to employees via their line managers and HR.
The company values its long-established relationships with its suppliers and will continue to support those suppliers who it feels reciprocate the same level of support.
The company attaches huge importance to delivering exceptional customer service. It is felt this contributes significantly to its success and is likely to become more and more important as the consumers demands, and expectations grow.

Greenhouse gas emissions, energy consumption and energy efficiency action

The Company's greenhouse gas emissions and energy consumption for the year are 496,484kWh (2023 - 393,766kWh).

The emissions are all in relation to electricity usage.



Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

Under section 487(2) of the Companies Act 2006Haslers will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 30 May 2025 and signed on its behalf.
 





................................................
K R Hubbard
Director
Page 4

 
INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2024

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 5

 
INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED
 

Opinion


We have audited the financial statements of Industrial Tool Supplies (London) Limited (the 'Company') for the period ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the legal and regulatory frameworks that are applicable to the entity we have considered those that have a direct and indirect material impact on the financial statements and operations of the company. These include but are not limited to the Companies Act 2006, GDPR, Employment and Health & Safety legislation and tax legislation.
We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of documentation generated and assessing the extent of compliance with the relevant laws and regulations.
We discussed among the audit engagement team regarding the opportunities and incentives, including management override of controls, that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
As a result of performing the above, we identified the greatest potential for material misstatements due to fraud are in the following areas, and our specific procedures performed to address these are described below:
The risk of management override of controls is the area where the financial statements were most susceptible to material misstatement due to fraud. In addition, the key principal risks related to the existence of inappropriate journal entries to impact the profit for the year and management bias in accounting estimates.
Procedures performed to address these were as follows: 
• Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud, including known or suspected instances of non-compliance with laws and regulations, and fraud,
• Identifying and assessing the effectiveness of controls management has in place for stock and how fraud is detected and prevented. 
• Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process,
• Challenging assumptions and judgements made by management in its significant accounting estimates; and
• Identifying and testing journal entries, in particular any unusual journal entries posted around the year-end and journal entries posted by infrequent system users.
 
Page 8

 
INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED (CONTINUED)




Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Tom Rogers BA ACA (Senior Statutory Auditor)
for and on behalf of
Haslers
Chartered Accountants
Statutory Auditor
Old Station Road
Loughton
Essex
IG10 4PL

30 May 2025
Page 9

 
INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
70,813,713
61,661,025

Cost of sales
  
(51,913,693)
(45,200,267)

Gross profit
  
18,900,020
16,460,758

Administrative expenses
  
(11,546,473)
(11,081,735)

Other operating income
 5 
60,000
96,353

Operating profit
 6 
7,413,547
5,475,376

Interest receivable and similar income
 10 
248,225
117,482

Interest payable and similar expenses
 11 
(44,881)
(38,476)

Profit before tax
  
7,616,891
5,554,382

Tax on profit
 12 
(1,937,101)
(1,335,959)

Profit for the financial period
  
5,679,790
4,218,423

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 17 to 32 form part of these financial statements.
Page 10

 
INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED
REGISTERED NUMBER: 01445952

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
276,433
2,253

Tangible assets
 15 
555,522
571,612

  
831,955
573,865

Current assets
  

Stocks
 16 
18,780,277
17,449,462

Debtors: amounts falling due within one year
 17 
8,151,756
6,485,649

Cash at bank and in hand
 18 
5,286,682
6,076,519

  
32,218,715
30,011,630

Creditors: amounts falling due within one year
 19 
(5,004,653)
(5,056,183)

Net current assets
  
 
 
27,214,062
 
 
24,955,447

Total assets less current liabilities
  
28,046,017
25,529,312

Creditors: amounts falling due after more than one year
 20 
(767,437)
(762,597)

Provisions for liabilities
  

Deferred tax
 22 
(136,891)
(104,816)

  
 
 
(136,891)
 
 
(104,816)

Net assets
  
27,141,689
24,661,899


Capital and reserves
  

Called up share capital 
 23 
8,750
8,750

Capital redemption reserve
 24 
1,250
1,250

Profit and loss account
 24 
27,131,689
24,651,899

  
27,141,689
24,661,899

Page 11

 
INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED
REGISTERED NUMBER: 01445952
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 May 2025.




................................................
K R Hubbard
Director

The notes on pages 17 to 32 form part of these financial statements.
Page 12

 
INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED
REGISTERED NUMBER: 01445952

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023 (as previously stated)
8,750
1,250
20,386,298
20,396,298

Prior year adjustment - correction of error
-
-
1,380,510
1,380,510


At 1 January 2023 (as restated)
8,750
1,250
21,766,808
21,776,808



Profit for the year
-
-
4,218,423
4,218,423

Dividends: Equity capital
-
-
(1,333,332)
(1,333,332)



At 1 January 2024
8,750
1,250
24,651,899
24,661,899



Profit for the period
-
-
5,679,790
5,679,790

Dividends: Equity capital
-
-
(3,200,000)
(3,200,000)


At 31 December 2024
8,750
1,250
27,131,689
27,141,689


The notes on pages 17 to 32 form part of these financial statements.
Page 13

 
INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial period
5,679,790
4,218,423

Adjustments for:

Amortisation of intangible assets
36,190
3,505

Depreciation of tangible assets
109,950
115,528

Loss on disposal of tangible assets
35,517
-

Interest paid
44,881
38,476

Interest received
(248,225)
(117,482)

Taxation charge
1,937,102
1,335,958

(Increase)/decrease in stocks
(1,330,816)
1,915,098

(Increase) in debtors
(1,666,279)
(2,967,791)

Increase/(decrease) in creditors
189,281
(3,468,026)

Increase in amounts owed to associates
92,052
-

Corporation tax (paid)/received
(2,232,878)
38,477

Net cash generated from operating activities

2,646,565
1,112,166


Cash flows from investing activities

Purchase of intangible fixed assets
(310,370)
-

Purchase of tangible fixed assets
(130,955)
(114,100)

Sale of tangible fixed assets
1,579
-

Interest received
248,225
117,482

Net cash from investing activities

(191,521)
3,382
Page 14

 
INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024


2024
2023

£
£



Cash flows from financing activities

Dividends paid
(3,200,000)
(1,333,332)

Interest paid
(44,881)
(38,476)

Net cash used in financing activities
(3,244,881)
(1,371,808)

Net (decrease) in cash and cash equivalents
(789,837)
(256,260)

Cash and cash equivalents at beginning of period
6,076,519
6,332,779

Cash and cash equivalents at the end of period
5,286,682
6,076,519


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
5,286,682
6,076,519

5,286,682
6,076,519


Page 15

 
INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED
 

ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

6,076,519

(789,837)

5,286,682

Debt due within 1 year

(5,000)

5,000

-


6,071,519
(784,837)
5,286,682

The notes on pages 17 to 32 form part of these financial statements.
Page 16

 
INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

1.


General information

Industrial Tool Supplies (London) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The principal activity of the company is the supply of professional power tools, hand tools and related products.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The company's financial statements are rounded to the nearest Pound.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 17

 
INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Supplier Rebates
There has been a change in the way supplier rebates are recognised. Cash and credit notes received through supplier rebates are netted off against Cost of Sales and recognised upon fulfilment of the rebate agreement. Previously, they had been recognised on receipt of cash or credit note.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 18

 
INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 19

 
INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line or reducing balance basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Straight line over the life of the lease
Plant and machinery
-
15%
Reducing balance
Motor vehicles
-
25%
Reducing balance
Fixtures and fittings
-
10%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. 

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Page 20

 
INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
 

Page 21

 
INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

Financial liabilities

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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements require management to make significant judgements and estimates. These are made based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The items where these judgements and estimates have been made include:
i) Useful economic lives of tangible assets
The depreciation charge for tangible assets is dependent on the estimated useful lives of the assets. The economic useful lives are re-assessed annually. They are amended when necessary to reflect current estimates based on the economic utilisation and the physical condition of the assets. The carrying amount of these assets is detailed in note 14; the useful economic lives detailed in the accounting policies above.
ii) Stock provisioning
The company sells a range of professional power tools, hand tools and related products. These are subject to changing customer demands and technological advancement. Consequently, management consider the recoverability of the cost of the stock and any provisioning required. When calculating a stock provision, management consider the nature and condition of the stock, together with accessing the saleability. The net carrying amount of stock is detailed in note 15.

Page 22

 
INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sales
70,813,713
61,661,025


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Other operating income
60,000
96,353



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
5,963
984


7.


Auditors' remuneration

During the period, the Company obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
27,300
24,500

Fees payable to the Company's auditors and their associates in respect of:

Taxation compliance services
2,920
2,239

Corporate finance services not included above
-
3,125

All non-audit services not included above
2,778
3,938
Page 23

 
INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
4,741,340
4,278,616

Social security costs
473,077
414,252

Cost of defined contribution scheme
79,146
63,558

5,293,563
4,756,426


The average monthly number of employees, including the directors, during the period was as follows:


        2024
        2023
            No.
            No.







Directors
4
4



Retail staff
37
27



Administrative staff
53
68



Warehouse staff
52
39

146
138


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
935,437
695,151

Company contributions to defined contribution pension schemes
5,212
1,086

940,649
696,237


During the period retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £477,111 (2023 - £695,151).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £5,212 (2023 - £1,086).

Page 24

 
INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

10.


Interest receivable

2024
2023
£
£


Other interest receivable
248,225
117,482


11.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
44,881
38,476
Page 25

 
INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,905,026
1,303,392


Deferred tax


Origination and reversal of timing differences
32,075
32,567


Tax on profit
1,937,101
1,335,959

Factors affecting tax charge for the period/year

The tax assessed for the period/year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
7,616,891
5,554,382


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
1,904,223
1,055,333

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
8,789
1,101

Capital allowances for period/year in excess of depreciation
(8,058)
(17,104)

Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax
(18)
835

Other differences leading to an increase (decrease) in the tax charge
90
263,227

Deferred tax
32,075
32,567

Total tax charge for the period/year
1,937,101
1,335,959


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 26

 
INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

13.


Dividends

2024
2023
£
£


Dividends paid
3,200,000
1,333,332


14.


Intangible assets




Patents & Licences

£



Cost


At 1 January 2024
52,024


Additions
310,370



At 31 December 2024

362,394



Amortisation


At 1 January 2024
49,771


Charge for the period on owned assets
36,190



At 31 December 2024

85,961



Net book value



At 31 December 2024
276,433



At 31 December 2023
2,253



Page 27

 
INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

15.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost 


At 1 January 2024
453,440
1,322,045
35,784
36,468
1,847,737


Additions
-
76,487
54,468
-
130,955


Disposals
-
(189,310)
(13,069)
-
(202,379)


Transfers between classes
-
(5,667)
5,667
-
-



At 31 December 2024

453,440
1,203,555
82,850
36,468
1,776,313



Depreciation


At 1 January 2024
366,696
853,973
28,714
26,742
1,276,125


Charge for the period on owned assets
32,528
63,478
10,297
3,647
109,950


Disposals
-
(153,250)
(12,034)
-
(165,284)


Transfers between classes
-
(4,010)
4,010
-
-



At 31 December 2024

399,224
760,191
30,987
30,389
1,220,791



Net book value



At 31 December 2024
54,216
443,364
51,863
6,079
555,522



At 31 December 2023
86,744
468,072
7,070
9,726
571,612




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Short leasehold
54,216
86,744



16.


Stocks

2024
2023
£
£

Finished goods
18,780,277
17,449,462


Page 28

 
INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

17.


Debtors

2024
2023
£
£


Trade debtors
552,271
140,756

Other debtors
1,267,567
1,275,043

Prepayments and accrued income
6,331,918
5,069,850

8,151,756
6,485,649



18.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
5,286,682
6,076,519

5,286,682
6,076,519



19.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
2,569,693
2,719,731

Amounts owed to associates
92,052
-

Corporation tax
1,043,736
1,371,588

Other taxation and social security
567,251
422,622

Other creditors
66,347
71,367

Accruals and deferred income
665,574
470,875

5,004,653
5,056,183


All bank loans and overdrafts of the Company are secured by a fixed charge over property, plant and equipment, fixtures and fittings, motor vehicles, goodwill, share capital and stock. There is also a floating charge over any current or future assets the business owns which is not covered by the fixed charge. 

Page 29

 
INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

20.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Accruals and deferred income
767,437
762,597



21.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
5,286,682
6,076,519




Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.

22.


Deferred taxation




2024


£






At beginning of year
(104,816)


Charged to profit or loss
(32,075)



At end of year
(136,891)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(136,891)
(104,816)

Page 30

 
INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



6,750 (2023 - 6,750) Ordinary A shares of £1.00 each
6,750
6,750
2,000 (2023 - 2,000) Ordinary B shares of £1.00 each
2,000
2,000

8,750

8,750



24.


Reserves

Capital redemption reserve

The capital redemption reserve is a non-distributable reserve and represents the nominal value of the company's own shares which have been purchased by the company.

Profit and loss account

Retained earnings includes all current and prior period retained profits and losses.


25.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £69,791 (2023 - £63,558).
Contributions totalling £16,733 (2023 - £16,805) payable to the fund at the balance sheet date.


26.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
1,573,539
1,444,425

Later than 1 year and not later than 5 years
5,919,139
6,017,666

Later than 5 years
3,770,725
5,242,077

11,263,403
12,704,168

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INDUSTRIAL TOOL SUPPLIES (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

27.


Related party transactions

Key management personnel compensation in the year totalled £935,437 (2023 - £695,151).
During the year the company made sales of £594,273 (2023 - £296,351) and purchases of £2,085,495 (2023 - £2,575,249), from Vaunt Innovations Limited, a company in which is under common control with Mr K R Hubbard being a director.
Information about related party transactions and the amounts due from/(to) the below are as follows:


2024
2023
£
£

Due (to) Key management personnel
-
(5,000)
Due from/(to) Entities under common control
(92,052)
31,879
(92,052)
26,879


28.


Controlling party

The company is under the control of K R Hubbard by virtue of their majority holdings in the issued share capital.

 
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