Company registration number 05424401 (England and Wales)
INTERNATIONAL DIPLOMATIC SUPPLIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
INTERNATIONAL DIPLOMATIC SUPPLIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
INTERNATIONAL DIPLOMATIC SUPPLIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
109,039
172,363
Tangible assets
5
144,529
176,568
253,568
348,931
Current assets
Stocks
705,654
746,756
Debtors
6
496,252
625,903
Cash at bank and in hand
271,497
253,229
1,473,403
1,625,888
Creditors: amounts falling due within one year
7
(1,089,161)
(1,608,026)
Net current assets
384,242
17,862
Total assets less current liabilities
637,810
366,793
Provisions for liabilities
159,857
72,395
Net assets
797,667
439,188
Capital and reserves
Called up share capital
125
125
Profit and loss reserves
797,542
439,063
Total equity
797,667
439,188

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 23 June 2025
J Coe
Director
Company registration number 05424401 (England and Wales)
INTERNATIONAL DIPLOMATIC SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
page 2
1
Accounting policies
Company information

International Diplomatic Supplies Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor, 1-7 Station Road, Crawley, West Sussex, RH10 1HT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Inta Gulf FZCO, a company incorporated in Dubai. These consolidated financial statements are available from its registered office at Jebel Ali, Dubai, PO Box 18086.

1.2
Turnover

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

 

1.4
Intangible fixed assets other than goodwill

Intangible assets comprise website costs used for the advertisement and sale of the company's products. Such assets are defined as having finite useful lives and the costs are amortised on a straight line basis over their estimated useful lives of 5 years. Intangible assets are stated at cost less amortisation and are reviewed for impairment whenever there is an indication that the carrying value may be impaired.

INTERNATIONAL DIPLOMATIC SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
page 3
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% straight line
Fixtures, fittings & equipment
25% straight line or over the term of the lease
Computer equipment
25% straight line or 20% straight line
Motor vehicles
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. The cost of closing stock comprises direct cost of goods (held and in transit) and, where applicable, those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

INTERNATIONAL DIPLOMATIC SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
page 4
Basic financial liabilities

Basic financial liabilities, including creditors and loans from related parties that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. The deferred tax balance has not been discounted.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

INTERNATIONAL DIPLOMATIC SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
page 5
1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Capitalisation of website costs and its estimated useful life

Website costs can be capitalised when there is an identifiable asset and there is an intention that this asset will provide an enduring benefit to the company. This requires the judgement of the directors along with the amortisation period of this asset, which is based on the predicted useful life of the asset.

Provision for loss of stock valuation

Closing stock is valued at the lower cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic environment and inventory loss trends.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
14
17
INTERNATIONAL DIPLOMATIC SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
page 6
4
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
35,000
316,617
351,617
Amortisation and impairment
At 1 January 2024
35,000
144,254
179,254
Amortisation charged for the year
-
0
63,324
63,324
At 31 December 2024
35,000
207,578
242,578
Carrying amount
At 31 December 2024
-
0
109,039
109,039
At 31 December 2023
-
0
172,363
172,363
5
Tangible fixed assets
Plant and machinery
Fixtures,    fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
990
129,924
232,083
28,690
391,687
Additions
-
0
212
29,026
-
0
29,238
At 31 December 2024
990
130,136
261,109
28,690
420,925
Depreciation and impairment
At 1 January 2024
256
88,033
118,416
8,414
215,119
Depreciation charged in the year
198
10,916
44,425
5,738
61,277
At 31 December 2024
454
98,949
162,841
14,152
276,396
Carrying amount
At 31 December 2024
536
31,187
98,268
14,538
144,529
At 31 December 2023
734
41,891
113,667
20,276
176,568
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
300,095
463,284
Corporation tax recoverable
8,729
8,731
Other debtors
130,060
118,443
Prepayments and accrued income
57,368
35,445
496,252
625,903
INTERNATIONAL DIPLOMATIC SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
page 7
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
401,521
239,626
Corporation tax
-
0
2
Other taxation and social security
8,823
11,097
Other creditors
506,721
1,044,634
Accruals and deferred income
172,096
312,667
1,089,161
1,608,026
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Senior Statutory Auditor:
Darren Harding
Statutory Auditor:
Richard Place Dobson Services Limited
9
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

 

 

2024
2023
£
£
Total commitments
147,420
160,650
10
Related party transactions

The company has taken advantage of the exemption under Financial Reporting Standard 102 paragraph 33.1A not to disclose transactions with other group companies.

 

Included in Other Creditors is an amount owed to Ashcoe Holdings Limited, a company controlled by the director. Interest is charged at a commercial rate on this loan and the director has indicated he will not seek repayment of this loan in the short to medium term.

11
Parent company

The parent company is Inta Gulf FZCO, a company incorporated in Dubai. Consolidated financial statements are prepared for the group and are available from its registered office at Jebel Ali, Dubai, PO Box 18086.

INTERNATIONAL DIPLOMATIC SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
page 8
12
Non-audit services provided by auditor

In common with many businesses of our size and nature, we use our auditor to assist with the preparation of the financial statements.

2024-12-312024-01-01falsefalsefalse30 June 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityJ Coe054244012024-01-012024-12-31054244012024-12-31054244012023-12-3105424401core:NetGoodwill2024-12-3105424401core:IntangibleAssetsOtherThanGoodwill2024-12-3105424401core:NetGoodwill2023-12-3105424401core:IntangibleAssetsOtherThanGoodwill2023-12-3105424401core:PlantMachinery2024-12-3105424401core:FurnitureFittings2024-12-3105424401core:ComputerEquipment2024-12-3105424401core:MotorVehicles2024-12-3105424401core:PlantMachinery2023-12-3105424401core:FurnitureFittings2023-12-3105424401core:ComputerEquipment2023-12-3105424401core:MotorVehicles2023-12-3105424401core:ShareCapital2024-12-3105424401core:ShareCapital2023-12-3105424401core:RetainedEarningsAccumulatedLosses2024-12-3105424401core:RetainedEarningsAccumulatedLosses2023-12-3105424401bus:Director12024-01-012024-12-3105424401core:Goodwill2024-01-012024-12-3105424401core:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-3105424401core:PlantMachinery2024-01-012024-12-3105424401core:FurnitureFittings2024-01-012024-12-3105424401core:ComputerEquipment2024-01-012024-12-3105424401core:MotorVehicles2024-01-012024-12-31054244012023-01-012023-12-3105424401core:NetGoodwill2023-12-3105424401core:IntangibleAssetsOtherThanGoodwill2023-12-31054244012023-12-3105424401core:NetGoodwill2024-01-012024-12-3105424401core:PlantMachinery2023-12-3105424401core:FurnitureFittings2023-12-3105424401core:ComputerEquipment2023-12-3105424401core:MotorVehicles2023-12-3105424401core:CurrentFinancialInstruments2024-12-3105424401core:CurrentFinancialInstruments2023-12-3105424401bus:PrivateLimitedCompanyLtd2024-01-012024-12-3105424401bus:FRS1022024-01-012024-12-3105424401bus:Audited2024-01-012024-12-3105424401bus:SmallCompaniesRegimeForAccounts2024-01-012024-12-3105424401bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP