Registration number: 01186866

Industrial Supplies (Hull) Limited

(Registration number: 01186866)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	141,189	127,297
Current assets
Stocks		398,402	389,477
Debtors	5	1,160,773	1,144,660
Cash at bank and in hand		623,134	627,779
		2,182,309	2,161,916
Creditors: Amounts falling due within one year	6	(148,676)	(166,120)
Net current assets		2,033,633	1,995,796
Total assets less current liabilities		2,174,822	2,123,093
Provisions for liabilities		(11,186)	(10,134)
Net assets		2,163,636	2,112,959
Capital and reserves
Called up share capital	7	7,500	7,500
Capital redemption reserve		7,500	7,500
Retained earnings		2,148,636	2,097,959
Shareholders' funds		2,163,636	2,112,959

Industrial Supplies (Hull) Limited

(Registration number: 01186866)
Balance Sheet as at 31 December 2024

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 September 2025 and signed on its behalf by:
 

Mr A Empson Director

Industrial Supplies (Hull) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
92-93 Barmston Street
Hull
HU2 0PJ

The company's registration number is 01186866.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Industrial Supplies (Hull) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold land	No depreciation
Freehold buildings	2% per annum on cost
Fixtures and fittings	10% per annum on cost
Motor vehicles	20% per annum on cost
Office equipment	33% per annum on written down value

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price. They are subsequently measured less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Industrial Supplies (Hull) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year was 12 (2023 - 11).

Industrial Supplies (Hull) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

4	Tangible assets

	Freehold land and buildings £	Fixtures and fittings  £	Motor vehicles  £	Office equipment  £	Total £
Cost or valuation
At 1 January 2024	89,266	72,632	78,279	8,863	249,040
Additions	-	-	39,305	1,063	40,368
At 31 December 2024	89,266	72,632	117,584	9,926	289,408
Depreciation
At 1 January 2024	38,206	37,569	37,580	8,388	121,743
Charge for the year	1,800	4,848	19,306	522	26,476
At 31 December 2024	40,006	42,417	56,886	8,910	148,219
Carrying amount
At 31 December 2024	49,260	30,215	60,698	1,016	141,189
At 31 December 2023	51,060	35,063	40,699	475	127,297

5

Debtors

Current	2024 £	2023 £
Trade debtors	285,415	389,394
Amounts owed by related parties	874,532	753,817
Prepayments	826	1,449
	1,160,773	1,144,660

6

Creditors

	2024 £	2023 £
Due within one year
Trade payables	92,919	91,199
Social security and other taxes	47,334	66,319
Other payables	8,423	8,602
	148,676	166,120