| Registered number: SC270139 | ||||||||
| FOR THE YEAR ENDED 31 DECEMBER 2024 | ||||||||
| Prepared By: | ||||||||
| Cunningham Grant | ||||||||
| Chartered Accountants | ||||||||
| Unit G6, The Granary Business Centre | ||||||||
| Coal Road, Cupar | ||||||||
| Fife | ||||||||
| KY15 5YQ | ||||||||
| Isbir Bulk Bag UK Limited | ||||||||
| FINANCIAL STATEMENTS | ||||||||
| FOR THE YEAR ENDED 31 DECEMBER 2024 | ||||||||
| DIRECTORS | ||||||||
| SECRETARY | ||||||||
| REGISTERED OFFICE | ||||||||
| Fife | ||||||||
| COMPANY DETAILS | ||||||||
| Private company limited by shares registered in SC - Scotland, registered number SC270139 | ||||||||
| BANKERS | ||||||||
| Tide Bank (ClearBank Limited) 5th Floor, 1 Appold Street, London | ||||||||
| ACCOUNTANTS | ||||||||
| Cunningham Grant Chartered Accountants, Unit G6, The Granary Business Centre, Coal Road, Cupar, Fife, KY15 5YQ | ||||||||
| AUDITORS | ||||||||
| Johnston Smillie | ||||||||
| Chartered Accountants | ||||||||
| 5 South Gyle Crescent Lane | ||||||||
| Edinburgh | ||||||||
| EH12 9EG | ||||||||
| Isbir Bulk Bag UK Limited | ||||||||
| FINANCIAL STATEMENTS | ||||||||
| FOR THEYEARENDED31 DECEMBER 2024 | ||||||||
| CONTENTS | ||||||||
| Page | ||||||||
| Directors' Report | - | |||||||
| Auditors' Report | - | |||||||
| Statement Of Comprehensive Income | - | |||||||
| Balance Sheet | 3 | |||||||
| Notes To The Accounts | 4 | |||||||
| The following do not form part of the statutory financial statements: | ||||||||
| Trading And Profit And Loss Account | - | |||||||
| Profit And Loss Account Summaries | - | |||||||
| Isbir Bulk Bag UK Limited | ||||||||
| BALANCE SHEET AT | ||||||||||
| 2024 | 2023 | |||||||||
| Notes | £ | £ | ||||||||
| FIXED ASSETS | ||||||||||
| Tangible assets | 3 | |||||||||
| CURRENT ASSETS | ||||||||||
| Stock | ||||||||||
| Debtors | 5 | |||||||||
| Cash at bank and in hand | ||||||||||
| 2,504,457 | 1,950,524 | |||||||||
| CREDITORS: Amounts falling due within one year | 6 | |||||||||
| NET CURRENT ASSETS | 96,275 | |||||||||
| TOTAL ASSETS LESS CURRENT LIABILITIES | ||||||||||
| PROVISIONS FOR LIABILITIES AND CHARGES | ||||||||||
| NET ASSETS | ||||||||||
| CAPITAL AND RESERVES | ||||||||||
| Called up share capital | 7 | |||||||||
| Profit and loss account | 104,093 | 95,829 | ||||||||
| SHAREHOLDERS' FUNDS | ||||||||||
| Approved by the board on | ||||||||||
| ............................. | ||||||||||
| Director | ||||||||||
| Isbir Bulk Bag UK Limited | ||||||||
| NOTES TO THE ACCOUNTS | ||||||||||
| FOR THE YEAR ENDED 31 DECEMBER 2024 | ||||||||||
| 1. ACCOUNTING POLICIES |
| 1a. General Information Basis Of Accounting | ||||||||
| The company is limited by shares and incorporated in Scotland. The address of the registered office is given in the company information on page 1 of these financial statements. | ||||||||
| The financial statements have been prepared in accordance with Financial Reporting Standard FRS 102 including Section 1A Small Entities, the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. There were no material departures from that standard. | ||||||||
| The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £1. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise shown. | ||||||||
| 1b. Turnover | ||||||||
| Turnover represents the amounts receivable arising from the supply of goods net of VAT and trade discounts. | ||||||||
| Turnover is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. | ||||||||
| Turnover is recognised as the fair value of the consideration received or receivable for services provided in the normal course of business, net of VAT and trade discounts. | ||||||||
| 1c. Tangible Fixed Assets | ||||||||
| Depreciation has been provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: | ||||||||
| Equipment | straight line25% | |||||||
| 1d. Stocks | ||||||||
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. | ||||||||
| 1e. Cash And Cash Equivalents | ||||||||
| Cash and cash equivalents are basic financial instruments which include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. | ||||||||
| Isbir Bulk Bag UK Limited | ||||||||
| 1f. Financial Instruments | ||||||||
| 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. | ||||||||
| Basic financial liabilities - Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at 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 operations 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. | ||||||||
| 1g. Taxation | ||||||||
| Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. | ||||||||
| Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued, non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. | ||||||||
| 1h. Employee Benefits | ||||||||
| When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. | ||||||||
| 1i. Pensions | ||||||||
| The company operates a defined contribution pension scheme.The pension charge represents the amounts payable by the company to the fund in respect of the year. | ||||||||
| 1j. Leases | ||||||||
| Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. | ||||||||
| Assets acquired under hire purchase contracts and finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors. | ||||||||
| Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the term of the lease. | ||||||||
| Isbir Bulk Bag UK Limited | ||||||||
| 1k. Foreign Currency | ||||||||
| Transactions in currencies, other than pounds sterling, are recorded at the rate of the exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. Gains and losses on translation in the period are included in the profit and loss account. | ||||||||
| 1l. Critical Accounting Estimates And Judgements | ||||||||
| In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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, or in the period of the revision and future periods where the revision affects both current and future periods. | ||||||||
| Key Sources Of Estimation Uncertainty - The estimations and assumptions which have significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. | ||||||||
| Provision for slow moving stock - Management exercises judgement in assessing inventory for obsolescence or slow movement. A provision is made for items where the net realisable value is expected to be lower than cost, based on factors such as stock age, historical usage, and forecast demand.The estimation involves reviewing stock turnover, sales trends, and the likelihood of future use or sale. Changes in market conditions or demand levels are subject to uncertainty. No provision was considered necessary in the current year. | ||||||||
| 2. EMPLOYEES | ||||||
| 2024 | 2023 | |||||
| No. | No. | |||||
| Average number of employees | 4 | |||||
| 3. TANGIBLE FIXED ASSETS | ||||
| Plant and | ||||
| Machinery Etc. | Total | |||
| £ | £ | |||
| Cost | ||||
| At 1 January 2024 | 14,712 | 14,712 | ||
| Additions | 523 | 523 | ||
| At 31 December 2024 | 15,235 | 15,235 | ||
| Depreciation | ||||
| At 1 January 2024 | 14,006 | 14,006 | ||
| For the year | 751 | 751 | ||
| At 31 December 2024 | 14,757 | 14,757 | ||
| Net Book Amounts | ||||
| At 31 December 2024 | 478 | 478 | ||
| At 31 December 2023 | 706 | 706 | ||
| 4. STOCK | 2024 | 2023 | ||||
| £ | £ | |||||
| Stock comprises: | ||||||
| Stock | ||||||
| Isbir Bulk Bag UK Limited | ||||||||
| 5. DEBTORS | 2024 | 2023 | ||||||
| £ | £ | |||||||
| Amounts falling due within one year | ||||||||
| Trade debtors | 1,447,123 | 941,188 | ||||||
| VAT | - | 3,734 | ||||||
| Other debtors | 232,275 | 128,959 | ||||||
| 1,679,398 | 1,073,881 | |||||||
| 6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||||
| 2024 | 2023 | |||||||
| £ | £ | |||||||
| Trade creditors | 25,496 | 17,548 | ||||||
| Amounts owed to group undertakings and undertakings in which the company has a participating interest | 2,004,227 | 1,353,253 | ||||||
| Taxation and social security | 88,994 | 66,492 | ||||||
| Other creditors | 281,025 | 416,956 | ||||||
| 2,399,742 | 1,854,249 | |||||||
| Included in other creditors is £261,036 (2023 - £397,458) secured against the trade debtors of the company. There is a bond and floating charge in respect of this liability. | ||||||||
| 7. SHARE CAPITAL | 2024 | 2023 | ||||||
| £ | £ | |||||||
| Allotted, issued and fully paid: | ||||||||
| 1000 | 1000 | |||||||
| 1,000 | 1,000 | |||||||
| 8. OTHER FINANCIAL COMMITMENTS | ||||||||
| At 31 December 2024 the company was committed to making the following payments under non-cancellable operating leases: | ||||||||
| 2024 | 2023 | |||||||
| £ | £ | |||||||
| Operating leases | 24,461 | 6,000 | ||||||
| Isbir Bulk Bag UK Limited | ||||||||
| 9. CONTROLLING PARTY | ||||||||
| The company is a wholly owned subsidiary of Isbir Sentetik Dokuma Sanayi AS which is a company incorporated and registered in Cayirhisar Mah. Yeni Izmir Cad No:29, 100034, Altieyll, Balikesir, Turkey. | ||||||||
| The ultimate controlling party is Isbir Holdings AS a company incorporated and registered in Cayirhisar Mah. Yeni Izmir Cad No:29, 100034, Altieyll, Balikesir, Turkey. | ||||||||
| 10. AUDIT REPORT | ||||||||
| 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'sreport was unqualified. | ||||||||
| The senior statutory auditor was Lea Brash BA CA. The auditor was Johnston Smillie Ltd. | ||||||||