Registration number:
Import Export Services Limited
for the Year Ended 31 March 2025
Import Export Services Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account and Statement of Retained Earnings |
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Balance Sheet |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Import Export Services Limited
Company Information
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Directors |
Mr M Boyd Mr N Morch Monsted |
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Company secretary |
Mr M Lanigan |
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Registered office |
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Auditors |
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Import Export Services Limited
Strategic Report for the Year Ended 31 March 2025
The directors present their strategic report for the year ended 31 March 2025.
Principal activity
The principal activity of the company is the provision of Global Engineering and Logistical services relating to all forms of relocation, including but not limited to the moving and setting up of production lines and factories in alternative geographical areas. Other connected activities make up the portfolio of services, including the supply of electrical products and semi-conductor parts.
Our services include:
• Equipment moves
• Equipment installations
• Field Service Engineers
• Crate Manufacture and Export Packing
• UKCA Compliance Testing
• Turnkey Equipment relocations
• Used and refurbished part supply to semiconductor manufacturers
• Sales Agent for various Semiconductor OEMs for UK and Ireland
• Electrical component sales the wholesale market.
We supply into high technology markets with primary focus in semiconductor, print and pharmaceutical. Within these industries the company supports end users, OEM’s and capital equipment brokers.
The company works worldwide with concentration of supply within the UK, mainland Europe (primarily Austria, Germany, France and Italy) and North America.
Fair review of the business
The company continued to trade successfully throughout the year ending March 31, 2025. Business volumes continue to be at a high level and in line with expectation/forecast, the balance sheet remains strong, with retained earnings increasing to £3.83m.
There are no significant post-year-end events to report.
Most of the company’s sales come from customers with whom the company has long-established relationships. We annually target around 75% of turnover to come from existing customers.
Future developments
The business continues to grow and become more established in all the markets it operates in.
Staff training and development are ongoing and central to the company’s ethos. Multi skilled staff are key to our ability to deliver cost-effective multifaceted service offerings to our customer base.
IES operates primarily in the Semiconductor and print industries. Within semiconductor we continue to grow our service offerings and whilst some flattening in this market might be expected it is compensated for by expansion of capability. Notably this is with some key Equipment Manufacturers supporting installation of new semiconductor tools and providing field service support on legacy equipment.
Import Export Services Limited
Strategic Report for the Year Ended 31 March 2025
Current assets - debtors and cash flow
Cash in the business remained strong to support working capital and inward investment. Despite the high volumes of trade in a challenging economic climate, bad debts remained very low at less than 0.25% of turnover; this is because of well-controlled contracts and efficient financial collection processes. Cash flow is central to the finance team’s daily practices, working closely with the directors of the business.
Principal risks and uncertainties
The business continues to develop its people, systems, and customer base to strengthen further in the markets it operates in while being vigilant to market conditions, remaining competitive to retain key internal resources, and coping with external industry competition.
Import Export Services Limited
Strategic Report for the Year Ended 31 March 2025
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Strengths |
Weaknesses |
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Current business performance and growth in all areas |
Competency/resources at times overstretched |
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Relationships / track record with existing customers |
Response times and availability - lead times for crate supply and on-site work have increased |
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Customer service and appropriate subject matter experience |
Reliance on key Customers, e.g. HP historically being a significant revenue stream, approx. 24% of turnover although significant growth with other customers is now spreading risk |
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Diversity of the organisation |
Limited space and capacity becoming an internal risk in relation to potential growth opportunities |
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Flexibility (individual and team) and extent of service offerings, with multi-skilled resources |
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Recognition of internal competence and expertise linked to effective use of sub-contract model |
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Entrepreneurial approach to new opportunities i.e. development of OEM relationships |
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Opportunities |
Threats |
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Complete end-to-end service offering |
Brexit: loss of European business due to restricted movement of workers, ref visas / trip duration |
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Value added bolt on services |
Worldwide economic uncertainty: inflation / cost of living, energy and fuel. Recession |
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Trust from existing customers to test and pilot new services |
Potential significant loss of revenue stream |
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Recruitment of additional resources |
Business partners may view IES as being overstretched or not providing enough focus |
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Multiple Customers are going through significant expansions |
Poaching of workers |
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Increase in key customer packing business and new Customers continue to be gained due to the closure of a packing competitor |
Cyber attack |
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EQP agency business has gained a high-profile vendor, and we are seeing some significant sales commissions in the pipeline |
Loss of semiconductor strategic partnerships |
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Additional strategic partnerships with semiconductor companies for on-site contracts |
Potential levelling-off in semiconductor industry |
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Potential opportunity to take over major OEM service contracts |
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Improved utilisation of workforce |
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EQP/ERS industry expansion |
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Bio-based alternatives to plastic packaging where possible |
Import Export Services Limited
Strategic Report for the Year Ended 31 March 2025
Approved and authorised by the
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Import Export Services Limited
Directors' Report for the Year Ended 31 March 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
Directors of the company
The directors who held office during the year were as follows:
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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Import Export Services Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.
Import Export Services Limited
Independent Auditor's Report to the Members of Import Export Services Limited
Opinion
We have audited the financial statements of Import Export Services Limited (the 'company') for the year ended 31 March 2025, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 March 2025 and of its profit for the year 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 auditor 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 UK, including the FRC’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 director's 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 original financial statements were 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.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Import Export Services Limited
Independent Auditor's Report to the Members of Import Export Services Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and 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 our 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 and the Directors' Report.
We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities [set out on page 7], 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.
Import Export Services Limited
Independent Auditor's Report to the Members of Import Export Services Limited
Auditor 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 auditor’s 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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 are procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach was as follows:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity by discussion with key personnel and consideration of our experience of this and similar sectors.
We determined that the most significant laws and regulations which have a direct impact on the form and content of the financial statements of the entity are the Companies Act and UK GAAP, specifically FRS102.
We determined that the most significant operational laws and regulations for the entity are health and safety and employment law, plus regulations surrounding the import and export of goods and services, including taxation legislation.
Based on the results or our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above, with no issues arising.
We gained an understating of the entity’s policy and procedures by discussion with key personnel and substantive audit work.
We assessed the risk of material misstatement in respect of fraud through our planning processes, and no significant risks were identified.
We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries into our audit approach.
Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
Import Export Services Limited
Independent Auditor's Report to the Members of Import Export Services Limited
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 2006. Our 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 auditor’s 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.
......................................
For and on behalf of
11 Laura Place
BA2 4BL
Import Export Services Limited
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 March 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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|
|
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Administrative expenses |
( |
( |
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Other operating income |
|
- |
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Operating profit |
|
|
|
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Other interest receivable and similar income |
|
|
|
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Interest payable and similar charges |
( |
|
|
|
(46,597) |
68,206 |
||
|
Profit before tax |
|
|
|
|
Taxation |
( |
( |
|
|
Profit for the financial year |
|
|
|
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Retained earnings brought forward |
3,693,951 |
3,565,940 |
|
|
Retained earnings carried forward |
3,832,625 |
3,693,951 |
Import Export Services Limited
(Registration number: 04221947)
Balance Sheet as at 31 March 2025
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Note |
2025 |
2024 |
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Fixed assets |
|||
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Tangible assets |
|
|
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Current assets |
|||
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Stocks |
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Debtors |
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Cash at bank and in hand |
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|
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|
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||
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Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
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|
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Total assets less current liabilities |
|
|
|
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Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
2,000 |
2,000 |
|
|
Retained earnings |
3,832,625 |
3,693,951 |
|
|
Shareholders' funds |
3,834,625 |
3,695,951 |
Approved and authorised by the
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Import Export Services Limited
Statement of Cash Flows for the Year Ended 31 March 2025
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Note |
2025 |
2024 |
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Cash flows from operating activities |
|||
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Profit for the year |
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|
|
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
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|
|
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Profit on disposal of tangible assets |
( |
( |
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Finance income |
( |
( |
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Finance costs |
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|
|
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Income tax expense |
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|
|
|
|
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||
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Working capital adjustments |
|||
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(Increase)/decrease in stocks |
( |
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|
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(Increase)/decrease in trade debtors |
( |
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|
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Decrease in trade creditors |
( |
( |
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Cash generated from operations |
( |
|
|
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Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
( |
|
|
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Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
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Proceeds from sale of tangible assets |
|
|
|
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Net cash flows from investing activities |
( |
( |
|
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Cash flows from financing activities |
|||
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Interest paid |
( |
( |
|
|
Repayment of other borrowing |
|
( |
|
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Net cash flows from financing activities |
|
( |
|
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
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Cash and cash equivalents at 1 April |
|
|
|
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Cash and cash equivalents at 31 March |
897,794 |
1,161,402 |
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Import Export Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
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.
Going concern
The financial statements have been prepared on a going concern basis.
Import Export Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Judgements
In preparing these financial statements judgement is required in the recognition of income on projects, in that the directors need to assess the stage of completion of the contracts in order to apply the revenue recognition accounting policy. |
Stock has been assessed for items that are considered slow-moving/obsolete, and have been written down to their estimated recoverable value. |
Within stock and work in progress are classic cars, which are bought in a dilapidated condition and reconditioned. The classic cars are initially recognised and cost and then written down to an estimate of market value. |
No other significant judgements or key assumptions have had to be made by the directors in preparing these financial statements. |
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.
Government grants
Money due on government grants are recognised in the profit and loss account in the period to which it relates.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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 income 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.
Import Export Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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.
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, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
Straight Line over 2 Years and 4 Years |
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Office equipment, fixtures & fittings |
Straight Line over 2 Years and 4 Years |
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Motor vehicles |
Straight Line over 4 Years |
Amortisation
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Asset class |
Amortisation method and rate |
|
Goodwill |
Over useful economic life changing to straight line over 10 years |
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 initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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.
Import Export Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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 bases over the period of the lease.
Import Export Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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.
Financial instruments
Classification
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Import Export Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
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2025 |
2024 |
|
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Sale of goods |
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|
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Rendering of services |
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|
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The analysis of the company's turnover for the year by geographical area is as follows:
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2025 |
2024 |
|
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United Kingdom |
|
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Rest of Europe |
|
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Rest of the World |
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Other operating income |
The analysis of the company's other operating income for the year is as follows:
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2025 |
2024 |
|
|
Miscellaneous other operating income |
|
- |
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
|
2025 |
2024 |
|
|
Gain on disposal of Tangible assets |
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|
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
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Depreciation expense |
|
|
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Profit on disposal of property, plant and equipment |
( |
( |
Import Export Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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Other interest receivable and similar income |
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2025 |
2024 |
|
|
Interest income on bank deposits |
|
|
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Other finance income |
|
- |
|
|
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Interest payable and similar expenses |
|
2025 |
2024 |
|
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Interest on bank overdrafts and borrowings |
|
|
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Interest expense on other finance liabilities |
- |
|
|
Foreign exchange gains/(losses) |
|
( |
|
|
( |
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
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2025 |
2024 |
|
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Wages and salaries |
|
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Social security costs |
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Pension costs, defined contribution scheme |
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Other employee expense |
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The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
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2025 |
2024 |
|
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Production |
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Administration and support |
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Research and development |
|
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Sales, marketing and distribution |
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Import Export Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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Directors' remuneration |
The directors' remuneration for the year was as follows:
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2025 |
2024 |
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Remuneration |
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|
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Contributions paid to money purchase schemes |
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|
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275,983 |
276,670 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
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2025 |
2024 |
|
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Accruing benefits under money purchase pension scheme |
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In respect of the highest paid director:
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2025 |
2024 |
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Remuneration |
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Company contributions to money purchase pension schemes |
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Auditors' remuneration |
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2025 |
2024 |
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Audit of the financial statements |
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Import Export Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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Taxation |
Tax charged/(credited) in the profit and loss account
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2025 |
2024 |
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Current taxation |
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UK corporation tax |
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UK corporation tax adjustment to prior periods |
( |
( |
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74,894 |
18,760 |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
( |
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Tax expense in the income statement |
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The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
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2025 |
2024 |
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Profit before tax |
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Corporation tax at standard rate |
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Decrease in UK and foreign current tax from adjustment for prior periods |
( |
( |
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Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
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Decrease from effect of different UK tax rates on some earnings |
- |
( |
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Tax increase from other short-term timing differences |
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Effect of expense not deductible in determining taxable profit (tax loss) |
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Total tax charge |
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Import Export Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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Tangible assets |
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Fixtures and fittings |
Plant and machinery |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2024 |
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Additions |
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Disposals |
( |
( |
( |
( |
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At 31 March 2025 |
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Depreciation |
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At 1 April 2024 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
( |
( |
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At 31 March 2025 |
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Carrying amount |
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At 31 March 2025 |
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At 31 March 2024 |
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Stocks |
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2025 |
2024 |
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Raw materials and consumables |
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Work in progress |
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Other inventories |
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Debtors |
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Current |
Note |
2025 |
2024 |
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Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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Prepayments |
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Import Export Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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Cash and cash equivalents |
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2025 |
2024 |
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Cash on hand |
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Cash at bank |
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Creditors |
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Note |
2025 |
2024 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts due to related parties |
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Social security and other taxes |
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Other payables |
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Accruals |
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Income tax liability |
74,900 |
18,800 |
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Due after one year |
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Loans and borrowings |
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Floating charges over the stock and work in progress present and future are held by the directors pension fund.
Those secured creditors due within one year totalled £66,544 (2024: £22,335) at the year end, and due after one year £317,831 (2024: £9,948) at the year end.
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Provisions for liabilities |
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Deferred tax |
Total |
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At 1 April 2024 |
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Increase (decrease) in existing provisions |
( |
( |
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At 31 March 2025 |
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Import Export Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
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Share capital |
Allotted, called up and fully paid shares
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2025 |
2024 |
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No. |
£ |
No. |
£ |
|
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1,700 |
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1,700 |
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300 |
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300 |
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All shares rank pari passu. |
Import Export Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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Loans and borrowings |
Non-current loans and borrowings
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2025 |
2024 |
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Other borrowings |
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Current loans and borrowings
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2025 |
2024 |
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Other borrowings |
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Related party transactions |
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Transactions with directors |
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2025 |
At 1 April 2024 |
Advances to director |
Repayments by director |
At 31 March 2025 |
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Director 2 |
6,000 |
- |
(7,882) |
(1,882) |
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Director 1 |
200,569 |
24,812 |
- |
225,381 |
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2024 |
At 1 April 2023 |
Advances to director |
Repayments by director |
At 31 March 2024 |
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Director 1 |
338,562 |
42,408 |
(11,200) |
200,569 |
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Director 2 |
25,110 |
6,000 |
(25,110) |
6,000 |
The company has also obtained a new loan from the directors pension fund and the amount outstanding was £384,374. The loan is agreed to be repaid over 5 years, ending in the year ended 31 March 2030, and annual interest is charged at 10.0%.
Summary of transactions with parent
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Parent and ultimate parent undertaking |
The company's immediate parent is