IBIS Integrated Bindery Systems Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 03703149

IBIS Integrated Bindery Systems Limited

Filleted Unaudited Accounts

31 March 2025

IBIS Integrated Bindery Systems Limited

Accounts

Year ended 31 March 2025

Contents	Page

Statement of financial position	1

Statement of changes in equity	3

Notes to the accounts	4

IBIS Integrated Bindery Systems Limited

Statement of Financial Position

31 March 2025

	2025		2024
Note	£	£	£	£

Fixed assets

Tangible assets	5		33,027		31,071

Current assets

Stocks		1,079,304	769,945
Debtors	6	728,908	740,574
Cash at bank and in hand		1,980,809	2,105,463
		------------	------------
		3,789,021	3,615,982

Creditors: amounts falling due within one year	7	( 1,642,206)		( 1,816,178)
		------------		------------
Net current assets			2,146,815		1,799,804
			------------		------------
Total assets less current liabilities			2,179,842		1,830,875

Creditors: amounts falling due after more than one year	8		( 1,516,126)		( 1,783,593)

Provisions

Other provisions	( 261,067)	( 273,289)
	------------	------------
Net assets/(liabilities)	402,649	( 226,007)
	------------	------------

Capital and reserves

Called up share capital	272,194	272,194
Share premium account	245,561	245,561
Profit and loss account	( 115,106)	( 743,762)
	---------	---------
Shareholders funds/(deficit)	402,649	( 226,007)
	---------	---------

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 March 2025 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 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts .

IBIS Integrated Bindery Systems Limited

Statement of Financial Position (continued)

31 March 2025

These accounts were approved by the board of directors and authorised for issue on 2 December 2025 , and are signed on behalf of the board by:

J D Cracknell

Director

Company registration number: 03703149

IBIS Integrated Bindery Systems Limited

Statement of Changes in Equity

Year ended 31 March 2025

	Called up share capital	Share premium account	Profit and loss account	Total
	£	£	£	£
At 1 April 2023	272,194	245,561	( 1,558,463)	( 1,040,708)

Profit for the year			814,701	814,701
	---------	---------	------------	------------
Total comprehensive income for the year	–	–	814,701	814,701

At 31 March 2024	272,194	245,561	( 743,762)	( 226,007)

Profit for the year			628,656	628,656
	---------	---------	------------	------------
Total comprehensive income for the year	–	–	628,656	628,656

	---------	---------	------------	------------
At 31 March 2025	272,194	245,561	( 115,106)	402,649
	---------	---------	------------	------------

IBIS Integrated Bindery Systems Limited

Notes to the Accounts

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 9 The Gateway Centre, Coronation Road, High Wycombe, HP12 3SU.

2. Statement of compliance

These accounts have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The amounts in the financial statements are presented to the nearest £, unless otherwise stated.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under FRS 102 Section 1A: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) No disclosure has been given for the aggregate remuneration of key management personnel.

Going concern

The directors believe that sales will continue at a steady rate and have prepared budgets and cash flow forecasts covering the period ending 31 March 2027. On the basis of this information, the directors consider that the company will have sufficient cash to meet its needs for a period of twelve months from approving the accounts and therefore consider it appropriate to prepare the accounts on the going concern basis.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold improvements	-	Over period of the lease
Plant & Machinery	-	Straight line over 5 years
Fixtures & Fittings	-	Straight line over 5 years
Patent Fees	-	Straight line over 20 years
Computer Equipment	-	33.33% on cost

Research and development

Research and development expenditure is written off in the year in which it is incurred.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stock - work in progress

Work in progress comprises payments made to a third party for the construction of book binding systems.

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Trade and other debtors Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short term highly liquid investments with original maturities of three months or less and bank overdrafts. Trade and other creditors Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost

Defined contribution plans

Contributions in respect of the company's defined contribution money purchase scheme are charged to the profit and loss account in the year to which they relate. Differences between contributions payable and contributions actually paid in the year are shown as creditors at the year end.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 12 (2024: 12 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Patent fees	Computer equipment	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2024	60,191	28,072	10,682	11,723	56,503	167,171
Additions	–	–	–	–	17,564	17,564
	--------	--------	--------	--------	--------	---------
At 31 Mar 2025	60,191	28,072	10,682	11,723	74,067	184,735
	--------	--------	--------	--------	--------	---------
Depreciation
At 1 Apr 2024	60,191	7,548	2,136	11,723	54,502	136,100
Charge for the year	–	5,614	2,136	–	7,858	15,608
	--------	--------	--------	--------	--------	---------
At 31 Mar 2025	60,191	13,162	4,272	11,723	62,360	151,708
	--------	--------	--------	--------	--------	---------
Carrying amount
At 31 Mar 2025	–	14,910	6,410	–	11,707	33,027
	--------	--------	--------	--------	--------	---------
At 31 Mar 2024	–	20,524	8,546	–	2,001	31,071
	--------	--------	--------	--------	--------	---------

6. Debtors

	2025	2024
	£	£
Trade debtors	579,648	608,892
Other debtors	149,260	131,682
	---------	---------
	728,908	740,574
	---------	---------

Included within other debtors is a rent deposit of £54,898 (2024: £54,898) which is secured. This amount falls due after more than one year.

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	10,000	10,000
Trade creditors	311,916	241,284
Corporation tax	206,402	260,112
Social security and other taxes	27,010	27,133
Other creditors	1,086,878	1,277,649
	------------	------------
	1,642,206	1,816,178
	------------	------------

8. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Shares classed as financial liabilities	572,547	572,547
Dividends payable	933,579	891,046
Other creditors	10,000	320,000
	------------	------------
	1,516,126	1,783,593
	------------	------------

Included in other creditors was a loan of £nil (2024: £300,000) which was repaid in full during the year. Interest details are disclosed in note 11.

A Bounceback loan of £50,000 was received during 2021, at an interest rate of 2.5% p.a (interest free for the first 12 months), repayable over 5 years with repayments commencing after 12 months. Repayments of £nil (2024 - £nil) are due in more than 5 years.

The rights of the 472,547 9% Cumulative Redeemable Preference Shares include the following, unless otherwise agreed unanimously by the shareholders:-

- In addition to the 9% cumulative dividend a further dividend equal to 25% of the dividends declared on the Ordinary Shares. If any Preference Shares are redeemed, then the 25% will be reduced pro rata.

- Once the company has repaid any outstanding loans from St Clement's Court Limited it may, with two months' notice, redeem part or the whole amount of the preference shares after two years from the date of the last issue.

- The Shares shall be redeemed out of distributable profits or the proceeds of a fresh issue of shares.

- In the event of a winding up of the company the Preference Shareholders have priority over any other shares.

- The shareholders only have a right to vote on resolutions proposed for the winding up of the company or for an alteration of the rights and privileges of the Preference Shares.

100,000 Non-Cumulative Preference Shares confer rights on a winding up or other return on capital to repayment, in priority to any payment to the holders of any other shares in the capital of the company, other than the redeemable preference shares which shall rank in priority, and confer no voting rights.

The full finance cost of the non equity shares is shown in the Profit and Loss Account. However, as the company does not have any distributable reserves it is legally unable to pay the dividend to the Preference Shareholders at present.

Shares classed as financial liabilities is composed as follows:

	2025	2024
	£	£
Cumulative redeemable preference shares	472,547	472,547
Non-cumulative preference shares	100,000	100,000
	---------	---------
	572,547	572,547
	---------	---------

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	89,000	89,000
Later than 1 year and not later than 5 years	32,918	121,918
	---------	---------
	121,918	210,918
	---------	---------

10. Related party transactions

There is no overall controlling party. St Clement's Court Limited is an equity shareholder and also holds 292,547 of the Cumulative Redeemable Preference Shares in issue at 31 March 2025. The preference dividend for the year was £26,328 (2024: £26,329) which has been added to the amount due to St Clement's Court Limited. At 31 March 2025 £670,051 (2024: £643,723) of accumulated preference dividend was owed to St Clement's Court Limited which can only be paid when the company has sufficient distributable reserves. A loan repayment of £300,000 was made to St Clement's Court Limited during the year (2024: £250,000). The remaining loan balance from St Clement's Court Limited of £nil (2024 - £300,000) is disclosed as Creditors: amounts falling due after more than one year (note 9). Interest of £16,875 (2024: £60,639) was charged in the year at base rate plus 6%, or 10%, whichever was the higher. Interest payments of £14,063 were paid during the year (2024: £58,867). At the year end an amount of £250,203 was due in in respect of interest (2024: £247,391). Duplo International Limited is an equity shareholder and also holds 180,000 of the Cumulative Redeemable Preference Shares. The preference dividend for the year was £16,200 (2024: £16,200) which has been added to the amount now due to Duplo International Limited. At 31 March 2025 £263,528 (2024: £247,328) of accumulated preference dividend was owed to Duplo International Limited which can only be paid when the company has sufficient distributable reserves.