Instore Direct Ltd Filleted accounts for Companies House (small and micro)

INSTORE DIRECT LTD - Company Information

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COMPANY REGISTRATION NUMBER: 04299459

Instore Direct Ltd

Filleted unaudited financial statements

31 March 2020

Instore Direct Ltd

Statement of financial position

31 March 2020

	2020		2019
Note	£	£	£	£

Fixed assets

Intangible assets	5	6,629	16,850
Tangible assets	6	96,267	110,289
		---------	---------
		102,896	127,139

Current assets

Stocks		149,750	149,194
Debtors	7	120,964	239,403
Cash at bank and in hand		208,969	82,250
		---------	---------
		479,683	470,847

Creditors: amounts falling due within one year	8	( 244,964)		( 258,528)
		---------		---------
Net current assets			234,719		212,319
			---------		---------
Total assets less current liabilities			337,615		339,458

Creditors: amounts falling due after more than one year	9	( 81,629)	( 125,205)
		---------	---------
Net assets		255,986	214,253
		---------	---------

Capital and reserves

Called up share capital	26,000	26,000
Profit and loss account	229,986	188,253
	---------	---------
Shareholders funds	255,986	214,253
	---------	---------

These financial statements 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 statement of income and retained earnings has not been delivered.

For the year ending 31st March 2020 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 financial statements 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 financial statements .

Instore Direct Ltd

Statement of financial position (continued)

31 March 2020

These financial statements were approved by the board of directors and authorised for issue on 11 December 2020 , and are signed on behalf of the board by:

Mr S M Myers
Director

Company registration number: 04299459

Instore Direct Ltd

Notes to the financial statements

year ended 31st March 2020

1. General information

The principal activity of the company is that of the wholesale, rental and retail sale of electrical equipment and furniture . The company is a private limited company, which is incorporated in England and Wales (no 04299459 ). The address of the registered office is Unit 2 Eagle Industrial Estate, Torre Road, Leeds, LS9 7QL.

2. Statement of compliance

These financial statements 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 and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Amortisation

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

Website development - 5 years on a straight line basis

No amortisation is charged in the year of development.

Going concern

The directors having made due and careful enquiry, are of the opinion that the company has sufficient working capital to execute its operations over the next 12 months. The directors have made an informed judgement at the time of approving the financial statements that the company has adequate resources to continue in operational existence for the foreseeable future. In arriving at this conclusion, the directors have given due consideration to the impact of the worldwide Covid-19 pandemic. The pandemic has not had a significant immediate impact on the company's operations but the Directors are aware that if the current situation becomes prolonged then this may change. Having regard to the above, the directors believe it appropriate to adopt the going concern basis in preparing the financial statements.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the date of the statement of financial position and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Details of these judgements are set out in the accounting policies.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.

Taxation

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.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:

Plant & machinery	-	12% reducing balance
Fixtures & fittings	-	6 years on a straight line basis
Equipment	-	6 years on a straight line basis

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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 19 (2019: 20 ).

5. Intangible assets

	Development costs
	£

Cost
At 1st April 2019 and 31st March 2020	58,386
	-------
Amortisation
At 1st April 2019	41,536
Charge for the year	10,221
	-------
At 31st March 2020	51,757
	-------
Carrying amount
At 31st March 2020	6,629
	-------
At 31st March 2019	16,850
	-------

6. Tangible assets

Plant and machinery	Fixtures and fittings	Equipment	Total
£	£	£	£

Cost
At 1st April 2019	285,433	27,839	30,382	343,654
Additions	–	1,018	1,412	2,430
	---------	-------	-------	---------
At 31st March 2020	285,433	28,857	31,794	346,084
	---------	-------	-------	---------
Depreciation
At 1st April 2019	190,633	23,768	18,964	233,365
Charge for the year	11,850	1,740	2,862	16,452
	---------	-------	-------	---------
At 31st March 2020	202,483	25,508	21,826	249,817
	---------	-------	-------	---------
Carrying amount
At 31st March 2020	82,950	3,349	9,968	96,267
	---------	-------	-------	---------
At 31st March 2019	94,800	4,071	11,418	110,289
	---------	-------	-------	---------

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Equipment
	£

At 31st March 2020
Aggregate cost	7,557
Aggregate depreciation	(3,359)
	------
Carrying value	4,198
	------

At 31st March 2019
Aggregate cost	7,557
Aggregate depreciation	(2,099)
	------
Carrying value	5,458
	------

7. Debtors

	2020	2019
	£	£

Trade debtors	116,463	200,266
Other debtors	4,501	39,137
	---------	---------
	120,964	239,403
	---------	---------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£

Trade creditors	143,229	133,590
Corporation tax	14,500	22,500
Social security and other taxes	36,500	44,163
Other creditors	1,610	1,060
Other creditors	49,125	57,215
	---------	---------
	244,964	258,528
	---------	---------

The bank loans are secured by way of a fixed and floating charge over the assets of the company.

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

	2020	2019
	£	£

Other creditors	81,629	125,205
	-------	---------

10. Directors' advances, credits and guarantees

Included in other creditors is £31,629 (2019 - £34,500) due to the Directors .