Ison Distribution Limited Filleted accounts for Companies House (small and micro)

ISON DISTRIBUTION LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03690131

Ison Distribution Limited

Filleted Unaudited Financial Statements

31 January 2022

Ison Distribution Limited

Statement of Financial Position

31 January 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	6	1,455,353	1,475,971
Investments	7	10,642	10,642
		------------	------------
		1,465,995	1,486,613

Current assets

Stocks		4,115,459	2,560,629
Debtors	8	470,812	371,072
Cash at bank and in hand		1,223,036	1,900,227
		------------	------------
		5,809,307	4,831,928

Creditors: amounts falling due within one year	9	843,202		808,484
		------------		------------
Net current assets			4,966,105	4,023,444
			------------	------------
Total assets less current liabilities			6,432,100	5,510,057

Provisions

Taxation including deferred tax	20,925	9,865
	------------	------------
Net assets	6,411,175	5,500,192
	------------	------------

Capital and reserves

Called up share capital	150	150
Capital redemption reserve	50	50
Profit and loss account	6,410,975	5,499,992
	------------	------------
Shareholders funds	6,411,175	5,500,192
	------------	------------

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 31 January 2022 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 .

Ison Distribution Limited

Statement of Financial Position (continued)

31 January 2022

These financial statements were approved by the board of directors and authorised for issue on 25 October 2022 , and are signed on behalf of the board by:

Mr L Townsend
Director

Company registration number: 03690131

Ison Distribution Limited

Notes to the Financial Statements

Year ended 31 January 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 201 Lancaster Way Business Park, Ely, Cambridge, Cambs, CB6 3NX.

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

Consolidation

In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.

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 specifically recoverability of trade debtors and depreciation of fixed assets. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover represents the value of goods despatched or sold at the point of sale in the retail divisions, excluding value added tax.

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

All fixed assets are initially recorded at cost.

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:

Freehold property	-	2% straight line
Plant & machinery	-	25% reducing balance

Land is not depreciated.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is based on third party purchase invoices, with purchases in foreign currency being translated at an appropriate average rate of exchange.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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. The Company uses forward foreign currency contracts to reduce exposure to foreign exchange rates. Derivative financial instruments are initially measure at fair value on the date on which a derivative contract is entered into and are subsequently measured at fair value through profit or loss. Derivatives are carried as assets when fair value is positive and as liabilities when the fair value is negative. The fair value of the forward currency contracts is calculated by reference to current forward exchange contracts with similar maturity profiles.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 27 (2021: 29 ).

5. Operating lease commitments

Future lease commitments at 31 January 2022 are £52,500 (2021: £57,500)

6. Tangible assets

	Freehold land and property	Plant and machinery	Total
	£	£	£
Cost
At 1 February 2021	1,459,798	881,069	2,340,867
Additions	–	33,378	33,378
Disposals	–	( 10,550)	( 10,550)
	------------	---------	------------
At 31 January 2022	1,459,798	903,897	2,363,695
	------------	---------	------------
Depreciation
At 1 February 2021	116,523	748,373	864,896
Charge for the year	16,666	35,841	52,507
Transfers	–	( 9,061)	( 9,061)
	------------	---------	------------
At 31 January 2022	133,189	775,153	908,342
	------------	---------	------------
Carrying amount
At 31 January 2022	1,326,609	128,744	1,455,353
	------------	---------	------------
At 31 January 2021	1,343,275	132,696	1,475,971
	------------	---------	------------

7. Investments

	Shares in group undertakings	Shares in Associates	Total
	£	£	£
Cost
At 1 February 2021 and 31 January 2022	100	10,542	10,642
	----	--------	--------
Impairment
At 1 February 2021 and 31 January 2022	–	–	–
	----	--------	--------

Carrying amount
At 31 January 2022	100	10,542	10,642
	----	--------	--------
At 31 January 2021	100	10,542	10,642
	----	--------	--------

8. Debtors

	2022	2021
	£	£
Trade debtors	273,829	340,647
Other debtors	196,983	30,425
	---------	---------
	470,812	371,072
	---------	---------

9. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	196,068	135,997
Amounts owed to group undertakings and undertakings in which the company has a participating interest	100	100
Corporation tax	225,171	144,970
Social security and other taxes	18,321	76,716
Other creditors	403,542	450,701
	---------	---------
	843,202	808,484
	---------	---------

10. Unaudited financial statements

For a number years the company has requested its financial statements be subject to external audit. This is a voluntary request rather than a requirement under Company law. It is completed each year as the directors recognise the benefits of an external review and external opinion regarding the financial performance and position of the business.

The audit for the year ended 31 January 2020 was planned and a timetable agreed prior to Covid-19 restrictions being put in place during March 2020. Following the announcement of lockdown restrictions the operational aspects of the audit were discussed in detail with safety being of paramount importance. The directors, in conjunction with the company's auditors, concluded that in these extreme circumstances the voluntary audit should not take place for the year ended 31 January 2020, 2021 and 2022. It is fully intend to reintroduce the voluntary audit process as soon as it is safe to do so without significant additional administrative or financial burdens being placed upon the business.