Ironmongery Express Ltd Filleted accounts for Companies House (small and micro)

IRONMONGERY EXPRESS LIMITED - Company Information

4 false false false false false false false false false true false false false false false false No description of principal activity 2020-03-01 Sage Accounts Production Advanced 2020 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 06811491 2020-03-01 2021-02-28 06811491 2021-02-28 06811491 2020-02-29 06811491 2019-03-01 2020-02-29 06811491 2020-02-29 06811491 core:PlantMachinery 2020-03-01 2021-02-28 06811491 core:FurnitureFittings 2020-03-01 2021-02-28 06811491 bus:Director1 2020-03-01 2021-02-28 06811491 bus:Director2 2020-03-01 2021-02-28 06811491 core:PlantMachinery 2020-02-29 06811491 core:FurnitureFittings 2020-02-29 06811491 core:PlantMachinery 2021-02-28 06811491 core:FurnitureFittings 2021-02-28 06811491 core:WithinOneYear 2021-02-28 06811491 core:WithinOneYear 2020-02-29 06811491 core:AfterOneYear 2021-02-28 06811491 core:AfterOneYear 2020-02-29 06811491 core:ShareCapital 2021-02-28 06811491 core:ShareCapital 2020-02-29 06811491 core:RetainedEarningsAccumulatedLosses 2021-02-28 06811491 core:RetainedEarningsAccumulatedLosses 2020-02-29 06811491 core:PlantMachinery 2020-02-29 06811491 core:FurnitureFittings 2020-02-29 06811491 bus:SmallEntities 2020-03-01 2021-02-28 06811491 bus:AuditExempt-NoAccountantsReport 2020-03-01 2021-02-28 06811491 bus:FullAccounts 2020-03-01 2021-02-28 06811491 bus:SmallCompaniesRegimeForAccounts 2020-03-01 2021-02-28 06811491 bus:PrivateLimitedCompanyLtd 2020-03-01 2021-02-28 06811491 core:ComputerEquipment 2020-03-01 2021-02-28 06811491 core:ComputerEquipment 2021-02-28 06811491 core:ComputerEquipment 2020-02-29

COMPANY REGISTRATION NUMBER: 06811491

Ironmongery Express Ltd

Filleted Unaudited Financial Statements

28 February 2021

Ironmongery Express Ltd

Statement of Financial Position

28 February 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5		5,144	6,859

Current assets

Stocks		166,884	172,884
Debtors	6	274,538	293,438
Cash at bank and in hand		1,017	6,911
		---------	---------
		442,439	473,233

Creditors: amounts falling due within one year	7	321,102		256,560
		---------		---------
Net current assets			121,337	216,673
			---------	---------
Total assets less current liabilities			126,481	223,532

Creditors: amounts falling due after more than one year	8	65,910	165,551
		---------	---------
Net assets		60,571	57,981
		---------	---------

Ironmongery Express Ltd

Statement of Financial Position (continued)

28 February 2021

	2021		2020
Note	£	£	£

Capital and reserves

Called up share capital	10	10
Profit and loss account	60,561	57,971
	--------	--------
Shareholders funds	60,571	57,981
	--------	--------

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 28 February 2021 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 .

These financial statements were approved by the board of directors and authorised for issue on 24 November 2021 , and are signed on behalf of the board by:

Mrs J L Harrison	Mr J Harrison
Director	Director

Company registration number: 06811491

Ironmongery Express Ltd

Notes to the Financial Statements

Year ended 28 February 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 38-39 Albert Road, Tamworth, Staffordshire, B79 7JS, England.

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.

Revenue recognition

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.

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.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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 Depreciation	-	25% reducing balance
Fixtures & Fittings Depreciation	-	25% reducing balance
Equipment Depreciation	-	25% reducing balance

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.

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.

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 4 (2020: 4 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 March 2020 and 28 February 2021	3,020	7,923	12,304	23,247
	-------	-------	--------	--------
Depreciation
At 1 March 2020	2,697	6,506	7,185	16,388
Charge for the year	81	354	1,280	1,715
	-------	-------	--------	--------
At 28 February 2021	2,778	6,860	8,465	18,103
	-------	-------	--------	--------
Carrying amount
At 28 February 2021	242	1,063	3,839	5,144
	-------	-------	--------	--------
At 29 February 2020	323	1,417	5,119	6,859
	-------	-------	--------	--------

6. Debtors

	2021	2020
	£	£
Trade debtors	234,708	256,579
Other debtors	39,830	36,859
	---------	---------
	274,538	293,438
	---------	---------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	119,409	–
Trade creditors	178,784	242,692
Corporation tax	1,010	1,542
Social security and other taxes	20,432	10,898
Other creditors	1,467	1,428
	---------	---------
	321,102	256,560
	---------	---------

Hitachi Capital hold a floating charge over the book debts of the company dated 21 October 2013.

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

	2021	2020
	£	£
Bank loans and overdrafts	65,910	–
Other creditors	–	165,551
	--------	---------
	65,910	165,551
	--------	---------

9. Related party transactions

No transactions with related parties were undertaken such as are required to be disclosed under FRS102(1A).