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 2021

Instore Direct Ltd

Statement of financial position

31 March 2021

	2021		2020
Note	£	£	£	£

Fixed assets

Intangible assets	5	1,009	6,629
Tangible assets	6	88,315	96,267
		-------	---------
		89,324	102,896

Current assets

Stocks		152,345	149,750
Debtors	7	235,070	120,964
Cash at bank and in hand		262,342	208,969
		---------	---------
		649,757	479,683

Creditors: amounts falling due within one year	8	( 334,413)		( 244,964)
		---------		---------
Net current assets			315,344		234,719
			---------		---------
Total assets less current liabilities			404,668		337,615

Creditors: amounts falling due after more than one year	9	( 65,738)	( 81,629)
		---------	---------
Net assets		338,930	255,986
		---------	---------

Capital and reserves

Called up share capital	26,000	26,000
Profit and loss account	312,930	229,986
	---------	---------
Shareholders funds	338,930	255,986
	---------	---------

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 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 .

Instore Direct Ltd

Statement of financial position (continued)

31 March 2021

These financial statements were approved by the board of directors and authorised for issue on 21 December 2021 , 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 2021

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
Motor vehicles	-	12% reducing balance
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.

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 18 (2020: 19 ).

5. Intangible assets

	Development costs
	£

Cost
At 1st April 2020 and 31st March 2021	58,386
	-------
Amortisation
At 1st April 2020	51,757
Charge for the year	5,620
	-------
At 31st March 2021	57,377
	-------
Carrying amount
At 31st March 2021	1,009
	-------
At 31st March 2020	6,629
	-------

6. Tangible assets

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

Cost
At 1st April 2020	285,433	28,857	–	31,794	346,084
Additions	–	4,492	2,000	–	6,492
	---------	-------	------	-------	---------
At 31st March 2021	285,433	33,349	2,000	31,794	352,576
	---------	-------	------	-------	---------
Depreciation
At 1st April 2020	202,483	25,508	–	21,826	249,817
Charge for the year	10,369	1,108	104	2,863	14,444
	---------	-------	------	-------	---------
At 31st March 2021	212,852	26,616	104	24,689	264,261
	---------	-------	------	-------	---------
Carrying amount
At 31st March 2021	72,581	6,733	1,896	7,105	88,315
	---------	-------	------	-------	---------
At 31st March 2020	82,950	3,349	–	9,968	96,267
	---------	-------	------	-------	---------

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 2021
Aggregate cost	7,557
Aggregate depreciation	(4,618)
	------
Carrying value	2,939
	------

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

7. Debtors

	2021	2020
	£	£

Trade debtors	148,193	116,463
Other debtors	86,877	4,501
	---------	---------
	235,070	120,964
	---------	---------

8. Creditors: amounts falling due within one year

	2021	2020
	£	£

Bank loans and overdrafts	6,712	–
Trade creditors	203,922	143,229
Corporation tax	21,500	14,500
Social security and other taxes	51,905	36,500
Other creditors	2,260	1,610
Other creditors	48,114	49,125
	---------	---------
	334,413	244,964
	---------	---------

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

	2021	2020
	£	£

Bank loans and overdrafts	43,288	–
Other creditors	22,450	81,629
	-------	-------
	65,738	81,629
	-------	-------

10. Directors' advances, credits and guarantees

Included in other debtors is £27,307 (2020 - £nil) due from one of the directors. Included in other creditors is £12,450 (2020 - £31,629) due to directors.