I O GLOSSOP LIMITED,Ltd - AccountsLtd - Accounts

I O GLOSSOP LIMITED,Ltd - AccountsLtd - Accounts

I O GLOSSOP LIMITED - Company Information

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2020-11-01 08948849 2021-10-31 08948849 2020-11-01 2021-10-31 08948849 2020-10-31 08948849 2019-11-01 2020-10-31 08948849 uk-core:WithinOneYear 2020-10-31 08948849 uk-core:WithinOneYear 2021-10-31 08948849 uk-core:AfterOneYear 2020-10-31 08948849 uk-core:AfterOneYear 2021-10-31 08948849 uk-core:ShareCapital 2021-10-31 08948849 uk-core:ShareCapital 2020-10-31 08948849 uk-core:RetainedEarningsAccumulatedLosses 2021-10-31 08948849 uk-core:RetainedEarningsAccumulatedLosses 2020-10-31 08948849 uk-bus:Director1 2020-11-01 2021-10-31 08948849 uk-core:NetGoodwill 2020-11-01 2021-10-31 08948849 uk-core:PlantMachinery 2020-11-01 2021-10-31 08948849 uk-core:FurnitureFittings 2020-11-01 2021-10-31 08948849 uk-core:Goodwill 2020-10-31 08948849 uk-core:Goodwill 2021-10-31 08948849 uk-core:Goodwill 2020-11-01 2021-10-31 08948849 uk-core:FurnitureFittings 2020-10-31 08948849 uk-core:PlantMachinery 2020-10-31 08948849 uk-core:PlantMachinery 2021-10-31 08948849 uk-core:FurnitureFittings 2021-10-31 08948849 uk-core:WithinOneYear uk-core:Secured 2021-10-31 08948849 uk-core:WithinOneYear uk-core:Secured 2020-10-31 08948849 uk-core:WithinOneYear 2021-10-31 08948849 uk-core:WithinOneYear 2020-10-31 08948849 uk-core:AfterOneYear uk-core:Secured 2021-10-31 08948849 uk-core:AfterOneYear uk-core:Secured 2020-10-31 iso4217:GBP xbrli:pure 08948849 uk-bus:AuditExemptWithAccountantsReport 2020-11-01 2021-10-31 08948849 uk-bus:FRS102 2020-11-01 2021-10-31 08948849 uk-bus:FullAccounts 2020-11-01 2021-10-31 08948849 uk-bus:PrivateLimitedCompanyLtd 2020-11-01 2021-10-31
I O GLOSSOP LIMITED
Registered Number:08948849
For the year ended 31 October 2021
England and Wales
Unaudited Financial Statements
2
For the year ended 31 October 2021
I O GLOSSOP LIMITED
Contents Page
1
Statement of Financial Position
2 to 6
Notes to the Financial Statements
3
Registered Number :
08948849
As at 31 October 2021
I O GLOSSOP LIMITED
Statement of Financial Position
£
£
2020
2021
Notes
Fixed assets
Intangible assets
76,404
101,871
2
Property, plant and equipment
90,827
77,671
3
167,231
179,542
Current assets
Inventories
32,026
42,032
4
Trade and other receivables
12,304
20,957
5
80,184
Cash and cash equivalents
86,862
149,851
124,514
Trade and other payables: amounts falling due within one
year
(208,666)
(182,248)
6
(84,152)
(32,397)
Net current liabilities
Total assets less current liabilities
134,834
95,390
Trade and other payables: amounts falling due after more
than one year
(54,167)
(52,196)
7
(24,100)
(14,800)
Provisions for liabilities
58,538
Net assets
26,423
Capital and reserves
Called up share capital
100
100
Retained earnings
58,438
26,323
58,538
26,423
Shareholders' funds
For the year ended 31 October 2021 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2021 in accordance with Section 476 of the Companies Act 2006
The directors acknowledge their responsibilities for:a) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Section
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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4
Registered Number :
08948849
For the year ended 31 October 2021
I O GLOSSOP LIMITED
Statement of Financial Position Continued
Mr R I Blow Director
These financial statements were approved and authorised for issue by the Board on 01 March 2022 and were signed by:
The notes form part of these financial statements
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5
For the year ended 31 October 2021
I O GLOSSOP LIMITED
Notes to the Financial Statements
Statutory Information
I O GLOSSOP LIMITED is a private limited company, limited by shares, domiciled in England and Wales, registration
number 08948849.
Registered address:
55A Portland Square
Sutton in Ashfield
Nottinghamshire
NG17 1AZ
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the
Companies Act 2006. The financial statements have been prepared under the historical costs convention as
modified by the revaluation of certain assets.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of 10 years.
Property, plant and equipment
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and machinery
15% Reducing balance
33.33% and 10% Reducing balance
Fixtures and fittings
Inventories
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
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6
For the year ended 31 October 2021
I O GLOSSOP LIMITED
Notes to the Financial Statements Continued
2. Intangible fixed assets
Goodwill
Cost or valuation
£
At 01 November 2020
254,673
At 31 October 2021
254,673
Amortisation
At 01 November 2020
152,802
25,467
Charge for year
At 31 October 2021
178,269
Net book value
At 31 October 2021
76,404
At 31 October 2020
101,871
3. Property, plant and equipment
Total
Fixtures and
fittings
Plant and
machinery
£
£
£
Cost or
valuation
At 01 November 2020
150,318
84,480
65,838
26,535
741
25,794
Additions
At 31 October 2021
91,632
85,221
176,853
Provision for depreciation and impairment
At 01 November 2020
72,647
36,076
36,571
Charge for year
13,379
5,119
8,260
At 31 October 2021
86,026
41,195
44,831
At 31 October 2021
Net book value
46,801
44,026
90,827
At 31 October 2020
29,267
48,404
77,671
4. Inventories
2020
2021
£
£
Stocks
42,032
32,026
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7
For the year ended 31 October 2021
I O GLOSSOP LIMITED
Notes to the Financial Statements Continued
5. Trade and other receivables
2020
2021
£
£
Trade debtors
16,384
11,719
Other debtors
4,573
585
12,304
20,957
6. Trade and other payables: amounts falling due within one year
2020
2021
£
£
Bank loans and overdraft (secured)
-
12,367
Bank loans and overdraft
10,000
5,000
Trade creditors
21,719
23,374
Amounts owed to group undertaking and undertaking in which the
company has a participating interest
77,294
72,852
Taxation and social security
27,322
34,764
Other creditors
45,913
60,309
182,248
208,666
7. Trade and other payables: amounts falling due after more than one year
2020
2021
£
£
Bank loans and overdraft
35,000
45,000
Bank loans and overdraft (secured)
-
9,167
Trade creditors
17,196
-
52,196
54,167
8. Related party transactions
Mr M Woolhouse and Mr R I Blow are both directors of I O Glossop Ltd. I O Glossop Limited is 50% owned by Mr M
Woolhouse and 50% owned by D I Blow Opticians Ltd, a company controlled by Mr R I Blow.
At 31st October 2021 D I Blow Opticians Ltd are owed £77,294 (2020 £72,852) by I O Glossop Limited. D I Blow
Opticians Ltd had charged £74,761 (2020 £41,958) for various costs incurred on behalf of I O Glossop Limited in the
year.
At 31st October 2021 Mr M Woolhouse is owed £40,875 (2020 £52,167) by the Company.
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8
For the year ended 31 October 2021
I O GLOSSOP LIMITED
Notes to the Financial Statements Continued
9. Guarantees and other financial commitments
Guarantees and contingent assets and liabilities
Bank loans and overdrafts
The bank loans are secured by charges on various assets and by personal guarantees of the directors up to the
value of the loan.
Lease commitments
The total lease commitments which are not included in the balance sheet at 31 October 2021 amount to £38,557
(2020 £6,971).
10. Average number of persons employed
During the year the average number of employees was 8 (2020 : 8)
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