Industrial Trading Solutions Limited 31/12/2022 iXBRL

Industrial Trading Solutions Limited 31/12/2022 iXBRL

INDUSTRIAL TRADING SOLUTIONS LIMITED - Company Information

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11 31/12/2022 2022-12-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-01-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 04393188 2022-01-01 2022-12-31 04393188 2022-12-31 04393188 2021-12-31 04393188 2021-01-01 2021-12-31 04393188 2021-12-31 04393188 core:NetGoodwill 2022-01-01 2022-12-31 04393188 core:IntangibleAssetsOtherThanGoodwill 2022-01-01 2022-12-31 04393188 core:PlantMachinery 2022-01-01 2022-12-31 04393188 core:FurnitureFittingsToolsEquipment 2022-01-01 2022-12-31 04393188 core:MotorVehicles 2022-01-01 2022-12-31 04393188 core:OnerousContractsExcludingVacantProperties 2022-01-01 2022-12-31 04393188 bus:LeadAgentIfApplicable 2022-01-01 2022-12-31 04393188 bus:Director1 2022-01-01 2022-12-31 04393188 core:IntangibleAssetsOtherThanGoodwill 2021-12-31 04393188 core:IntangibleAssetsOtherThanGoodwill 2022-12-31 04393188 core:PlantMachinery 2021-12-31 04393188 core:FurnitureFittingsToolsEquipment 2021-12-31 04393188 core:MotorVehicles 2021-12-31 04393188 core:PlantMachinery 2022-12-31 04393188 core:FurnitureFittingsToolsEquipment 2022-12-31 04393188 core:MotorVehicles 2022-12-31 04393188 core:WithinOneYear 2022-12-31 04393188 core:WithinOneYear 2021-12-31 04393188 core:AfterOneYear 2022-12-31 04393188 core:AfterOneYear 2021-12-31 04393188 core:ShareCapital 2022-12-31 04393188 core:ShareCapital 2021-12-31 04393188 core:CapitalRedemptionReserve 2022-12-31 04393188 core:CapitalRedemptionReserve 2021-12-31 04393188 core:RetainedEarningsAccumulatedLosses 2022-12-31 04393188 core:RetainedEarningsAccumulatedLosses 2021-12-31 04393188 core:IntangibleAssetsOtherThanGoodwill 2021-12-31 04393188 core:PlantMachinery 2021-12-31 04393188 core:FurnitureFittingsToolsEquipment 2021-12-31 04393188 core:MotorVehicles 2021-12-31 04393188 bus:SmallEntities 2022-01-01 2022-12-31 04393188 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 04393188 bus:FullAccounts 2022-01-01 2022-12-31 04393188 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 04393188 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 04393188 core:LeaseholdImprovements 2022-01-01 2022-12-31 04393188 core:LeaseholdImprovements 2021-12-31 04393188 core:LeaseholdImprovements 2022-12-31 04393188 1 2022-01-01 2022-12-31
Company registration number: 04393188
Industrial Trading Solutions Limited
Unaudited filleted financial statements
31 December 2022
Industrial Trading Solutions Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Industrial Trading Solutions Limited
Year ended 31 December 2022
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Industrial Trading Solutions Limited for the year ended 31 December 2022 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Association of Chartered Certified Accountants , I am subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Industrial Trading Solutions Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Industrial Trading Solutions Limited and state those matters that we have agreed to state to the board of directors of Industrial Trading Solutions Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Industrial Trading Solutions Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Industrial Trading Solutions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Industrial Trading Solutions Limited. You consider that Industrial Trading Solutions Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Industrial Trading Solutions Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Emery & Co Accountants Limited
Office Suite 10
Old Cottage Hospital
Leicester Road
Ashby-De-La-Zouch
LE65 1DB
16 August 2023
Industrial Trading Solutions Limited
Statement of financial position
31 December 2022
2022 2021
Note £ £ £ £
Fixed assets
Intangible assets 5 6,500 6,300
Tangible assets 6 110,724 111,184
_______ _______
117,224 117,484
Current assets
Stocks 347,261 357,921
Debtors 7 722,801 958,720
Cash at bank and in hand 299,058 371,045
_______ _______
1,369,120 1,687,686
Creditors: amounts falling due
within one year 8 ( 703,418) ( 1,027,127)
_______ _______
Net current assets 665,702 660,559
_______ _______
Total assets less current liabilities 782,926 778,043
Creditors: amounts falling due
after more than one year 9 ( 81,645) ( 102,500)
Provisions for liabilities ( 14,960) ( 14,576)
_______ _______
Net assets 686,321 660,967
_______ _______
Capital and reserves
Called up share capital 90 90
Capital redemption reserve ( 19,990) ( 19,990)
Profit and loss account 706,221 680,867
_______ _______
Shareholders funds 686,321 660,967
_______ _______
For the year ending 31 December 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 August 2023 , and are signed on behalf of the board by:
Mr P G Jeans
Director
Company registration number: 04393188
Industrial Trading Solutions Limited
Notes to the financial statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Office Suite 10, Old Cottage Hospital, Leicester Road, Ashby-De-La-Zouch, LE65 1DB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
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 the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
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.
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 a revalued amount, 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
Website - 33.33 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. The directors have reviewed the useful life of goodwill in light of transition to FRS 102 but feel that the current estimate is still appropriate.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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 and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
Leasehold improvements - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs 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 11 (2021: 11 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 January 2022 9,450 9,450
Additions 5,025 5,025
_______ _______
At 31 December 2022 14,475 14,475
_______ _______
Amortisation
At 1 January 2022 3,150 3,150
Charge for the year 4,825 4,825
_______ _______
At 31 December 2022 7,975 7,975
_______ _______
Carrying amount
At 31 December 2022 6,500 6,500
_______ _______
At 31 December 2021 6,300 6,300
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Leasehold improvements Total
£ £ £ £ £
Cost
At 1 January 2022 22,730 244,010 12,995 54,870 334,605
Additions - 25,628 19,175 - 44,803
_______ _______ _______ _______ _______
At 31 December 2022 22,730 269,638 32,170 54,870 379,408
_______ _______ _______ _______ _______
Depreciation
At 1 January 2022 16,729 168,737 12,062 25,894 223,422
Charge for the year 1,293 25,225 5,027 13,717 45,262
_______ _______ _______ _______ _______
At 31 December 2022 18,022 193,962 17,089 39,611 268,684
_______ _______ _______ _______ _______
Carrying amount
At 31 December 2022 4,708 75,676 15,081 15,259 110,724
_______ _______ _______ _______ _______
At 31 December 2021 6,001 75,273 933 28,976 111,183
_______ _______ _______ _______ _______
7. Debtors
2022 2021
£ £
Trade debtors 465,713 679,551
Other debtors 257,088 279,169
_______ _______
722,801 958,720
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 30,000 30,000
Trade creditors 525,344 660,507
Corporation tax 5,647 649
Social security and other taxes 71,543 66,412
Other creditors 70,884 269,559
_______ _______
703,418 1,027,127
_______ _______
9. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 72,500 102,500
Other creditors 9,145 -
_______ _______
81,645 102,500
_______ _______
10. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 4,878 11,440
_______ _______
4,878 11,440
_______ _______
The company operates from a property owned by a related party for which a rent charge of £54,000 has been made.
11. Directors advances, credits and guarantees
Dividends totalling £Nil (2021: £74,834) were paid in the year in respect of shares held by the company's directors. During the year, dividends totalling £Nil (2021: £14,000) were paid on the Ordinary A share held by the Peter Graham Jeans Discretionary Trust. Included in other creditors is an amount of £4,411 (2021: £28,769) due to directors. These amounts are interest free and repayable on demand. Included in other debtors is an amount of £Nil (2021: £29,752) due from a director.
12. Related party transactions
Included in other creditors is an amount of £Nil (2021: £146) owed to Dextera UK Limited for payments made on behalf of the company. Industrial Trading Solutions Limited occupies premises owned by Jeans Enterprises Limited, a connected company in which P G Jeans, V A Jeans and A P Jeans are directors and shareholders. During the year, management charges of £131,076 (2021: £131,076) were charged from Jeans Enterprises Limited. The outstanding balance at the year end due to Jeans Enterprises Limited is £17,181 (2021: £1,027).Included within other debtors is an amount of £205,505 (2021: £206,889) representing a loan between the company and Jeans Enterprises Limited. This loan has no formal terms and is repayable on demand.No guarantees have been given or received.
13. Controlling party
The ultimate controlling party is Mrs V Jeans by virtue of her shareholding.