Instore Shopfitters Limited Filleted accounts for Companies House (small and micro)

INSTORE SHOPFITTERS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05077236

Instore Shopfitters Limited

Filleted Unaudited Financial Statements

31 March 2024

Instore Shopfitters Limited

Statement of Financial Position

31 March 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	6	645,387	645,988
Investments	7	180,000	160,000
		---------	---------
		825,387	805,988

Current assets

Stocks		30,000	15,000
Debtors	8	469,433	479,230
Cash at bank and in hand		87,672	179,692
		---------	---------
		587,105	673,922

Creditors: amounts falling due within one year	9	297,834		362,885
		---------		---------
Net current assets			289,271	311,037
			------------	------------
Total assets less current liabilities			1,114,658	1,117,025

Creditors: amounts falling due after more than one year	10		39,932	101,671

Provisions

Taxation including deferred tax	12,395	20,945
	------------	------------
Net assets	1,062,331	994,409
	------------	------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	1,062,231	994,309
	------------	---------
Shareholders funds	1,062,331	994,409
	------------	---------

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 March 2024 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 Shopfitters Limited

Statement of Financial Position (continued)

31 March 2024

These financial statements were approved by the board of directors and authorised for issue on 28 May 2024 , and are signed on behalf of the board by:

Mr M S McIlroy
Director

Company registration number: 05077236

Instore Shopfitters Limited

Notes to the Financial Statements

Year ended 31 March 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 272 Price Street, Birkenhead, CH41 3PS.

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 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

The turnover shown in the profit and loss account represents amounts invoiced, or to be invoiced, for work completed during the year, exclusive of Value Added Tax.

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.

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.

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

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

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.

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 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 and Machinery	-	25% reducing balance
Fixtures and Fittings	-	25% reducing balance
Motor Vehicles	-	33% straight line

The freehold property is not depreciated. The directors consider that the residual value of the building is high and its useful life so long as to make depreciation immaterial.

Investments

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

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.

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 as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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 33 (2023: 39 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2023 and 31 March 2024	200,000
	---------
Amortisation
At 1 April 2023 and 31 March 2024	200,000
	---------
Carrying amount
At 31 March 2024	–
	---------
At 31 March 2023	–
	---------

6. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 April 2023	548,447	46,368	21,619	322,352	938,786
Additions	–	465	3,295	84,200	87,960
Disposals	–	–	–	( 49,418)	( 49,418)
	---------	--------	--------	---------	---------
At 31 March 2024	548,447	46,833	24,914	357,134	977,328
	---------	--------	--------	---------	---------
Depreciation
At 1 April 2023	–	29,874	16,420	246,504	292,798
Charge for the year	–	4,240	2,123	82,198	88,561
Disposals	–	–	–	( 49,418)	( 49,418)
	---------	--------	--------	---------	---------
At 31 March 2024	–	34,114	18,543	279,284	331,941
	---------	--------	--------	---------	---------
Carrying amount
At 31 March 2024	548,447	12,719	6,371	77,850	645,387
	---------	--------	--------	---------	---------
At 31 March 2023	548,447	16,494	5,199	75,848	645,988
	---------	--------	--------	---------	---------

7. Investments

	Investment Property
	£
Cost
At 1 April 2023	160,000
Revaluations	20,000
	---------
At 31 March 2024	180,000
	---------
Impairment
At 1 April 2023 and 31 March 2024	–
	---------

Carrying amount
At 31 March 2024	180,000
	---------
At 31 March 2023	160,000
	---------

8. Debtors

	2024	2023
	£	£
Trade debtors	362,985	466,581
Other debtors	106,448	12,649
	---------	---------
	469,433	479,230
	---------	---------

9. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	67,200	67,200
Trade creditors	–	4,729
Social security and other taxes	129,183	127,908
CSA and other AOE orders	940	1,068
Other creditors	100,511	161,980
	---------	---------
	297,834	362,885
	---------	---------

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

	2024	2023
	£	£
Bank loans and overdrafts	39,932	101,671
	--------	---------

11. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	–	17,772
	----	--------

12. Directors' advances, credits and guarantees

The directors operated a variable loan account with the company, repayable on demand and with interest charged at the HMRC beneficial loan rate (2.25%) on debit balances.