35
false
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
124,453
124,453
123,414
123,414
123,414
xbrli:pure
xbrli:shares
iso4217:GBP
505191
2023-01-01
2023-12-31
505191
2023-12-31
505191
2022-12-31
505191
2022-01-01
2022-12-31
505191
2022-12-31
505191
2021-12-31
505191
core:NetGoodwill
2023-01-01
2023-12-31
505191
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-01-01
2023-12-31
505191
core:PlantMachinery
2023-01-01
2023-12-31
505191
core:FurnitureFittings
2023-01-01
2023-12-31
505191
core:MotorVehicles
2023-01-01
2023-12-31
505191
bus:Director2
2023-01-01
2023-12-31
505191
bus:Director4
2023-01-01
2023-12-31
505191
bus:Director5
2023-01-01
2023-12-31
505191
core:NetGoodwill
2023-12-31
505191
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-12-31
505191
core:LandBuildings
core:LongLeaseholdAssets
2022-12-31
505191
core:PlantMachinery
2022-12-31
505191
core:FurnitureFittings
2022-12-31
505191
core:MotorVehicles
2022-12-31
505191
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-12-31
505191
core:LandBuildings
core:LongLeaseholdAssets
2023-12-31
505191
core:PlantMachinery
2023-12-31
505191
core:FurnitureFittings
2023-12-31
505191
core:MotorVehicles
2023-12-31
505191
core:LandBuildings
core:LongLeaseholdAssets
2023-01-01
2023-12-31
505191
core:WithinOneYear
2023-12-31
505191
core:WithinOneYear
2022-12-31
505191
core:AfterOneYear
2023-12-31
505191
core:AfterOneYear
2022-12-31
505191
core:ShareCapital
2023-12-31
505191
core:ShareCapital
2022-12-31
505191
core:RevaluationReserve
2023-12-31
505191
core:RevaluationReserve
2022-12-31
505191
core:CapitalRedemptionReserve
2023-12-31
505191
core:CapitalRedemptionReserve
2022-12-31
505191
core:RetainedEarningsAccumulatedLosses
2023-12-31
505191
core:RetainedEarningsAccumulatedLosses
2022-12-31
505191
core:CostValuation
core:Non-currentFinancialInstruments
2023-12-31
505191
core:Non-currentFinancialInstruments
2023-12-31
505191
core:Non-currentFinancialInstruments
2022-12-31
505191
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-12-31
505191
core:PlantMachinery
2022-12-31
505191
core:FurnitureFittings
2022-12-31
505191
core:MotorVehicles
2022-12-31
505191
core:LeasedAssetsHeldAsLessee
core:PlantMachinery
2022-12-31
505191
bus:SmallEntities
2023-01-01
2023-12-31
505191
bus:AuditExempt-NoAccountantsReport
2023-01-01
2023-12-31
505191
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
505191
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
505191
bus:FullAccounts
2023-01-01
2023-12-31
COMPANY REGISTRATION NUMBER:
505191
Ioma Clothing Company Limited |
|
Filleted Unaudited Financial Statements |
|
Ioma Clothing Company Limited |
|
Statement of Financial Position |
|
31 December 2023
Fixed assets
Tangible assets |
6 |
|
1,018,895 |
|
1,041,038 |
Investments |
7 |
|
123,414 |
|
123,414 |
|
|
------------ |
|
------------ |
|
|
1,142,309 |
|
1,164,452 |
|
|
|
|
|
|
Current assets
Stocks |
757,186 |
|
461,309 |
|
Debtors |
8 |
2,377,728 |
|
2,410,583 |
|
Cash at bank and in hand |
383,168 |
|
387,616 |
|
|
------------ |
|
------------ |
|
|
3,518,082 |
|
3,259,508 |
|
|
|
|
|
|
|
Creditors: amounts falling due within one year |
9 |
710,918 |
|
730,235 |
|
|
------------ |
|
------------ |
|
Net current assets |
|
2,807,164 |
|
2,529,273 |
|
|
------------ |
|
------------ |
Total assets less current liabilities |
|
3,949,473 |
|
3,693,725 |
|
|
|
|
|
|
Creditors: amounts falling due after more than one year |
10 |
|
532,671 |
|
571,318 |
|
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
211,949 |
|
164,910 |
|
|
------------ |
|
------------ |
Net assets |
|
3,204,853 |
|
2,957,497 |
|
|
------------ |
|
------------ |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
725 |
|
725 |
Revaluation reserve |
|
560,554 |
|
610,421 |
Capital redemption reserve |
|
275 |
|
275 |
Profit and loss account |
|
2,643,299 |
|
2,346,076 |
|
|
------------ |
|
------------ |
Shareholders funds |
|
3,204,853 |
|
2,957,497 |
|
|
------------ |
|
------------ |
|
|
|
|
|
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.
Ioma Clothing Company Limited |
|
Statement of Financial Position (continued) |
|
31 December 2023
For the year ending 31 December 2023 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
6 March 2024
, and are signed on behalf of the board by:
Mr P M Levinson |
Mr A Thomas |
Director |
Director |
|
|
Company registration number:
505191
Ioma Clothing Company Limited |
|
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Woodend Avenue, Speke, Liverpool, L24 9WF.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Revenue recognition, which is stated net of Value Added Tax, depends on the type of revenue concerned. Rental Income is recognised over the period of the lease. Interest income and expense is recognised on an accruals basis. Turnover represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax.
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.
Goodwill
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 five 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 |
- |
20% 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 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:
|
Freehold |
- |
2% straight line |
|
Leasehold |
- |
Over the period of the lease |
|
Plant & Machinery |
- |
20% reducing balance |
|
Fixtures & Fittings |
- |
33% reducing balance |
|
Motor Vehicles |
- |
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.
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.
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.
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
35
(2022:
30
).
5.
Intangible assets
|
Goodwill |
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
124,453 |
|
--------- |
Amortisation |
|
At 1 January 2023 and 31 December 2023 |
124,453 |
|
--------- |
Carrying amount |
|
At 31 December 2023 |
– |
|
--------- |
At 31 December 2022 |
– |
|
--------- |
|
|
6.
Tangible assets
|
Freehold property |
Long leasehold property |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
|
|
At 1 Jan 2023 |
950,000 |
8,615 |
417,915 |
276,732 |
82,133 |
1,735,395 |
Additions |
– |
– |
15,838 |
– |
– |
15,838 |
|
--------- |
------- |
--------- |
--------- |
-------- |
------------ |
At 31 Dec 2023 |
950,000 |
8,615 |
433,753 |
276,732 |
82,133 |
1,751,233 |
|
--------- |
------- |
--------- |
--------- |
-------- |
------------ |
Depreciation |
|
|
|
|
|
|
At 1 Jan 2023 |
26,600 |
8,615 |
343,998 |
258,731 |
56,413 |
694,357 |
Charge for the year |
7,600 |
– |
17,951 |
6,000 |
6,430 |
37,981 |
|
--------- |
------- |
--------- |
--------- |
-------- |
------------ |
At 31 Dec 2023 |
34,200 |
8,615 |
361,949 |
264,731 |
62,843 |
732,338 |
|
--------- |
------- |
--------- |
--------- |
-------- |
------------ |
Carrying amount |
|
|
|
|
|
|
At 31 Dec 2023 |
915,800 |
– |
71,804 |
12,001 |
19,290 |
1,018,895 |
|
--------- |
------- |
--------- |
--------- |
-------- |
------------ |
At 31 Dec 2022 |
923,400 |
– |
73,917 |
18,001 |
25,720 |
1,041,038 |
|
--------- |
------- |
--------- |
--------- |
-------- |
------------ |
|
|
|
|
|
|
|
Tangible assets held at valuation
The property was valued 02 June 2019 by Mr Stuart R Meadowcroft BSc (Hons) MRICS for and on behalf of Mason Owen & Partners Ltd.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
|
Plant and machinery |
|
£ |
At 31 December 2023 |
– |
|
---- |
At 31 December 2022 |
13,066 |
|
-------- |
|
|
7.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
123,414 |
|
--------- |
Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
|
--------- |
|
|
Carrying amount |
|
At 31 December 2023 |
123,414 |
|
--------- |
At 31 December 2022 |
123,414 |
|
--------- |
|
|
The company owns 40% (2022: 40%) of the issued share capital of Ioma Sunshine Limited. The company acquired 100% of the issued share capital of Freemans Industrial Supplies Limited on 27 September 2018.
8.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
756,454 |
859,492 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
1,574,299 |
1,531,813 |
Other debtors |
46,975 |
19,278 |
|
------------ |
------------ |
|
2,377,728 |
2,410,583 |
|
------------ |
------------ |
|
|
|
9.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
62,640 |
114,723 |
Trade creditors |
298,636 |
186,670 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
6,508 |
4,519 |
Social security and other taxes |
270,349 |
232,262 |
Other creditors |
72,785 |
192,061 |
|
--------- |
--------- |
|
710,918 |
730,235 |
|
--------- |
--------- |
|
|
|
10.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
532,671 |
571,318 |
|
--------- |
--------- |
|
|
|
11.
Directors' advances, credits and guarantees
Included within other creditors is an amount owed to the directors of £1,175 (2022: £36,175). No interest has been charged on the loan which is repayable on demand.
12.
Related party transactions
At the year end the company was owed £54,619 (2022: £12,214) by its subsidiary Freemans Industrial Supplies Limited and owed them £6,508 (2022: £4,519). It was also owed £1,500,000 by Ioma Services Group Limited its parent company and £19,680 (2022: £19,599) by Ioma Sunshine Limited a company in which it owns 40% of the share capital.
13.
Controlling party
Ioma Services Group Limited is the ultimate parent company after acquiring the entire share capital on 2 August 2019. A company registered in the United Kingdom.