Registered number:
FOR THE YEAR ENDED 28 FEBRUARY 2023
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IIAA LIMITED
COMPANY INFORMATION
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IIAA LIMITED
CONTENTS
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IIAA LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023
The directors present their strategic report for the year ended 28 February 2023.
The company’s principal activity during the year continued to be the production, import and distribution of goods for resale into the professional beauty sector. In addition to the sale of products, the company provides extensive support to its clients through operations, training, marketing, and PR.
The company experienced a drop in turnover this year as the return to business of salons & spas across the UK and Ireland proved to be slow following the closures experienced through the Coronavirus pandemic. In addition, the company terminated its distribution agreement for Jane Iredale in the UK and Ireland in early 2022 with a resultant loss of comparable turnover of just over £2m this financial year. As a result, turnover fell 16.95% to £24,492,267. Gross profit percentage was 55%. The directors consider these measures of performance to be the key performance indicators. Prior year operating profit was significantly higher as a result of a one-off receipt of £8,000,000 received for the lease surrender of our former head office site and the compensation for resultant business interruption experienced.
The company continues to invest in future growth, new products and its structures. Development of the IT, ERP and customer support systems is ongoing. Significant investment has been made in PR, Creative and Digital resources to build for further growth. As with last year the ANP range of nutritional supplements continued to expand with further new products being added and growth in its international market. Investment has been made in developing a skin-focused cosmetic range Et Al which is due to be rolled out in the next financial year.
The directors consider that the principal risk and uncertainty facing the company continues to be factors arising from the effects of the economic climate, increasing supplier costs and potential damage from the pandemic on its client base. Post Brexit regulations governing the distribution of product to our ROI clients has made this a more complicated logistical exercise which the company continues to review.
The company’s financial risk management policy seeks to ensure that adequate financial measures are retained to enable it to meet its day to day obligations as they fall due whilst managing its liquidity and credit risks.
Credit risk: most of the company’s turnover is in the form of cash or credit card payments. Credit risk is effectively mitigated through credit being spread over a large client base with credit insurance cover in place. Cash flow risk: the company monitors cash flow as part of its day to day activities allowing for its effective management. In addition, the company has significant cash reserves. Liquidity Risk: the company has no significant long term external debt, so this risk is low. The company manages liquidity through short term credit facilities and its cash reserves. Currency Risk: the company has some suppliers in the EU. The majority of sales are in GBP however it does have sales to ROI generating euros currency which serves to minimise risk in currency fluctuations with EU suppliers
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IIAA LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
The directors will continue to grow the business through innovation, client support and brand development. In the core distribution business, the successful strategies already in place will form the platform for future growth. For its ANP food supplement range, further international distributors will be appointed, and existing distributors developed. New products delivering impressive results will be trialled, developed, and brought to both local and international markets. The company will launch a new cosmetic range called Et Al in May 2023 which will complement its skin-focused strategy embodied in its other two brands. In the fourth quarter of the new financial year the company will switch over to a new ERP system which will greatly improve its efficiencies and processes. Further, the new Eventis Salon Business System will roll out in the final quarter of 2023/24 following salon trials in some of our existing salons. It is envisaged that this will greatly enhance the salon’s service offer and benefit both the salon and the company in terms of revenue generation.
The company will continue to embrace a philosophy that puts the good of the environment at the core of its activities.
This report was approved by the board on 29 February 2024 and signed on its behalf.
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IIAA LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023
The directors present their report and the financial statements for the year ended 28 February 2023.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £1,201,187 (2022 - profit £8,226,322).
The company paid dividends of £3,000,000 (2022: £3,000,000).
The directors who served during the year were:
The company continues to prioritise core initiatives focused on building a long term sustainable business.
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IIAA LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
There have been no significant events affecting the Company since the year end.
The auditor, Haysmacintyre LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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IIAA LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF IIAA LIMITED
We have audited the financial statements of iiaa Limited (the 'Company') for the year ended 28 February 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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IIAA LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF IIAA LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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IIAA LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF IIAA LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Based on our understanding of the company and industry, we have identified the principal risks of non-compliance with laws and regulations, and we have considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and sales tax. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included: - Inspecting correspondence with regulators and tax authorities; - Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; - Evaluating management's controls designed to prevent and detect irregularities; - Cut-off testing of revenue around year end to identify any fraud; - Identifying and testing journals, in particular those journal entries which exhibited the characteristics we had identified as possible indicators of irregularities; and - Challenging assumptions and judgements made by management in their accounting estimates. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
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IIAA LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF IIAA LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
10 Queen Street Place
EC4R 1AG
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IIAA LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2023
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IIAA LIMITED
REGISTERED NUMBER: 02810868
STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 37 form part of these financial statements.
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IIAA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023
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IIAA LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2023
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IIAA LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
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IIAA LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 28 FEBRUARY 2023
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IIAA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
IIAA Limited is a private company limited by shares incorporated in England and Wales.
The Registered Office is C/O Cowen Suite Kinetic Centre, Theobald Street, Borehamwood, Hertfordshire, England, WD6 4PJ. The company's trading address is Riverside House, 2a Southwark Bridge Road, London, SE1 9HA. The company's principal activity is that of the import and distribution of goods for resale in the beauty sector.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Directors have assessed the appropriateness of the going concern basis by preparing cash flow forecasts through to February 2025, covering the 12 month period beyond the signing date of these financial statements.
The Directors are satisfied that the Company should continue to have the ability to meet its ongoing liabilities as and when they gall due for period of at least twelve months from the date that these financial statements are signed. Accordingly, the Directors consider it appropriate to adopt the going concern basis for the preparation of these financial statements.
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IIAA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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IIAA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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IIAA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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IIAA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
2.Accounting policies (continued)
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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IIAA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following annual basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Assets under contruction are not depreciated until they are brought into use.
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IIAA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual
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IIAA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
2.Accounting policies (continued)
arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Compensation received for business interruption is recognised on receipt in the Statement of Comprehensive Income.
Compensation received for surrender of lease is recognised on receipt in the Statement of Comprehensive Income.
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IIAA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
The following are the estimates and judgements that the directors consider to have the most significant impact on the annual results under FRS 102. Tangible and intangible fixed assets The estimated useful lives of tangible and intangible fixed assets are based on management's judgement and experience. When management identifies that actual useful lives differ materially from the estimates used to calculate depreciation, that charge is adjusted prospectively. Due to the significance of tangible and intangible asset investment to the company, variations between actual and estimated useful economic lives could impact on operating results both positively and negatively, although historically no changes have been required. Revenue recognition and allowance for doubtful receivables The company recognises revenue generally at the time of delivery and when collection of the resulting receivable is reasonably assured. When the company considers that the criteria for revenue recognition are not met for a transaction, revenue recognition is delayed until such time as collectability is reasonably assured. Payments received in advance of revenue recognition are recorded as deferred income. At each reporting date, the company evaluate the recoverability of trade receivables and record allowances for doubtful receivables based on experience. These allowances are based on, amongst other things, a consideration of actual collection history. The actual level of receivables collected may differ from the estimated levels of recovery, which could impact operating results positively or negatively. Business interrruption income due to lease surrender When compensation for business interruption due to lease surrender is received, the Company's management is required to assess the conditions attached to the compensation to determine its appropriate accounting treatment. The gross proceeds from compensation for business interruption are recognised in the income statement as other operating income when the receipt of the proceeds is virtually certain and that there are no unfulfilled performance obligations attached to the income. Stock valuation Stock is carried at the lower of cost and net realisable value, on a first in first out basis. A provision is also made to write down any slow-moving or obsolete inventory to net realisable value.
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IIAA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
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IIAA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
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IIAA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
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IIAA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
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IIAA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
12.Taxation (continued)
It is expected that the UK corporation tax rate will increase to 25% from 1 April 2023.
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IIAA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
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IIAA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
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IIAA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
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IIAA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
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IIAA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
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IIAA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
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IIAA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
Profit and loss account
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IIAA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £237,435 (2022 - £162,458). Contributions totalling £35,306 (2022 - £30,394) were payable to the fund at the reporting date.
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IIAA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
The parent company is Helston Trading Limited, a company incorporated in the British Virgin Islands. The ultimate controlling party of IIAA Limited is considered to be David Alpert.
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