MIRA INFORM REPORT

 

 

Report No. :

315272

Report Date :

14.04.2015

 

IDENTIFICATION DETAILS

 

Name :

I.C.S. (UK) LIMITED

 

 

Registered Office :

Neville Roadbradfordwest Yorkshirebd4 8TU

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

11.11.1998

 

 

Com. Reg. No.:

03665746

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

Wholesale distributors of foodstuffs and catering supplies

 

 

No. of Employee :

102

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

United Kingdom

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

UNITED KINGDOM ECONOMIC OVERVIEW

 

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Falling home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these included nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 largely due to the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of £375 billion (approximately $605 billion) as of December 2013. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU). In 2012, weak consumer spending and subdued business INVESTMENThttps://cdncache-a.akamaihd.net/items/it/img/arrow-10x10.png weighed on the economy, however, in 2013 GDP grew 1.4%, accelerating unexpectedly in the second half of the year because of greater consumer spending and a recovering housing market. The budget deficit is falling but remains high at nearly 7% and public debt has continued to increase.

 

Source : CIA

 

Company name and address

 

Company Name:

I.C.S. (UK) LIMITED

 

Company No:

03665746

 

Registered Address:

NEVILLE ROADBRADFORDWEST YORKSHIREBD4 8TU

 

 

Company Summary

 

Registered Address

NEVILLE ROAD BRADFORD WEST YORKSHIRE BD4 8TU

Trading Address

Neville House Neville Road Bradford West Yorkshire BD4 8TU

Website Address

http://www.icsukltd.com

 

 

Telephone Number

01274301910

Fax Number

 

TPS

No

FPS

No

Incorporation Date

11/11/1998

 

 

Previous Name

 

Type

Private limited with Share Capital

FTSE Index

 

Date of Change

--

Filing Date of Accounts

20/12/2014

Currency

GBP

Share Capital

£1,200

SIC07

46390

Charity Number

--

 

 

SIC07 Description

NON-SPECIALISED WHOLESALE OF FOOD, BEVERAGES AND TOBACCO

Principal Activity

Wholesale distributors of foodstuffs and catering supplies.

 

 

Key Financials

 

Year to Date

Turnover

Pre Tax Profit

Shareholder

Funds Employees

31/03/2014

£40,136,953

£299,937

£3,000,048

102

31/03/2013

£36,801,980

£174,929

£2,971,230

94

31/03/2012

£35,844,623

£366,114

£2,830,425

89

 

 

Mortgage Summary

 

Total Mortgage             2

Outstanding                 2

Satisfied                       0

 

 

Trade Debtors / Bad Debt Summary

 

Total Number of Documented Trade                 1

Total Value of Documented Trade                    £518

 

 

Commentary

 

This company has been treated as a Medium company in respect of the rating/limit generated.

This company's ratio of total liabilities to total assets indicates the presence of moderate equity funding.

This company's return on total assets employed ratio indicates a relatively efficient use of assets.

This company has only made late payments on a low percentage of invoices.

This company's bank loans and overdrafts (less cash) account for a moderate percentage of short term liabilities.

This company trades in an industry with a lower level of corporate failures.

 

 

CCJ

 

Total Number of Exact CCJs -

0

Total Value of Exact CCJs -

Total Number of Possible CCJs -

0

Total Value of Possible CCJs -

Total Number of Satisfied CCJs -

0

Total Value of Satisfied CCJs -

Total Number of Writs -

-

 

 

Total Current Directors

2

Total Current Secretaries

1

Total Previous Directors / Company Secretaries

4

 

 

Current Directors

 

Name

Siddick Bhamji

Date of Birth

23/11/1961

Officers Title

Mr

Nationality

British

Present Appointments

4

Function

Director

Appointment Date

19/12/2003

Address

1 Hartley Grove, Dewsbury, West Yorkshire, WF13 2BL

 

Name

Ismail Bhamji

Date of Birth

23/03/1966

Officers Title

Mr

Nationality

British

Present Appointments

7

Function

Director

Appointment Date

11/11/1998

Address

43d Birkdale Road, Dewsbury, West Yorkshire, WF13 4HH

 

 

Current Company Secretary

 

Name

Ismail Bhamji

Date of Birth

23/03/1966

Officers Title

Mr

Nationality

British

Present Appointments

7

Function

Company Secretary

Appointment Date

11/11/1998

Address

43d Birkdale Road, Dewsbury, West Yorkshire, WF13 4HH

 

 

Top 20 Shareholders

 

Name

Currency

Share Count

Share Type

Nominal Value

% of Total Share Count

ICS (UK) HOLDINGS LTD

GBP

1,200

ORDINARY

1

100

 

 

Profit & Loss

 

Date Of Accounts

31/03/14

(%)

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

31/03/10

Weeks

52

(%)

52

(%)

52

(%)

52

(%)

52

Currency

GBP

(%)

GBP

(%)

GBP

(%)

GBP

(%)

GBP

Consolidated A/cs

N

(%)

N

(%)

N

(%)

N

(%)

N

Turnover

£40,136,953

9.1%

£36,801,980

2.7%

£35,844,623

8.6%

£32,997,144

5.7%

£31,215,776

Export

-

-

-

-

-

-

-

-

-

Cost of Sales

-

-

-

-

-

-

-

-100%

£28,131,637

Gross Profit

-

-

-

-

-

-

-

-

£3,084,139

Wages & Salaries

£1,772,971

8.2%

£1,638,279

6.9%

£1,532,025

10.2%

£1,389,962

-3.5%

£1,440,578

Directors Emoluments

£33,278

2.8%

£32,370

-

£32,370

-

£32,370

-

£32,370

Operating Profit

£332,275

69.9%

£195,547

-49.6%

£387,794

31.9%

£294,056

-9.2%

£323,945

Depreciation

£181,838

12.4%

£161,805

3.6%

£156,149

22.7%

£127,304

0.3%

£126,900

Audit Fees

£6,450

-

£6,450

29%

£5,000

11.1%

£4,500

-

£4,500

Interest Payments

£32,338

56.8%

£20,618

-4.9%

£21,680

10.2%

£19,670

-14.8%

£23,099

Pre Tax Profit

£299,937

71.5%

£174,929

-52.2%

£366,114

33.4%

£274,386

-8.8%

£300,846

Taxation

-£76,119

-123.1%

-£34,124

66.2%

-£100,955

-36.5%

-£73,949

17.2%

-£89,270

Profit After Tax

£223,818

59%

£140,805

-46.9%

£265,159

32.3%

£200,437

-5.3%

£211,576

Dividends Payable

-

-

-

-

-

-

-

-

-

Retained Profit

£223,818

59%

£140,805

-46.9%

£265,159

32.3%

£200,437

-5.3%

£211,576

 

 

Balance Sheet

 

Date Of Accounts

31/03/14

(%)

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

31/03/10

Tangible Assets

£3,058,191

0.8%

£3,033,176

9.4%

£2,771,937

0.4%

£2,760,795

3.1%

£2,678,944

Intangible Assets

£36,084

-32.8%

£53,709

-

0

-

0

-

0

Total Fixed Assets

£3,094,275

0.2%

£3,086,885

11.4%

£2,771,937

0.4%

£2,760,795

3.1%

£2,678,944

Stock

£2,960,301

43.1%

£2,068,393

7.7%

£1,920,525

-10.8%

£2,152,148

67.6%

£1,283,939

Trade Debtors

£2,996,509

1.8%

£2,943,091

1.5%

£2,898,833

-2.2%

£2,963,319

19.7%

£2,474,993

Cash

£1,059,508

0.4%

£1,054,892

-9.2%

£1,162,399

202.2%

£384,676

22.8%

£313,325

Other Debtors

£306,812

43.8%

£213,402

18.6%

£179,909

-8.4%

£196,477

-43.6%

£348,212

Miscellaneous Current Assets

0

-

0

-

0

-

0

-

0

Total Current Assets

£7,323,130

16.6%

£6,279,778

1.9%

£6,161,666

8.2%

£5,696,620

28.9%

£4,420,469

Trade Creditors

£4,824,382

17.5%

£4,107,548

11.7%

£3,676,300

-8.4%

£4,015,180

13.8%

£3,529,176

Bank Loans & Overdrafts

£1,708,037

14.5%

£1,491,906

-2.5%

£1,530,194

53.9%

£994,147

538.5%

£155,694

Other Short Term Finance

£15,411

-

£15,411

14.7%

£13,432

-6.8%

£14,414

-0.4%

£14,465

Miscellaneous Current Liabilities

£204,295

25.1%

£163,340

-35.7%

£254,155

2.1%

£248,889

33%

£187,179

Total Current Liabilities

£6,752,125

16.9%

£5,778,205

5.6%

£5,474,081

3.8%

£5,272,630

35.7%

£3,886,514

Bank Loans & Overdrafts and LTL

£2,373,269

12.5%

£2,109,134

-2.3%

£2,159,291

33.8%

£1,613,666

60.8%

£1,003,764

Other Long Term Finance

£543,184

-

£543,184

-2.1%

£554,859

-0.9%

£559,859

-30.7%

£808,059

Total Long Term Liabilities

£665,232

7.8%

£617,228

-1.9%

£629,097

1.5%

£619,519

-26.9%

£848,070

.

 

Capital & Reserves

 

Date Of Accounts

31/03/14

(%)

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

31/03/10

Called Up Share Capital

£1,200

-

£1,200

-

£1,200

-

£1,200

-

£1,200

P & L Account Reserve

£2,069,815

12.1%

£1,845,997

8.3%

£1,705,192

18.4%

£1,440,033

16.2%

£1,239,596

Revaluation Reserve

£929,033

-17.3%

£1,124,033

-

£1,124,033

-

£1,124,033

-

£1,124,033

Sundry Reserves

-

-

-

-

-

-

-

-

-

Shareholder Funds

£3,000,048

1%

£2,971,230

5%

£2,830,425

10.3%

£2,565,266

8.5%

£2,364,829

 

 

Other Financial Items

 

Date Of Accounts

31/03/14

(%)

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

31/03/10

Net Worth

£2,963,964

1.6%

£2,917,521

3.1%

£2,830,425

10.3%

£2,565,266

8.5%

£2,364,829

Working Capital

£571,005

13.8%

£501,573

-27.1%

£687,585

62.2%

£423,990

-20.6%

£533,955

Total Assets

£10,417,405

11.2%

£9,366,663

4.8%

£8,933,603

5.6%

£8,457,415

19.1%

£7,099,413

Total Liabilities

£7,417,357

16%

£6,395,433

4.8%

£6,103,178

3.6%

£5,892,149

24.4%

£4,734,584

Net Assets

£3,000,048

1%

£2,971,230

5%

£2,830,425

10.3%

£2,565,266

8.5%

£2,364,829

 

 

Cash Flow

 

Date Of Accounts

31/03/14

(%)

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

31/03/10

Net Cashflow from Operations

£262,604

-52.7%

£555,389

10.9%

£501,023

339.8%

-£208,954

-117.3%

£1,206,838

Net Cashflow before Financing

-£211,515

-307.4%

-£51,923

-121%

£247,658

147.7%

-£518,851

-145.6%

£1,137,471

Net Cashflow from Financing

-£126,568

-27%

-£99,628

-127.5%

£362,837

-23.8%

£476,397

166.8%

-£713,690

Increase in Cash

-£338,083

-123.1%

-£151,551

-124.8%

£610,495

999.9%

-£42,454

-110%

£423,781

 

 

Miscellaneous

 

Date Of Accounts

31/03/14

(%)

31/03/13

(%)

31/03/12

(%)

31/03/11

(%)

31/03/10

Contingent Liability

NO

-

NO

-

NO

-

NO

-

NO

Capital Employed

£3,665,280

2.1%

£3,588,458

3.7%

£3,459,522

8.6%

£3,184,785

-0.9%

£3,212,899

Number of Employees

102

8.5%

94

5.6%

89

6%

84

-

84

 

Auditors

SADOFSKYS

Auditor Comments

The audit report contains no adverse comments

Bankers

HSBC BANK PLC

Bank Branch Code

40-19-17

 

 

Ratios

 

Date Of Accounts

31/03/14

31/03/13

31/03/12

31/03/11

31/03/10

Pre-tax profit margin %

0.75

0.48

1.02

0.83

0.96

Current ratio

1.08

1.09

1.13

1.08

1.14

Sales/Net Working Capital

70.29

73.37

52.13

77.83

58.46

Gearing %

79.10

71

76.30

62.90

42.40

Equity in %

28.90

31.90

31.70

30.30

33.30

Creditor Days

43.75

40.62

37.33

44.29

41.15

Debtor Days

27.17

29.10

29.43

32.68

28.86

Liquidity/Acid Test

0.64

0.72

0.77

0.67

0.80

Return On Capital Employed %

8.18

4.87

10.58

8.61

9.36

Return On Total Assets Employed %

2.87

1.86

4.09

3.24

4.23

Current Debt Ratio

2.25

1.94

1.93

2.05

1.64

Total Debt Ratio

2.47

2.15

2.15

2.29

2

Stock Turnover Ratio %

7.37

5.62

5.35

6.52

4.11

Return on Net Assets Employed %

9.99

5.88

12.93

10.69

12.72

 

 

Report Notes

 

There are no notes to display.

 

 

Status History

 

No Status History found

 

 

Event History

 

Date

Description

12/01/2015

New Accounts Filed

01/12/2014

New Company Secretary Mr I. Bhamji appointed

01/12/2014

New Board Member Mr I. Bhamji appointed

24/11/2014

Annual Returns

10/01/2014

New Accounts Filed

26/11/2013

Annual Returns

15/01/2013

New Accounts Filed

15/01/2013

New Accounts Filed

30/11/2012

Annual Returns

14/01/2012

New Accounts Filed

29/11/2011

Annual Returns

28/11/2011

Annual Returns

10/01/2011

New Accounts Filed

10/01/2011

New Accounts Filed

25/12/2010

Annual Returns

 

 

Previous Company Names

 

No Previous Names found

 

 

Writ Details

 

No writs found

 

 

Statistics

 

Group

2 companies

Linkages

0 companies

Countries

In 0 countries

 

 

Summary

 

Holding Company

ICS UK (HOLDINGS) LIMITED

Ownership Status

Wholly Owned

Ultimate Holding Company

ICS UK (HOLDINGS) LIMITED

 

 

Group StructureFull

 

Company Name

Registered Number

Latest Key Financials

Consol. Accounts

Turnover

tminus ICS UK (HOLDINGS) LIMITED

04828411

31.03.2014

Y

£40,136,953

L I.C.S. (UK) LIMITED

03665746

31.03.2014

N

£40,136,953

 

 

Mortgage Details

 

Mortgage Type:

LEGAL MORTGAGE

Date Charge Created:

10/07/03

Date Charge Registered:

11/07/03

Date Charge Satisfied:

-

Status:

OUTSTANDING

Person(s) Entitled:

HSBC BANK PLC

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Details:

THE FREEHOLD PROPERTY KNOWN AS LAND & BUILDINGS AT NEVILLE ROAD BRADFORD WITH THE BENEFIT OF ALL RIGHTS LICENCES GUARANTEES RENT DEPOSITS CONTRACTS DEEDS UNDERTAKINGS AND WARRANTIES RELATINGTO THE PROPERTY ANY SHARES OR MEMBERSHIP RIGHTS IN ANY MANAGEMENT COMPANY FOR THE PROPERTY ANY GOODWILL OF ANYBUSINESSFROM TIME TO TIME CARRIED ON AT THE PROPERTY ANY RENTAL AND OTHER MONEY PAYABLEUNDER ANY LEASE LICENCE OR OTHER INTEREST CREATED IN RESPECT OF THE PROPERTY AND ALL OTHER PAYMENTS WHATEVER INRESPECTOF THE PROPERTY

Mortgage Type:

DEBENTURE

Date Charge Created:

26/07/02

Date Charge Registered:

27/07/02

Date Charge Satisfied:

-

Status:

OUTSTANDING

Person(s) Entitled:

HSBC BANK PLC

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Details:

FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY

 

 

Creditor Details

 

Total Number

Total Value

Trade Creditors

0

-

No Creditor Data

 

 

Trade Debtors / Bad Debt Detail

 

Total Number of Documented Trade

Total Value of Documented Trade

Trade Debtors

1

£518

Company Name

Amount

Statement Date

S J A Foods Limited

£518

07/06/2013

 

 

Previous Director/Company Secretaries

 

Name

Current Directorships

Previous Directorships

Omar Bhamji

0

1

Suleman Bhamji

1

2

COMPANY DIRECTORS LIMITED

9351

196299

TEMPLE SECRETARIES LIMITED

11624

198017

Average Invoice Value

£45279.76

Invoices available

58

Paid

54

Outstanding

4

 

 

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

 

 

Within Terms

0-30 Days

31-60 Days

61-90 Days

91+ Days

Paid

43

10

0

1

0

Outstanding

1

2

0

0

1

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.39

UK Pound

1

Rs.91.06

Euro

1

Rs.66.16

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ANK

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.