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REGISTERED NUMBER: 08871973 (England and Wales)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

INTELLIGENT METAL SOLUTIONS LIMITED

INTELLIGENT METAL SOLUTIONS LIMITED (REGISTERED NUMBER: 08871973)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


INTELLIGENT METAL SOLUTIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2022







DIRECTORS: R A Beckett
M Dawson





REGISTERED OFFICE: Edenthorpe
Grove Road
Rotherham
S60 2ER





REGISTERED NUMBER: 08871973 (England and Wales)





ACCOUNTANTS: Michael A Jarvis & Co Ltd
Edenthorpe
Grove Road
Rotherham
South Yorkshire
S60 2ER

INTELLIGENT METAL SOLUTIONS LIMITED (REGISTERED NUMBER: 08871973)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 8,284 23,095

CURRENT ASSETS
Stocks 1,400,000 453,000
Debtors 5 1,265,300 981,167
Cash at bank and in hand 33,219 193,065
2,698,519 1,627,232
CREDITORS
Amounts falling due within one year 6 2,193,571 1,143,977
NET CURRENT ASSETS 504,948 483,255
TOTAL ASSETS LESS CURRENT
LIABILITIES

513,232

506,350

CREDITORS
Amounts falling due after more than one
year

7

-

(148,238

)

PROVISIONS FOR LIABILITIES (1,574 ) (4,388 )
NET ASSETS 511,658 353,724

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 511,558 353,624
511,658 353,724

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 June 2022 and were signed on its behalf by:





R A Beckett - Director


INTELLIGENT METAL SOLUTIONS LIMITED (REGISTERED NUMBER: 08871973)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1. STATUTORY INFORMATION

Intelligent Metal Solutions Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2021 - 9 ) .

INTELLIGENT METAL SOLUTIONS LIMITED (REGISTERED NUMBER: 08871973)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2021
and 31 March 2022 152,857
DEPRECIATION
At 1 April 2021 129,762
Charge for year 14,811
At 31 March 2022 144,573
NET BOOK VALUE
At 31 March 2022 8,284
At 31 March 2021 23,095

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 1,100,195 908,931
Other debtors 165,105 72,236
1,265,300 981,167

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts (see note 8) 148,238 101,762
Hire purchase contracts - 7,227
Trade creditors 883,499 301,095
Taxation and social security 54,768 5,482
Other creditors 1,107,066 728,411
2,193,571 1,143,977

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Bank loans (see note 8) - 148,238

8. LOANS

An analysis of the maturity of loans is given below:

2022 2021
£    £   
Amounts falling due within one year or on demand:
Bank loans 148,238 101,762

Amounts falling due between one and two years:
Bank loans - 1-2 years - 148,238

The company previously drew down £250,000 under the terms of the Coronavirus Business Interruption Loan Scheme and accepted assistance with the first years interest payments as part of the Business Interruption Payment Scheme. The period of the loan is 24 months with capital repayments commencing after the first twelve months.

INTELLIGENT METAL SOLUTIONS LIMITED (REGISTERED NUMBER: 08871973)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

9. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Hire purchase contracts - 7,227

Bank overdraft facilities are secured by a debenture over the company's assets in the banks standard form dated 2 November 2015.

Obligations under finance leases and hire purchase contracts are secured upon the assets to which they relate.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2022 and 31 March 2021:

2022 2021
£    £   
R A Beckett
Balance outstanding at start of year (723,014 ) (1,172,073 )
Amounts advanced (379,099 ) -
Amounts repaid - 449,059
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (1,102,113 ) (723,014 )

11. ULTIMATE CONTROLLING PARTY

The company is controlled by Mr R A Beckett by virtue of his interest in the issued share capital.