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REGISTERED NUMBER: 04639695 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

FOR

INTEGRATED METAL SUPPLIES LIMITED

INTEGRATED METAL SUPPLIES LIMITED (REGISTERED NUMBER: 04639695)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


INTEGRATED METAL SUPPLIES LIMITED

COMPANY INFORMATION
for the Year Ended 31 January 2023







DIRECTOR: J M Hilditch



SECRETARY: Mrs V Hilditch



REGISTERED OFFICE: Unit 9
Commonwealth Close
Leigh Business Park
Wigan
WN7 3BD



REGISTERED NUMBER: 04639695 (England and Wales)



ACCOUNTANTS: Fairhurst
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB



BANKERS: National Westminster Bank Plc
4 Standishgate
Wigan
Lancashire
WN1 1UJ

INTEGRATED METAL SUPPLIES LIMITED (REGISTERED NUMBER: 04639695)

STATEMENT OF FINANCIAL POSITION
31 January 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 121,910 136,350

CURRENT ASSETS
Stocks 1,000 1,000
Debtors 5 331,337 294,563
Cash at bank and in hand 254,137 268,968
586,474 564,531
CREDITORS
Amounts falling due within one year 6 203,928 198,620
NET CURRENT ASSETS 382,546 365,911
TOTAL ASSETS LESS CURRENT
LIABILITIES

504,456

502,261

CREDITORS
Amounts falling due after more than one
year

7

(24,189

)

(38,729

)

PROVISIONS FOR LIABILITIES (13,306 ) (12,342 )
NET ASSETS 466,961 451,190

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 466,959 451,188
SHAREHOLDERS' FUNDS 466,961 451,190

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

INTEGRATED METAL SUPPLIES LIMITED (REGISTERED NUMBER: 04639695)

STATEMENT OF FINANCIAL POSITION - continued
31 January 2023


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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 September 2023 and were signed by:





J M Hilditch - Director


INTEGRATED METAL SUPPLIES LIMITED (REGISTERED NUMBER: 04639695)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

Integrated Metal Supplies 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.

The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income is recognised when the risks and rewards of ownership have been transfered to the customer, usually when the job is complete and invoiced to the customer.

Tangible fixed assets
Tangible fixed assets are stated cost less accumulated depreciation.

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% - 33% on reducing balance

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to sell.

Financial instruments
The company has elected to apply the provisions of FRS 102 Section 11 'Basic Financial Instruments' to all of its financial instruments.

The following assets and liabilities are classified as financial instruments; trade debtors, trade creditors, accrual, directors' loan accounts and hire purchase agreements.

Financial instruments that are payable or receivable within one year, typically trade creditors, hire purchase and trade debtors, are measured initially and subsequently at the undiscounted amount of the cash that is expected to be paid or received.

Financial instruments repayable in more than one year such as hire purchase agreements are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method unless the effect of discounting would be immaterial.

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.


INTEGRATED METAL SUPPLIES LIMITED (REGISTERED NUMBER: 04639695)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

2. ACCOUNTING POLICIES - continued
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
Assets obtained under hire purchase or finance leases are capitalised in the Statement of Financial Position. Those assets are depreciated over their estimated useful lives.

The interest element of these obligations is charged to the Income Statement over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the Income Statement as incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 10 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 February 2022 74,133 232,381 306,514
Additions - 5,256 5,256
At 31 January 2023 74,133 237,637 311,770
DEPRECIATION
At 1 February 2022 2,740 167,424 170,164
Charge for year 1,483 18,213 19,696
At 31 January 2023 4,223 185,637 189,860
NET BOOK VALUE
At 31 January 2023 69,910 52,000 121,910
At 31 January 2022 71,393 64,957 136,350

The net book value of tangible fixed assets includes £ 32,664 (2022 - £ 43,552 ) in respect of assets held under hire purchase contracts.

INTEGRATED METAL SUPPLIES LIMITED (REGISTERED NUMBER: 04639695)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 228,320 193,465
Other debtors 103,017 101,098
331,337 294,563

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 14,540 14,540
Trade creditors 123,771 129,427
Taxation and social security 53,252 42,775
Other creditors 12,365 11,878
203,928 198,620

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 24,189 38,729

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 14,540 14,540
Between one and five years 24,189 38,729
38,729 53,269

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 38,729 53,269

INTEGRATED METAL SUPPLIES LIMITED (REGISTERED NUMBER: 04639695)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2023 and 31 January 2022:

2023 2022
£    £   
J M Hilditch
Balance outstanding at start of year 53,270 53,789
Amounts repaid (165 ) (519 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 53,105 53,270

There are no fixed repayment terms and interest has been charged during the year at the official interest rate.