Company registration number 14133477 (England and Wales)
IMPERIUM MECHANICAL AND ELECTRICAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
IMPERIUM MECHANICAL AND ELECTRICAL LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
IMPERIUM MECHANICAL AND ELECTRICAL LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF IMPERIUM MECHANICAL AND ELECTRICAL LIMITED FOR THE YEAR ENDED 31 MAY 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Imperium Mechanical and Electrical Limited for the year ended 31 May 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Imperium Mechanical and Electrical Limited, as a body, in accordance with the terms of our engagement letter dated 8 June 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Imperium Mechanical and Electrical Limited and state those matters that we have agreed to state to the board of directors of Imperium Mechanical and Electrical Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Imperium Mechanical and Electrical Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Imperium Mechanical and Electrical Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Imperium Mechanical and Electrical Limited. You consider that Imperium Mechanical and Electrical Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Imperium Mechanical and Electrical Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Dartnell Accounting Limited
10 October 2023
Chartered Accountants
16 Gorselands Close
West Byfleet
Surrey
KT14 6PU
IMPERIUM MECHANICAL AND ELECTRICAL LIMITED
BALANCE SHEET
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2023
Notes
£
£
Fixed assets
Tangible assets
4
32,089
Current assets
Debtors
5
4,253
Cash at bank and in hand
16,842
21,095
Creditors: amounts falling due within one year
6
(137,427)
Net current liabilities
(116,332)
Total assets less current liabilities
(84,243)
Creditors: amounts falling due after more than one year
7
(21,388)
Net liabilities
(105,631)
Capital and reserves
Called up share capital
100
Profit and loss reserves
(105,731)
Total equity
(105,631)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 10 October 2023
Mr T W Hill
Director
Company registration number 14133477 (England and Wales)
IMPERIUM MECHANICAL AND ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
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1
Accounting policies
Company information
Imperium Mechanical and Electrical Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2 Imperial Park, Rawreth Lane, Rayleigh, SS6 9RS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
5 years
Fixtures and fittings
5 years
Computers
3 years
Motor vehicles
4 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
IMPERIUM MECHANICAL AND ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
IMPERIUM MECHANICAL AND ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
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3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
Number
Total
2
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 26 May 2022
Additions
665
696
2,182
35,419
38,962
At 31 May 2023
665
696
2,182
35,419
38,962
Depreciation and impairment
At 26 May 2022
Depreciation charged in the year
111
139
720
5,903
6,873
At 31 May 2023
111
139
720
5,903
6,873
Carrying amount
At 31 May 2023
554
557
1,462
29,516
32,089
5
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
2,449
Other debtors
1,804
4,253
6
Creditors: amounts falling due within one year
2023
£
Trade creditors
1,561
Taxation and social security
1,266
Other creditors
134,600
137,427
IMPERIUM MECHANICAL AND ELECTRICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
£
Other creditors
21,388