Registered number
09486056
I M Upholstery Ltd
Filleted Accounts
28 February 2023
I M Upholstery Ltd
Registered number: 09486056
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 10,000 10,000
Tangible assets 4 2,270 11,349
12,270 21,349
Current assets
Stocks 22,365 18,990
Debtors 5 82,994 111,702
Cash at bank and in hand 92,773 124,097
198,132 254,789
Creditors: amounts falling due within one year 6 (163,273) (160,682)
Net current assets 34,859 94,107
Total assets less current liabilities 47,129 115,456
Creditors: amounts falling due after more than one year 7 - (33,403)
Net assets 47,129 82,053
Capital and reserves
Called up share capital 3 3
Profit and loss account 47,126 82,050
Shareholders' funds 47,129 82,053
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ilyas Mohamed
Director
Approved by the board on 1 August 2023
I M Upholstery Ltd
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 13 12
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2022 10,000
At 28 February 2023 10,000
Amortisation
At 28 February 2023 -
Net book value
At 28 February 2023 10,000
At 28 February 2022 10,000
No amortisation is to be charged in respect of the goodwill. The director is of the opinion that goodwill is likely to increase in value.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2022 47,802 58,301 106,103
Additions 2,837 - 2,837
At 28 February 2023 50,639 58,301 108,940
Depreciation
At 1 March 2022 40,297 54,457 94,754
Charge for the year 8,072 3,844 11,916
At 28 February 2023 48,369 58,301 106,670
Net book value
At 28 February 2023 2,270 - 2,270
At 28 February 2022 7,505 3,844 11,349
5 Debtors 2023 2022
£ £
Trade debtors 81,794 110,502
Other debtors 1,200 1,200
82,994 111,702
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 131,269 109,882
Taxation and social security costs 23,711 27,721
Other creditors 95 11,085
Director's account 3,198 9,494
Accruals and deferred income 5,000 2,500
163,273 160,682
7 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors - 33,403
8 Related party transactions
Included in directors account as shown in note 6 above are amounts owed to the director Mr Ilyas Mohamed in the amount of £3,198 (2022:£9,494). The loan is unsecured, interest free and repayable on demand. The maximum balance of the loan during the year was £9,494.
9 Controlling party
The company is controlled by the director and shareholders.
10 Other information
I M Upholstery Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 5, Vale Mill Business Park
Emerald Street
Blackburn
Lancashire
BB1 9QJ
I M Upholstery Ltd 09486056 false 2022-03-01 2023-02-28 2023-02-28 VT Final Accounts October 2023 Ilyas Mohamed No description of principal activity 09486056 2021-03-01 2022-02-28 09486056 core:WithinOneYear 2022-02-28 09486056 core:AfterOneYear 2022-02-28 09486056 core:ShareCapital 2022-02-28 09486056 core:RetainedEarningsAccumulatedLosses 2022-02-28 09486056 2022-03-01 2023-02-28 09486056 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 09486056 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 09486056 bus:Director40 2022-03-01 2023-02-28 09486056 1 2022-03-01 2023-02-28 09486056 2 2022-03-01 2023-02-28 09486056 core:PlantMachinery 2022-03-01 2023-02-28 09486056 core:Vehicles 2022-03-01 2023-02-28 09486056 countries:England 2022-03-01 2023-02-28 09486056 bus:FRS102 2022-03-01 2023-02-28 09486056 bus:FullAccounts 2022-03-01 2023-02-28 09486056 2023-02-28 09486056 core:WithinOneYear 2023-02-28 09486056 core:AfterOneYear 2023-02-28 09486056 core:ShareCapital 2023-02-28 09486056 core:RetainedEarningsAccumulatedLosses 2023-02-28 09486056 core:Goodwill 2023-02-28 09486056 core:PlantMachinery 2023-02-28 09486056 core:Vehicles 2023-02-28 09486056 2022-02-28 09486056 core:Goodwill 2022-02-28 09486056 core:PlantMachinery 2022-02-28 09486056 core:Vehicles 2022-02-28 iso4217:GBP xbrli:pure