2022-04-012023-03-312023-03-31false06038154IMPERIAL MIDLANDS 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IMPERIAL MIDLANDS LIMITED

Registered Number
06038154
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

IMPERIAL MIDLANDS LIMITED
Company Information
for the year from 1 April 2022 to 31 March 2023

Directors

M R Bhojani
N N Ebrahim

Registered Address

Flat 12 High Street
Desborough
Kettering
NN14 2QS

Registered Number

06038154 (England and Wales)
IMPERIAL MIDLANDS LIMITED
Balance Sheet as at
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets651,21847,378
51,21847,378
Current assets
Debtors815,00221,386
Cash at bank and on hand189,077125,508
204,079146,894
Creditors amounts falling due within one year9(169,950)(92,362)
Net current assets (liabilities)34,12954,532
Total assets less current liabilities85,347101,910
Provisions for liabilities11(5,964)(4,408)
Net assets79,38397,502
Capital and reserves
Called up share capital100100
Profit and loss account79,28397,402
Shareholders' funds79,38397,502
The financial statements were approved and authorised for issue by the Board of Directors on 26 October 2023, and are signed on its behalf by:
M R Bhojani
Director
N N Ebrahim
Director

Registered Company No. 06038154
IMPERIAL MIDLANDS LIMITED
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Basis of measurement used in financial statements
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).
4.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Land and buildings20
Fixtures and fittings10
Office Equipment25
Intangible assets policy
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
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.
Leases policy
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
Valuation of financial instruments policy
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortized cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortized. Classification of financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities Basic financial liabilities, including creditors, loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortized. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortized cost using the effective interest method.
5.Employee information

20232022
Average number of employees during the year1919
6.Property, plant and equipment

Land & buildings

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 April 22153,29484,3682,823240,485
Additions--11,47811,478
At 31 March 23153,29484,36814,301251,963
Depreciation and impairment
At 01 April 22129,38660,8982,823193,107
Charge for year4,7822,3475097,638
At 31 March 23134,16863,2453,332200,745
Net book value
At 31 March 2319,12621,12310,96951,218
At 31 March 2223,90823,470-47,378
Land and building includes improvements to leasehold property.
7.Dividends proposed and payable

2023

2022

££
Dividends Paid100,00060,000
Total100,00060,000
8.Debtors

2023

2022

££
Trade debtors / trade receivables7,94517,278
Other debtors5,6104,070
Prepayments and accrued income1,44738
Total15,00221,386
9.Creditors within one year

2023

2022

££
Trade creditors / trade payables5,318-
Bank borrowings and overdrafts-1,125
Taxation and social security28,92643,040
Other creditors135,70643,697
Accrued liabilities and deferred income-4,500
Total169,95092,362
Included in other creditors is an amount of £4,185 (2022: £6,857 ) due to the director Mr Bhojani and £1,814 (2022: £6.686 ) to the director Mr Ebrahim. It also includes an amount of £100,000 (2022 : £Nil) due to Hilton Pharmacy Ltd, a company connected to the directors.
10.Finance lease and HP contracts after one year
During the year the company paid rent of £54,000 (2022 : £54,000) to Mr & Mrs Ebrahim and Mr& Mrs Bhojani, a partnership of the directors.
11.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)5,9644,408
Total5,9644,408