IMF Trading Limited 03701904 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is Rental of commercial property Digita Accounts Production Advanced 6.30.9574.0 true 03701904 2022-03-01 2023-02-28 03701904 2023-02-28 03701904 bus:OrdinaryShareClass1 2023-02-28 03701904 bus:Original 2023-02-28 03701904 core:CurrentFinancialInstruments 2023-02-28 03701904 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 03701904 core:FurnitureFittingsToolsEquipment 2023-02-28 03701904 core:LandBuildings 2023-02-28 03701904 bus:SmallEntities 2022-03-01 2023-02-28 03701904 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 03701904 bus:FullAccounts 2022-03-01 2023-02-28 03701904 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 03701904 bus:RegisteredOffice 2022-03-01 2023-02-28 03701904 bus:Director3 2022-03-01 2023-02-28 03701904 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 03701904 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 03701904 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 03701904 core:LandBuildings 2022-03-01 2023-02-28 03701904 core:MotorVehicles 2022-03-01 2023-02-28 03701904 core:OfficeEquipment 2022-03-01 2023-02-28 03701904 core:PlantMachinery 2022-03-01 2023-02-28 03701904 countries:England 2022-03-01 2023-02-28 03701904 2022-02-28 03701904 core:FurnitureFittingsToolsEquipment 2022-02-28 03701904 core:LandBuildings 2022-02-28 03701904 2021-03-01 2022-02-28 03701904 2022-02-28 03701904 bus:OrdinaryShareClass1 2022-02-28 03701904 core:CurrentFinancialInstruments 2022-02-28 03701904 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 03701904 core:FurnitureFittingsToolsEquipment 2022-02-28 03701904 core:LandBuildings 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03701904

IMF Trading Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

IMF Trading Limited

(Registration number: 03701904)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

11,550

14,570

Investment property

5

775,000

500,000

 

786,550

514,570

Current assets

 

Debtors

6

470

470

Cash at bank and in hand

 

1,153

1,213

 

1,623

1,683

Creditors: Amounts falling due within one year

7

(133,579)

(3,133)

Net current liabilities

 

(131,956)

(1,450)

Total assets less current liabilities

 

654,594

513,120

Provisions for liabilities

(35,034)

(43)

Net assets

 

619,560

513,077

Capital and reserves

 

Called up share capital

8

400

400

Share premium reserve

54,201

54,201

Revaluation reserve

-

307,779

Retained earnings

564,959

150,697

Shareholders' funds

 

619,560

513,077

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 November 2023 and signed on its behalf by:
 

.........................................
Mr Philip James Brooke
Director

 

IMF Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Hilltop Farm
Off Common Lane
Stanley
Ilkeston
Derbyshire
DE7 6NZ

The principal place of business is:
Hilltop Farm
Off Common Lane
Stanley
Ilkeston
Derbyshire
DE7 6NZ

These financial statements were authorised for issue by the Board on 22 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

IMF Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Freehold land and buildings

10% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

29,799

331

30,130

At 28 February 2023

29,799

331

30,130

Depreciation

At 1 March 2022

15,445

115

15,560

Charge for the year

2,980

40

3,020

At 28 February 2023

18,425

155

18,580

Carrying amount

At 28 February 2023

11,374

176

11,550

At 28 February 2022

14,354

216

14,570

Included within the net book value of land and buildings above is £11,374 (2022 - £14,354) in respect of freehold land and buildings.
 

 

IMF Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Investment properties

2023
£

At 1 March

500,000

Fair value adjustments

275,000

At 28 February

775,000

Certain of the company's properties are held for long term investment.

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

2023
£

2022
£

Trade debtors

470

470

 

470

470

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

3,887

1,543

Accruals and deferred income

1,576

1,572

Other creditors

128,116

18

133,579

3,133

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

400

400

400

400