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Registration number: 03020863

Integrated Management Control Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 March 2023

 

Integrated Management Control Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 5

 

Integrated Management Control Limited

(Registration number: 03020863)
Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,094

1,459

Investment property

5

445,000

445,000

 

446,094

446,459

Current assets

 

Debtors

6

164,066

137,206

Cash at bank and in hand

 

13,792

17,899

 

177,858

155,105

Creditors: Amounts falling due within one year

7

(264,779)

(219,755)

Net current liabilities

 

(86,921)

(64,650)

Net assets

 

359,173

381,809

Capital and reserves

 

Called up share capital

100

100

Capital redemption reserve

10,000

10,000

Profit and loss account

349,073

371,709

Shareholders' funds

 

359,173

381,809

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the director on 21 November 2023
 

.........................................
Mr R E Waskett
Director

 

Integrated Management Control Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is: 22 Franklin Avenue, Hartley Wintney, Hook, Hampshire, RG27 8RB.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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.

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure. This includes the Retail, Hospitality and Leisure Grant Fund. The Company has not directly benefited from any other forms of government assistance.

Tax

The tax expense for the period comprises current 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.

 

Integrated Management Control Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tangible assets

Tangible assets are stated in the statement of financial position 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

Fixtures and fittings

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. 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.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2022 - 0).

 

Integrated Management Control Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 April 2022

6,744

6,744

At 31 March 2023

6,744

6,744

Depreciation

At 1 April 2022

5,285

5,285

Charge for the year

365

365

At 31 March 2023

5,650

5,650

Carrying amount

At 31 March 2023

1,094

1,094

At 31 March 2022

1,459

1,459

 

Integrated Management Control Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Investment properties

2023
£

At 1 April 2022

445,000

At 31 March 2023

445,000

The investment properties are held at the director's valuation. He takes periodic informal advice and the valuations are assessed annually by the director based on market evaluation and rent yield.

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

6

Debtors

Note

2023
£

2022
£

Amounts owed by related parties

164,066

137,206

 

164,066

137,206

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Taxation and social security

405

1,247

Accruals and deferred income

1,200

1,200

Other creditors

263,174

217,308

264,779

219,755