IMS Air Conditioning Limited
Registered number: 01925411
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 245,381 245,381
Investments 4 417,351 360,709
662,732 606,090
Current assets
Debtors 5 58 58
Cash at bank and in hand 54,667 49,574
54,725 49,632
Creditors: amounts falling due within one year 6 (2,759) (2,489)
Net current assets 51,966 47,143
Net assets 714,698 653,233
Capital and reserves
Called up share capital 100 100
Profit and loss account 714,598 653,133
Shareholder's funds 714,698 653,233
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
C Smith
Director
Approved by the board on 22 November 2023
IMS Air Conditioning Limited
Notes to the Accounts
for the year ended 31 March 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 15% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2022 245,381 6,476 251,857
At 31 March 2023 245,381 6,476 251,857
Depreciation
At 1 April 2022 - 6,476 6,476
At 31 March 2023 - 6,476 6,476
Net book value
At 31 March 2023 245,381 - 245,381
At 31 March 2022 245,381 - 245,381
4 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 1 April 2022 - 360,709 360,709
Additions - 43,612 43,612
Revaluation - 52,973 52,973
Disposals - (39,943) (39,943)
At 31 March 2023 - 417,351 417,351
5 Debtors 2023 2022
£ £
Other debtors 58 58
6 Creditors: amounts falling due within one year 2023 2022
£ £
Other taxes and social security costs 327 346
Other creditors 2,432 2,143
2,759 2,489
7 Other information
IMS Air Conditioning Limited is a private company limited by shares and incorporated in England. Its registered office is:
1a Melbourn Street
Royston
Herts
SG8 7BP
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