Imolla Commercials Limited 13911033 false 2022-02-11 2023-03-31 2023-03-31 The principal activity of the company is Wholesale trade of motor vehicle parts and accessories Digita Accounts Production Advanced 6.30.9574.0 true true 13911033 2022-02-11 2023-03-31 13911033 2023-03-31 13911033 core:CurrentFinancialInstruments 2023-03-31 13911033 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 13911033 core:Goodwill 2023-03-31 13911033 core:FurnitureFittings 2023-03-31 13911033 core:MotorVehicles 2023-03-31 13911033 core:PlantMachinery 2023-03-31 13911033 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-03-31 13911033 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 13911033 core:OtherRelatedParties 2023-03-31 13911033 bus:SmallEntities 2022-02-11 2023-03-31 13911033 bus:AuditExemptWithAccountantsReport 2022-02-11 2023-03-31 13911033 bus:FullAccounts 2022-02-11 2023-03-31 13911033 bus:SmallCompaniesRegimeForAccounts 2022-02-11 2023-03-31 13911033 bus:RegisteredOffice 2022-02-11 2023-03-31 13911033 bus:Director1 2022-02-11 2023-03-31 13911033 bus:PrivateLimitedCompanyLtd 2022-02-11 2023-03-31 13911033 core:Goodwill 2022-02-11 2023-03-31 13911033 core:FurnitureFittings 2022-02-11 2023-03-31 13911033 core:MotorVehicles 2022-02-11 2023-03-31 13911033 core:PlantMachinery 2022-02-11 2023-03-31 13911033 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-02-11 2023-03-31 13911033 core:KeyManagementPersonnel 2022-02-11 2023-03-31 13911033 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-02-11 2023-03-31 13911033 core:OtherRelatedParties 2022-02-11 2023-03-31 13911033 countries:EnglandWales 2022-02-11 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 13911033

Imolla Commercials Limited

Annual Report and Unaudited Financial Statements

for the Period from 11 February 2022 to 31 March 2023

 

Imolla Commercials Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Imolla Commercials Limited

(Registration number: 13911033)
Balance Sheet as at 31 March 2023

Note

31 March
2023
£

Fixed assets

 

Intangible assets

4

236,292

Tangible assets

5

17,203

 

253,495

Current assets

 

Stocks

6

116,686

Debtors

7

323,547

Cash at bank and in hand

 

30,418

 

470,651

Creditors: Amounts falling due within one year

8

(147,693)

Net current assets

 

322,958

Total assets less current liabilities

 

576,453

Provisions for liabilities

(642)

Net assets

 

575,811

Capital and reserves

 

Called up share capital

3

Share premium reserve

568,680

Retained earnings

7,128

Shareholders' funds

 

575,811

 

Imolla Commercials Limited

(Registration number: 13911033)
Balance Sheet as at 31 March 2023

For the financial period 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 period 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 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 11 February 2024
 

R Meates
Director

   
     
 

Imolla Commercials Limited

Notes to the Unaudited Financial Statements for the Period from 11 February 2022 to 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:
Unit 7
Handlemaker Road
Frome
BA11 4RW

These financial statements were authorised for issue by the director on 11 February 2024.

2

Accounting policies

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 company, and rounded to the nearest £.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Imolla Commercials Limited

Notes to the Unaudited Financial Statements for the Period from 11 February 2022 to 31 March 2023

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.

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

Furniture, fittings and equipment

25% reducing balance

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

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.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

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.

 

Imolla Commercials Limited

Notes to the Unaudited Financial Statements for the Period from 11 February 2022 to 31 March 2023

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

A dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Imolla Commercials Limited

Notes to the Unaudited Financial Statements for the Period from 11 February 2022 to 31 March 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period was 6.

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

Additions acquired separately

236,292

236,292

At 31 March 2023

236,292

236,292

Amortisation

Carrying amount

At 31 March 2023

236,292

236,292

5

Tangible assets

Furniture, fittings and equipment
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

Additions

8,351

5,284

9,303

22,938

At 31 March 2023

8,351

5,284

9,303

22,938

Depreciation

Charge for the period

2,088

1,321

2,326

5,735

At 31 March 2023

2,088

1,321

2,326

5,735

Carrying amount

At 31 March 2023

6,263

3,963

6,977

17,203

 

Imolla Commercials Limited

Notes to the Unaudited Financial Statements for the Period from 11 February 2022 to 31 March 2023

6

Stocks

31 March
2023
£

Other inventories

116,686

7

Debtors

Note

31 March
2023
£

Trade debtors

 

140,420

Amounts owed by related parties

9

180,890

Other debtors

 

2,237

 

323,547

8

Creditors

Due within one year

31 March
2023
£

Trade creditors

122,110

Social security and other taxes

18,498

Other creditors

2,085

Accruals

5,000

147,693

 

Imolla Commercials Limited

Notes to the Unaudited Financial Statements for the Period from 11 February 2022 to 31 March 2023

9

Related party transactions

Loans to related parties

2023

Entities with joint control or significant influence
£

Key management
£

Other related parties
£

Total
£

Advanced

144,022

43,924

56,020

243,966

Repaid

-

(21,056)

(42,020)

(63,076)

At end of period

144,022

22,868

14,000

180,890

Terms of loans to related parties

Loans to entities with joint control or significant influence are interest free and repayable on demand.

 The amount of £17,000 of the loans to key management were repaid within 9 months of the year end. The loans have interest charged at the HMRC official rate and are repayable on demand.

 The balance of £14,000 of the loans to other related parties was repaid within 9 months of the year end. The loans have interest charged at the HMRC official rate, and are repayable on demand.