Registered number
08075741
Ima Estates Ltd
Filleted Accounts
31 May 2023
Ima Estates Ltd
Registered number: 08075741
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 350,182 350,214
Current assets
Debtors 4 2,178 2,027
Cash at bank and in hand 18,389 18,389
20,567 20,416
Creditors: amounts falling due within one year 5 (70,197) (79,970)
Net current liabilities (49,630) (59,554)
Net assets 300,552 290,660
Capital and reserves
Called up share capital 100 100
Revaluation reserve 6 156,259 156,259
Profit and loss account 144,193 134,301
Shareholders' funds 300,552 290,660
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 members have 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.
J Feingold
Director
Approved by the board on 19 February 2024
Ima Estates Ltd
Notes to the Accounts
for the year ended 31 May 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).
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 over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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 June 2022 350,000 482 350,482
At 31 May 2023 350,000 482 350,482
Depreciation
At 1 June 2022 - 268 268
Charge for the year - 32 32
At 31 May 2023 - 300 300
Net book value
At 31 May 2023 350,000 182 350,182
At 31 May 2022 350,000 214 350,214
Freehold land and buildings: 2023 2022
£ £
Historical cost 193,741 193,741
Cumulative depreciation based on historical cost - -
193,741 193,741
4 Debtors 2023 2022
£ £
Trade debtors 457 457
Other debtors 1,721 1,570
2,178 2,027
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 2,674 347
Other creditors 67,523 79,623
70,197 79,970
6 Revaluation reserve 2023 2022
£ £
At 1 June 2022 156,259 156,259
At 31 May 2023 156,259 156,259
7 Other information
Ima Estates Ltd is a private company limited by shares and incorporated in England. Its registered office is:
c/o B Olsberg & Co
Room 9 Enterprise House
3 Middleton rd
Manchester
M8 5DT
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