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COMPANY REGISTRATION NUMBER: 04844995
INIAM Ltd
Filleted Unaudited Financial Statements
31 July 2023
INIAM Ltd
Financial Statements
Year ended 31 July 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
INIAM Ltd
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
335,007
345,009
Current assets
Debtors
5
342,983
340,705
Cash at bank and in hand
2,568
4,452
---------
---------
345,551
345,157
Creditors: amounts falling due within one year
6
725,369
727,639
---------
---------
Net current liabilities
379,818
382,482
---------
---------
Total assets less current liabilities
( 44,811)
( 37,473)
--------
--------
Net liabilities
( 44,811)
( 37,473)
--------
--------
INIAM Ltd
Statement of Financial Position (continued)
31 July 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
7
300
300
Revaluation reserve
27,254
35,354
Profit and loss account
( 72,365)
( 73,127)
--------
--------
Shareholders deficit
( 44,811)
( 37,473)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 July 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 8 April 2024 , and are signed on behalf of the board by:
C Oscroft Director
Company registration number: 04844995
INIAM Ltd
Notes to the Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Church Green East, Redditch, Worcestershire, B98 8BT. The place of business is The Grange, Exhall, Alcester, Warwickshire, B49 6EA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity. The company is a going concern with the support of the director and his family.
Revenue recognition
The turnover shown in the profit and loss account represents the fair value of services provided to the extent that there is a right to consideration. It is measured at the fair value of the consideration due. Where a service is incomplete at the year end, turnover represents the value of the service provided to that date based on an appropriate proportion of the total expected consideration at completion. The value of incomplete services is recorded as accrued income and included as part of debtors.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating lease rental income
The operating lease rental income shown in the profit and loss account represents rents receivable for the year and is recognised when the rent receivable becomes due.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Investment property
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investment motor vehicles
Investment motor vehicles are revalued to their fair value at each reporting date and any changes in fair value are recognised in profit or loss. The director who is not a professionally qualified valuer, has considered the value of similar motor vehicles to ascertain the fair value of the investment motor vehicles.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into, either as financial assets, financial liabilities or equity interests. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Tangible assets
Investment property
Fixtures and fittings
Investment motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 August 2022
310,000
1,023
35,000
346,023
Revaluations
( 10,000)
( 10,000)
---------
-------
--------
---------
At 31 July 2023
310,000
1,023
25,000
336,023
---------
-------
--------
---------
Depreciation
At 1 August 2022
1,014
1,014
Charge for the year
2
2
---------
-------
--------
---------
At 31 July 2023
1,016
1,016
---------
-------
--------
---------
Carrying amount
At 31 July 2023
310,000
7
25,000
335,007
---------
-------
--------
---------
At 31 July 2022
310,000
9
35,000
345,009
---------
-------
--------
---------
The investment property is included at open market valuation. The valuation was carried out by the director. Investment motor vehicles have been valued at the balance sheet date by the director
5. Debtors
2023
2022
£
£
Trade debtors
372
Other debtors
342,611
340,705
---------
---------
342,983
340,705
---------
---------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Other debtors
2,184
283
-------
----
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
97,059
107,643
Social security and other taxes
293
1,356
Other creditors
628,017
618,640
---------
---------
725,369
727,639
---------
---------
The bank loans of £97,059 are secured by a legal charge over the properties held by the company.
7. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
300
300
300
300
----
----
----
----