Company registration number SC076251 (Scotland)
INAMO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
INAMO LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
INAMO LIMITED
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
284,720
273,863
Current assets
Stocks
8,585
8,980
Debtors
5
65,610
64,398
Cash at bank and in hand
40,651
142,658
114,846
216,036
Creditors: amounts falling due within one year
6
(47,734)
(72,133)
Net current assets
67,112
143,903
Total assets less current liabilities
351,832
417,766
Creditors: amounts falling due after more than one year
7
(55,500)
(76,417)
Provisions for liabilities
(6,219)
(3,714)
Government grants
(76,242)
(78,660)
Net assets
213,871
258,975
Capital and reserves
Called up share capital
13,800
13,800
Profit and loss reserves
200,071
245,175
Total equity
213,871
258,975

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

INAMO LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2023
31 July 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 February 2024 and are signed on its behalf by:
Mr G Barr
Director
Company Registration No. SC076251
INAMO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information

Inamo Limited is a private company limited by shares incorporated in Scotland. The registered office is 21 Bank Street, Irvine, Ayrshire, United Kingdom, KA12 0AJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents payments received with respect to the provision of services rendered.

1.3
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1992, was amortised evenly over its estimated useful life of twenty years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% Straight Line
Improvements to property
5% Straight Line
Fixtures and fittings
10% Straight Line
Computers
20% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

INAMO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
21
19
3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2022 and 31 July 2023
6,750
Amortisation and impairment
At 1 August 2022 and 31 July 2023
6,750
Carrying amount
At 31 July 2023
-
0
At 31 July 2022
-
0
INAMO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
4
Tangible fixed assets
Freehold land and buildings
Improvements to property
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 August 2022
430,997
29,844
264,334
10,973
736,148
Additions
-
0
-
0
24,252
-
0
24,252
At 31 July 2023
430,997
29,844
288,586
10,973
760,400
Depreciation and impairment
At 1 August 2022
182,616
21,707
246,989
10,973
462,285
Depreciation charged in the year
6,876
1,492
5,027
-
0
13,395
At 31 July 2023
189,492
23,199
252,016
10,973
475,680
Carrying amount
At 31 July 2023
241,505
6,645
36,570
-
0
284,720
At 31 July 2022
248,381
8,137
17,345
-
0
273,863
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
58,335
55,809
Other debtors
7,275
8,589
65,610
64,398
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
22,638
24,297
Taxation and social security
3,607
25,912
Other creditors
21,489
21,924
47,734
72,133
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
48,239
61,369
Other creditors
7,261
15,048
55,500
76,417
INAMO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
8
Loans and overdrafts
2023
2022
£
£
Bank loans
99,222
119,478
Payable within one year
24,297
24,157
Payable within 2 - 5 years
61,369
75,471
Payable > 5 years
13,556
19,850

A bond and floating charge over the heritable property exists in relation to all sums and obligations due or to become due by the company to Bank of Scotland plc.

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