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REGISTERED NUMBER: 03426420 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Running Imp Limited

Running Imp Limited (Registered number: 03426420)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Running Imp Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: C P Illsley
J K Illsley
J J Illsley
F J Y Watson





REGISTERED OFFICE: Jubilee House
11-13 Whisby Way
Lincoln
LN6 3LQ





REGISTERED NUMBER: 03426420 (England and Wales)





ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

Running Imp Limited (Registered number: 03426420)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 17,840 22,300
Tangible assets 5 119,864 64,290
Investment property 6 264,806 264,806
402,510 351,396

CURRENT ASSETS
Stocks 161,095 157,093
Debtors 7 2,002,435 2,775,808
Cash at bank and in hand 1,587,775 1,567,867
3,751,305 4,500,768
CREDITORS
Amounts falling due within one year 8 838,579 1,086,313
NET CURRENT ASSETS 2,912,726 3,414,455
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,315,236

3,765,851

PROVISIONS FOR LIABILITIES 29,365 16,675
NET ASSETS 3,285,871 3,749,176

CAPITAL AND RESERVES
Called up share capital 9 950 950
Retained earnings 3,284,921 3,748,226
SHAREHOLDERS' FUNDS 3,285,871 3,749,176

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 March 2024 and were signed on its behalf by:





C P Illsley - Director


Running Imp Limited (Registered number: 03426420)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Running Imp Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Judgements and key sources of estimation uncertainty
The directors make estimates and assumptions about the future. These estimates and assumptions impact recognised assets and liabilities, as well as revenue and expenses and other disclosures. These estimates are based on historical experience and on various assumptions considered reasonable under the prevailing conditions. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. The estimates and assumptions that may have a significant effect on the carrying amounts of assets and liabilities within a financial year include:

Tangible fixed assets are recognised at cost or valuation, less accumulated depreciation and any impairments. Depreciation takes place over the estimates useful life, down to the assessed residual value. The carrying amount of the company's fixed assets is tested as soon as changed conditions show that a need for impairment has arisen.

The carrying value of stock and associated provisioning is considered on a regular basis. When calculating the stock provision, the directors consider the age and turnover of stock items.

The recoverability of trade debtors and associated provisioning is considered on a regular basis. When calculating the debtor provision, the directors consider the age of the debts and the financial position of its customers.

Revenue recognition
The turnover shown in the profit and loss account represents the value of all work done during the period, exclusive of Value Added Tax. Turnover is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the sale have been transferred to the customer.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Running Imp Limited (Registered number: 03426420)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Tangible fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with recoverable the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or group of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, on a first-in-first-out basis, after making due allowance for obsolete and slow moving items. Cost is based on purchase price.

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustment to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of the asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments.


Running Imp Limited (Registered number: 03426420)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation and deferred tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at the date that will result in an obligation to pay more, or a right to pay less or to receive more tax. The only exception is that deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measures on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period to which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future contributions or a cash refund. When contributions are nt expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2022 - 35 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 22,300
AMORTISATION
Charge for year 4,460
At 31 December 2023 4,460
NET BOOK VALUE
At 31 December 2023 17,840
At 31 December 2022 22,300

Running Imp Limited (Registered number: 03426420)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 100,249 26,406 262,259 388,914
Additions 70,638 - 2,737 73,375
At 31 December 2023 170,887 26,406 264,996 462,289
DEPRECIATION
At 1 January 2023 85,538 22,030 217,056 324,624
Charge for year 5,314 1,094 11,393 17,801
At 31 December 2023 90,852 23,124 228,449 342,425
NET BOOK VALUE
At 31 December 2023 80,035 3,282 36,547 119,864
At 31 December 2022 14,711 4,376 45,203 64,290

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 264,806
NET BOOK VALUE
At 31 December 2023 264,806
At 31 December 2022 264,806

7. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 46,794 94,786
Other debtors 29,054 29,510
75,848 124,296

Amounts falling due after more than one year:
Other debtors 1,926,587 2,651,512

Aggregate amounts 2,002,435 2,775,808

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 441,785 691,777
Taxation and social security 371,301 383,722
Other creditors 25,493 10,814
838,579 1,086,313

Running Imp Limited (Registered number: 03426420)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
950 Ordinary £1 950 950

10. RELATED PARTY DISCLOSURES

The following amount are included in other debtors over one year at the reporting date:
Amounts due from related parties 2023 2022
Entities with control over the entity 1,926,587 2,651,512

11. ULTIMATE CONTROLLING PARTY

The company is controlled by Illsley Holdings (Lincoln) Limited.