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REGISTERED NUMBER: 03138278 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

IMG DISTRIBUTORS LIMITED

IMG DISTRIBUTORS LIMITED (REGISTERED NUMBER: 03138278)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023




Page

Statement of Financial Position 1

Notes to the Financial Statements 2


IMG DISTRIBUTORS LIMITED (REGISTERED NUMBER: 03138278)

STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 2,432 3,243

CURRENT ASSETS
Stocks 78,476 56,541
Debtors 6 632,932 804,708
Cash at bank and in hand 266,053 83,360
977,461 944,609
CREDITORS
Amounts falling due within one year 7 308,222 335,851
NET CURRENT ASSETS 669,239 608,758
TOTAL ASSETS LESS CURRENT
LIABILITIES

671,671

612,001

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 671,571 611,901
SHAREHOLDERS' FUNDS 671,671 612,001

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





R J K Gundry - Director


IMG DISTRIBUTORS LIMITED (REGISTERED NUMBER: 03138278)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1. STATUTORY INFORMATION

IMG Distributors Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03138278

Registered office: Unit M, Riverside Industrial Estate
Atherstone Street
Fazeley
Tamworth
Staffordshire
B78 3RW

The presentation currency of the financial statements is the Pound Sterling (£).


All amounts in the financial statements have been rounded to the nearest £.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

In preparing these financial statements, the directors have made the following judgements:

- Determine whether leases entered into by the company either as a lessor or a lessee are operating leases or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
- Determine whether there are indicators of impairment of the company's tangible and intangible assets, including goodwill. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. At each reporting period date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

IMG DISTRIBUTORS LIMITED (REGISTERED NUMBER: 03138278)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial assets, which include trade debtors, other debtors, loans to fellow companies, and cash and bank balances, are initially measured at the transaction price including transaction costs and are subsequently recognised at amortised cost.

Basic financial liabilities, including trade creditors and other creditors are initially recognised at transaction price and are subsequently recognised at amortised cost.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Factoring
Where debts are factored, the gross amount of the debt is included in trade debtors and advances secured under the factoring arrangement are included within bank loans and overdrafts.

4. EMPLOYEES AND DIRECTORS

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

IMG DISTRIBUTORS LIMITED (REGISTERED NUMBER: 03138278)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2022
and 31 October 2023 3,384
DEPRECIATION
At 1 November 2022 141
Charge for year 811
At 31 October 2023 952
NET BOOK VALUE
At 31 October 2023 2,432
At 31 October 2022 3,243

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 162,888 212,919
Amounts owed by group undertakings 450,438 567,850
Other debtors 19,606 23,939
632,932 804,708

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 144,017 136,418
Taxation and social security 17,602 50,932
Other creditors 146,603 148,501
308,222 335,851

8. ULTIMATE CONTROLLING PARTY

The Whole Works Group Limited, a company registered in England and Wales, is regarded by the directors as being the company's parent and ultimate parent company. The registered office of The Whole Works Group Limited is Unit M Riverside Industrial Estate Atherstone Street, Fazeley, Tamworth, Staffordshire B78 3RW.