Company Registration No. 12308368 (England and Wales)
IMELLA DESIGN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
IMELLA DESIGN LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
IMELLA DESIGN LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF IMELLA DESIGN LIMITED FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Imella Design Limited for the year ended 30 November 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Imella Design Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Imella Design Limited and state those matters that we have agreed to state to the Board of Directors of Imella Design Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Imella Design Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Imella Design Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Imella Design Limited. You consider that Imella Design Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Imella Design Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
27 March 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
IMELLA DESIGN LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
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2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,548
2,068
Current assets
Debtors
4
28,945
34,410
Cash at bank and in hand
3,038
28,945
37,448
Creditors: amounts falling due within one year
5
(28,875)
(38,178)
Net current assets/(liabilities)
70
(730)
Total assets less current liabilities
1,618
1,338
Provisions for liabilities
7
(294)
(40)
Net assets
1,324
1,298
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
1,224
1,198
Total equity
1,324
1,298
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her 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.
The financial statements were approved and signed by the director and authorised for issue on 27 March 2024.
Ms R A Kershaw
Director
Company Registration No. 12308368
IMELLA DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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1
Accounting policies
Company information
Imella Design Limited is a private company limited by shares incorporated in England and Wales. The registered office is 26 Sunningdale Road, Bromsgrove, Worcestershire, B61 7NN.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
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:
Plant and equipment
10% on cost
Computer equipment
20% on cost
1.4
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.
IMELLA DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 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.
1.5
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2022 - 1).
3
Tangible fixed assets
Plant and equipment
Computer equipment
Total
£
£
£
Cost
At 1 December 2022 and 30 November 2023
160
2,514
2,674
Depreciation and impairment
At 1 December 2022
48
558
606
Depreciation charged in the year
16
504
520
At 30 November 2023
64
1,062
1,126
Carrying amount
At 30 November 2023
96
1,452
1,548
At 30 November 2022
112
1,956
2,068
IMELLA DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
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4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,638
1,167
Other debtors
22,307
33,243
28,945
34,410
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
8,964
Trade creditors
76
27,350
Taxation and social security
16,686
9,868
Other creditors
3,149
960
28,875
38,178
6
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank overdrafts
8,964
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
294
40
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
IMELLA DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
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9
Directors' transactions
Advances or credits have been granted by the company to its director as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Loan account
2.25
33,208
26,105
494
(37,500)
22,307
33,208
26,105
494
(37,500)
22,307
The director’s loan account was repaid within nine months of the year end.
10
Ultimate controlling party
The ultimate controlling party is Ms R A Kershaw.