(1) General Information
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The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is Stock House, Josselin Road, Burnt Mills Industrial Estate, Basildon, Essex, SS13 1QE. |
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(2) Statement of compliance
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These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime. |
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(3) Significant Accounting Policies
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Basis of Preparation
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The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise. |
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Revenue recognition
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Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Taxation
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Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. |
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Current Tax
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The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the income statement because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
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Deferred Tax
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 the financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the balance sheet date, 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. |
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Investment property
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Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account.
If investment property had not been revalued, it would have been included at the historical cost of £1,502,625. |
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(4) Employees
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During the year, the average number of employees including director was 0 (2022 : 0). |
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(5) Related party transactions
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Included within creditors due after one year is £85,074 (2022 - £67,220) due to IM Automation Systems Limited, a company under common ownership.
During the year, IMAS Investments Limited charged IM Automation Systems Limited rent of £71,250 (2022 - £47,250). |
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(6) Fixed assets
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| Investments Property £ | Cost | | As at 01 December 2022 | 2,060,000 | As at 30 November 2023 | 2,060,000 | Depreciation/Amortisation | | As at 30 November 2023 | - | Net book value | | As at 30 November 2023 | 2,060,000 | As at 30 November 2022 | 2,060,000 |
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(7) Loans and guarantees
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The company has aggregate outstanding borrowing facilities of £721,290 (2022 - £793,620) at the balance sheet date.
The company has given a guarantee in favour of Lloyds Bank plc for the liabilities of IM Automation Systems Limited. Lloyds Bank plc have a legal charge over freehold property owned by the company. |
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