Company Registration No. 07459553 (England and Wales)
IMA Industries Limited
Unaudited accounts
for the year ended 31 December 2023
IMA Industries Limited
Unaudited accounts
Contents
IMA Industries Limited
Company Information
for the year ended 31 December 2023
Company Number
07459553 (England and Wales)
Registered Office
Unit 28, Sarum Complex
Salisbury Road
Uxbridge
UB8 2RZ
IMA Industries Limited
Statement of financial position
as at 31 December 2023
Tangible assets
6,036
8,049
Cash at bank and in hand
1,282
9,908
Creditors: amounts falling due within one year
(500,576)
(397,540)
Net current liabilities
(476,247)
(358,317)
Total assets less current liabilities
(462,031)
(342,088)
Creditors: amounts falling due after more than one year
(38,220)
(44,182)
Net liabilities
(500,251)
(386,270)
Called up share capital
100
100
Profit and loss account
(500,351)
(386,370)
Shareholders' funds
(500,251)
(386,270)
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 1 August 2024 and were signed on its behalf by
Ishil Mehta
Director
Company Registration No. 07459553
IMA Industries Limited
Notes to the Accounts
for the year ended 31 December 2023
IMA Industries Limited is a private company, limited by shares, registered in England and Wales, registration number 07459553. The registered office is Unit 28, Sarum Complex, Salisbury Road, Uxbridge, UB8 2RZ.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing balance
Motor vehicles
25% Reducing balance
Fixtures & fittings
25% Reducing balance
Computer equipment
25% Reducing balance
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
IMA Industries Limited
Notes to the Accounts
for the year ended 31 December 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company meets its day-to-day working capital requirements through its bank facilities and intra group treasury management. The current economic conditions continue to create uncertainty over (a) the level of demand for the company's products; and (b) the availability of bank finance for the foreseeable future. The company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate within the level of its current facilities. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
The company therefore continues to adopt the going concern basis in preparing its financial statements.
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Tangible fixed assets
Land & buildings
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2023
9,181
7,217
34,764
7,448
58,610
At 31 December 2023
9,181
7,217
34,764
7,448
58,610
At 1 January 2023
8,874
2,116
33,281
6,290
50,561
Charge for the year
77
1,275
371
290
2,013
At 31 December 2023
8,951
3,391
33,652
6,580
52,574
At 31 December 2023
230
3,826
1,112
868
6,036
At 31 December 2022
307
5,101
1,483
1,158
8,049
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Investments
Subsidiary undertakings
Other investments
Total
Valuation at 1 January 2023
100
8,080
8,180
Valuation at 31 December 2023
100
8,080
8,180
The Company holds 100% of the ordinary share capital of IMA CTS Limited, whose registered office is Unit 28 Salisbury Road, Uxbridge, England, UB8 2RZ. The nature of business of the subsidiary is to contract with landlords to rent residential properties to third parties.
IMA Industries Limited
Notes to the Accounts
for the year ended 31 December 2023
Amounts falling due within one year
Trade debtors
8,809
23,944
Amounts due from group undertakings etc.
7,431
2,898
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Creditors: amounts falling due within one year
2023
2022
Trade creditors
13,193
12,423
Amounts owed to group undertakings and other participating interests
77,465
100,671
Taxes and social security
2,024
4,621
Other creditors
23,945
52,599
Loans from directors
383,149
226,426
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Creditors: amounts falling due after more than one year
2023
2022
9
Transactions with related parties
At the year end the Company held loan advances and trading balances due from fellow subsidiaries and related parties of £13,887 (2022 £24,667) and balances due to fellow subsidiaries and related parties of £77,465 (2022: £107,887). Such balances are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.
The loan from Directors is unsecured, interest free, has no fixed date of repayment and is repayable on demand.
IMA Industries Limited is part of the IMA Holdings Limited group, the ultimate parent undertaking, whose registered office is at Unit 28 Salisbury Road, Uxbridge, England, UB8 2RZ. IMA Holdings Limited does not produce consolidated group accounts.
The ultimate controlling party is Mr I Mehta.
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Average number of employees
During the year the average number of employees was 4 (2022: 2).