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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
Page
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IMA Industries Limited Company Information for the year ended 31 December 2023
Director
Ishil Mehta
Company Number
07459553 (England and Wales)
Registered Office
Unit 28, Sarum Complex Salisbury Road Uxbridge UB8 2RZ
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IMA Industries Limited Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
6,036 
8,049 
Investments
8,180 
8,180 
14,216 
16,229 
Current assets
Debtors
23,047 
29,315 
Cash at bank and in hand
1,282 
9,908 
24,329 
39,223 
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)
Capital and reserves
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
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IMA Industries Limited Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
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.
2
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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 taxation
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.
Financial instruments
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.
Pension costs
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.
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IMA Industries Limited Notes to the Accounts for the year ended 31 December 2023
Leased assets
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.
Going concern
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.
4
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 
Depreciation
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 
Net book value
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 
5
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.
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IMA Industries Limited Notes to the Accounts for the year ended 31 December 2023
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
1,093 
2,473 
Trade debtors
8,809 
23,944 
Amounts due from group undertakings etc.
7,431 
2,898 
Other debtors
5,714 
- 
23,047 
29,315 
7
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 
Accruals
800 
800 
500,576 
397,540 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
38,220 
44,182 
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.
10
Controlling party
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.
11
Average number of employees
During the year the average number of employees was 4 (2022: 2).
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