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REGISTERED NUMBER: 04953112 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 November 2023

for

IMI Insulation Limited

IMI Insulation Limited (Registered number: 04953112)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IMI Insulation Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: P G Wilkinson
Mrs D L Wilkinson





SECRETARY: P G Wilkinson





REGISTERED OFFICE: 96 Stakes Road
Purbrook
Waterlooville
Hampshire
PO7 5PB





REGISTERED NUMBER: 04953112 (England and Wales)





ACCOUNTANTS: KT Accountants Limited
Castle Farm Barn North
Denmead Road
Southwick
Hampshire
PO17 6EX

IMI Insulation Limited (Registered number: 04953112)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 327,585 335,857

CURRENT ASSETS
Debtors 5 87,211 260,508
Cash at bank and in hand 25,250 99,170
112,461 359,678
CREDITORS
Amounts falling due within one year 6 195,701 234,162
NET CURRENT (LIABILITIES)/ASSETS (83,240 ) 125,516
TOTAL ASSETS LESS CURRENT
LIABILITIES

244,345

461,373

CREDITORS
Amounts falling due after more than
one year

7

-

(129,315

)

PROVISIONS FOR LIABILITIES (4,472 ) (7,183 )
NET ASSETS 239,873 324,875

IMI Insulation Limited (Registered number: 04953112)

Balance Sheet - continued
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 9 100 100
Capital redemption reserve 10 1 1
Retained earnings 10 239,772 324,774
SHAREHOLDERS' FUNDS 239,873 324,875

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 August 2024 and were signed on its behalf by:





P G Wilkinson - Director


IMI Insulation Limited (Registered number: 04953112)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

IMI Insulation Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. ACCOUNTING POLICIES

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

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Plant and machinery - 25% on reducing balance and 10% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.


IMI Insulation Limited (Registered number: 04953112)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
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 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 December 2022 300,000 39,697 6,256 73,823 419,776
Additions - 2,175 - - 2,175
Disposals - - - (17,248 ) (17,248 )
At 30 November 2023 300,000 41,872 6,256 56,575 404,703
DEPRECIATION
At 1 December 2022 - 17,029 4,371 62,519 83,919
Charge for year - 4,081 470 1,803 6,354
Eliminated on disposal - - - (13,155 ) (13,155 )
At 30 November 2023 - 21,110 4,841 51,167 77,118
NET BOOK VALUE
At 30 November 2023 300,000 20,762 1,415 5,408 327,585
At 30 November 2022 300,000 22,668 1,885 11,304 335,857

IMI Insulation Limited (Registered number: 04953112)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 82,776 255,328
Other debtors 4,435 5,180
87,211 260,508

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans and overdrafts 119,335 20,000
Trade creditors 21,376 19,307
Taxation and social security 44,108 129,005
Other creditors 10,882 65,850
195,701 234,162

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans - 129,315

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 38,717

8. SECURED DEBTS

The following secured debts are included within creditors:

30.11.23 30.11.22
£    £   
Bank loans 119,335 149,315

The bank loan is secured by a legal charge to National Westminster Bank Plc on the freehold property.

IMI Insulation Limited (Registered number: 04953112)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.23 30.11.22
value: £    £   
100 Ordinary £1 100 100

10. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 December 2022 324,774 1 324,775
Profit for the year 64,998 64,998
Dividends (150,000 ) (150,000 )
At 30 November 2023 239,772 1 239,773

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 November 2023 and 30 November 2022:

30.11.23 30.11.22
£    £   
P G Wilkinson and Mrs D L Wilkinson
Balance outstanding at start of year (3,409 ) 11,712
Amounts repaid 1,581 (15,121 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (1,828 ) (3,409 )

Included in debtors/(creditors) is an amount owed from/(to) the directors as above. This loan is interest free, undated, unsecured and repayable on demand.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P G Wilkinson.