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Company Registration No. 7076608 (England and Wales)
IMV Packaging Limited Unaudited accounts for the year ended 30 November 2023
IMV Packaging Limited Unaudited accounts Contents
Page
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IMV Packaging Limited Company Information for the year ended 30 November 2023
Director
Mr D A Littlewood
Company Number
7076608 (England and Wales)
Registered Office
Unit 2 Rugby Street Hull East Yorkshire HU3 4RB United Kingdom
Accountants
Kendall Accountancy Services Limited 2 Exeter Street New Village Road Cottingham East Yorkshire HU16 4LU
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IMV Packaging Limited Statement of financial position as at 30 November 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
740,575 
611,892 
Current assets
Inventories
329,110 
339,237 
Debtors
523,863 
693,506 
Cash at bank and in hand
12,650 
- 
865,623 
1,032,743 
Creditors: amounts falling due within one year
(1,030,882)
(975,304)
Net current (liabilities)/assets
(165,259)
57,439 
Total assets less current liabilities
575,316 
669,331 
Creditors: amounts falling due after more than one year
(193,131)
(340,786)
Provisions for liabilities
Deferred tax
(140,709)
(116,260)
Net assets
241,476 
212,285 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
241,376 
212,185 
Shareholders' funds
241,476 
212,285 
For the year ending 30 November 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 28 August 2024 and were signed on its behalf by
Mr D A Littlewood Director Company Registration No. 7076608
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IMV Packaging Limited Notes to the Accounts for the year ended 30 November 2023
1
Statutory information
IMV Packaging Limited is a private company, limited by shares, registered in England and Wales, registration number 7076608. The registered office is Unit 2, Rugby Street, Hull, East Yorkshire, HU3 4RB, United Kingdom.
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 represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
10% cost
Fixtures & fittings
25% cost
Computer equipment
33% wdv
Stocks
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
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 is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset. Deferred tax assets and liabilities are not discounted.
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IMV Packaging Limited Notes to the Accounts for the year ended 30 November 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.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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.
4
Tangible fixed assets
Plant & machinery 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 December 2022
1,052,244 
5,761 
2,749 
1,060,754 
Additions
198,599 
- 
1,385 
199,984 
At 30 November 2023
1,250,843 
5,761 
4,134 
1,260,738 
Depreciation
At 1 December 2022
444,875 
2,243 
1,744 
448,862 
Charge for the year
69,049 
1,152 
1,100 
71,301 
At 30 November 2023
513,924 
3,395 
2,844 
520,163 
Net book value
At 30 November 2023
736,919 
2,366 
1,290 
740,575 
At 30 November 2022
607,369 
3,518 
1,005 
611,892 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
449,731 
579,798 
Accrued income and prepayments
27,860 
26,517 
Other debtors
46,272 
87,191 
523,863 
693,506 
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IMV Packaging Limited Notes to the Accounts for the year ended 30 November 2023
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
430,059 
381,190 
VAT
77,389 
70,307 
Obligations under finance leases and hire purchase contracts
98,026 
91,061 
Trade creditors
410,535 
428,958 
Taxes and social security
3,205 
3,708 
Other creditors
294 
80 
Loans from directors
11,374 
- 
1,030,882 
975,304 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
88,695 
138,323 
Obligations under finance leases and hire purchase contracts
104,436 
202,463 
193,131 
340,786 
8
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
9
Average number of employees
During the year the average number of employees was 9 (2022: 6).
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