Company registration number 05454364 (England and Wales)
INDUSTRIAL MAINTENANCE SUPPLIES (LEICESTER) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
INDUSTRIAL MAINTENANCE SUPPLIES (LEICESTER) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
INDUSTRIAL MAINTENANCE SUPPLIES (LEICESTER) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
38,237
46,683
Current assets
Stocks
101,235
119,590
Debtors
5
157,588
180,847
Cash at bank and in hand
38,387
11,846
297,210
312,283
Creditors: amounts falling due within one year
6
(321,311)
(266,417)
Net current (liabilities)/assets
(24,101)
45,866
Total assets less current liabilities
14,136
92,549
Creditors: amounts falling due after more than one year
7
(119,545)
(144,068)
Net liabilities
(105,409)
(51,519)
Capital and reserves
Called up share capital
8
20
20
Profit and loss reserves
(105,429)
(51,539)
Total equity
(105,409)
(51,519)

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 29 August 2024 and are signed on its behalf by:
Mr A Patel
Mr R Chandarana
Director
Director
Company Registration No. 05454364
INDUSTRIAL MAINTENANCE SUPPLIES (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
1
Accounting policies
Company information

Industrial Maintenance Supplies (Leicester) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 23-29 Pasture Lane, Leicester, LE1 4EY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Reporting period

These financial statements are prepared for a 12 month period to 31 August 2023. Comparative amounts presented in the financial statements (including the related notes) are not entirely comparable as they represent an 18 month period.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% per annum on a reducing balance basis.
Fixtures, fittings & computer equipment
15% per annum on a reducing balance basis.
Motor vehicles
20% per annum on a reducing balance basis.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.6
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

INDUSTRIAL MAINTENANCE SUPPLIES (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

BASIC FINANCIAL ASSETS AND LIABILITIES

Basic financial assets and liabilities, which include debtors and creditors with no stated interest rate and receivables or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

CURRENT TAX

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

DEFERRED TAX

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

INDUSTRIAL MAINTENANCE SUPPLIES (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
1.11
Retirement benefits

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13

Invoice discounting

The gross amount of debts held using invoice discounting arrangements are shown within trade debtors and amounts received from the lender in respect of these debts are shown as other creditors. Invoice discounting interest and charges are included in the Profit and Loss account in the period to which they relate.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
5
5
INDUSTRIAL MAINTENANCE SUPPLIES (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2022
1,705
67,497
32,129
101,331
Disposals
-
0
-
0
(6,999)
(6,999)
At 31 August 2023
1,705
67,497
25,130
94,332
Depreciation
At 1 September 2022
1,705
41,828
11,115
54,648
Depreciation charged in the year
-
0
3,850
4,105
7,955
Eliminated in respect of disposals
-
0
-
0
(6,508)
(6,508)
At 31 August 2023
1,705
45,678
8,712
56,095
Carrying amount
At 31 August 2023
-
0
21,819
16,418
38,237
At 31 August 2022
-
0
25,669
21,014
46,683
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
116,695
133,225
Other debtors
40,893
47,622
157,588
180,847

 

Trade debtors are provided as security for the invoice discounting facility.

6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loan
20,000
20,000
Trade creditors
139,056
89,674
Taxation and social security
19,177
15,967
Other creditors
143,078
140,776
321,311
266,417

The bank loan is secured by way of fixed and floating charges over the assets of the company.

INDUSTRIAL MAINTENANCE SUPPLIES (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loan
36,667
56,667
Other creditors
82,878
87,401
119,545
144,068

The bank loan is secured by way of fixed and floating charges over the assets of the company.

8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
20
20
20
20
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
60,161
90,276
10
Parent company

The parent company of Industrial Maintenance Supplies (Leicester) Limited is Bracondale Property Company Limited and its registered office is Prebend House, 72 London Road, Leicester, LE2 0QR.

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