Company registration number 11682036 (England and Wales)
IMOGEN ARORA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
IMOGEN ARORA LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
IMOGEN ARORA LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF IMOGEN ARORA LIMITED FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Imogen Arora Limited for the year ended 30 November 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Imogen Arora Limited, as a body, in accordance with the terms of our engagement letter dated 7 March 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Imogen Arora Limited and state those matters that we have agreed to state to the board of directors of Imogen Arora Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Imogen Arora Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Imogen Arora Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Imogen Arora Limited. You consider that Imogen Arora Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Imogen Arora Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Taylor Dawson Plumb Limited
29 August 2024
Chartered Accountants
22 Regent Street
Nottingham
NG1 5BQ
IMOGEN ARORA LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
29,532
Tangible assets
4
211,363
220,278
211,363
249,810
Current assets
Stocks
29,293
33,029
Debtors
5
99,646
64,115
Cash at bank and in hand
699,213
681,494
828,152
778,638
Creditors: amounts falling due within one year
6
(399,559)
(339,945)
Net current assets
428,593
438,693
Total assets less current liabilities
639,956
688,503
Creditors: amounts falling due after more than one year
7
(15,000)
(25,000)
Provisions for liabilities
(8,524)
(9,980)
Net assets
616,432
653,523
Capital and reserves
Called up share capital
8
450,000
450,000
Profit and loss reserves
166,432
203,523
Total equity
616,432
653,523
The notes on pages 4 to 7 form part of these financial statements.
IMOGEN ARORA LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 3 -
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 29 August 2024
Mrs L Arora Niclasson
Director
Company registration number 11682036 (England and Wales)
IMOGEN ARORA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
1
Accounting policies
Company information
Imogen Arora Limited is a private company limited by shares incorporated in England and Wales. The registered office is Langar Hall, Church Lane, Langar, Nottingham, Nottinghamshire, NG13 9HG.
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
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue is recognised when the significant risks and rewards have passed to the customer (usually on provision of a service), 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.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Development costs
3 years straight line
1.5
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.
IMOGEN ARORA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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:
Fixtures and fittings
10% reducing balance
Motor vehicles
25% straight line
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.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price after making due allowance for obsolete and slow moving items.
1.7
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 profit and loss account 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 profit and loss account, 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
38
37
IMOGEN ARORA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
3
Intangible fixed assets
Goodwill
Development costs
Total
£
£
£
Cost
At 1 December 2022 and 30 November 2023
147,660
3,767
151,427
Amortisation and impairment
At 1 December 2022
118,128
3,767
121,895
Amortisation charged for the year
29,532
29,532
At 30 November 2023
147,660
3,767
151,427
Carrying amount
At 30 November 2023
At 30 November 2022
29,532
29,532
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022
326,194
Additions
18,305
Disposals
(2,361)
At 30 November 2023
342,138
Depreciation and impairment
At 1 December 2022
105,916
Depreciation charged in the year
27,220
Eliminated in respect of disposals
(2,361)
At 30 November 2023
130,775
Carrying amount
At 30 November 2023
211,363
At 30 November 2022
220,278
IMOGEN ARORA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,258
6,887
Other debtors
96,388
57,228
99,646
64,115
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
32,122
33,606
Taxation and social security
119,842
115,557
Other creditors
237,595
180,782
399,559
339,945
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,000
25,000
The bank loan due after more than one year relates to a Government backed loan under the Bounce Back Loan Scheme.
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
450,000
450,000
450,000
450,000
9
Directors' transactions
The amount outstanding as at 30 November 2023 was cleared by a dividends paid in April 2024 and August 2024 and credited to the Director's loan account.
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Mrs L Arora Niclasson
2.25
33,066
86,755
1,793
(60,000)
61,614
33,066
86,755
1,793
(60,000)
61,614