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REGISTERED NUMBER: SC491612 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Industrial Maintenance & Property
Services Limited

Industrial Maintenance & Property
Services Limited (Registered number: SC491612)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


Industrial Maintenance & Property
Services Limited (Registered number: SC491612)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 27,102 31,885
Investment property 5 2,585,000 1,364,556
2,612,102 1,396,441

CURRENT ASSETS
Prepayments and accrued income 11,224 -
Cash at bank 62,192 72,269
73,416 72,269
CREDITORS
Amounts falling due within one year 6 (374,984 ) (162,960 )
NET CURRENT LIABILITIES (301,568 ) (90,691 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,310,534

1,305,750

CREDITORS
Amounts falling due after more than one
year

7

(721,397

)

(1,062,852

)

PROVISIONS FOR LIABILITIES (311,887 ) (7,971 )
NET ASSETS 1,277,250 234,927

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,277,150 234,827
1,277,250 234,927

Industrial Maintenance & Property
Services Limited (Registered number: SC491612)

Balance Sheet - continued
31 December 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 July 2024 and were signed on its behalf by:




Mr J A Kirkwood - Director



Mrs K J Kirkwood - Director


Industrial Maintenance & Property
Services Limited (Registered number: SC491612)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Industrial Maintenance & Property Services Limited is a private company, limited by shares, registered in Scotland, registration number SC491612. The registered office is Caldervale Business Park - Unit 1, Dunrobin Road, Airdrie, Lanarkshire, ML6 8LS.

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 as modified by the revaluation of certain assets.

Turnover
Turnover represents net invoiced sales of goods and services in respect of commercial property rental and maintenance, excluding value added tax. Sales are recognised at the point at which the goods are delivered or the service is complete.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 15% on reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Industrial Maintenance & Property
Services Limited (Registered number: SC491612)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 79,953
DEPRECIATION
At 1 January 2023 48,068
Charge for year 4,783
At 31 December 2023 52,851
NET BOOK VALUE
At 31 December 2023 27,102
At 31 December 2022 31,885

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 1,364,556
Revaluations 1,220,444
At 31 December 2023 2,585,000
NET BOOK VALUE
At 31 December 2023 2,585,000
At 31 December 2022 1,364,556

Industrial Maintenance & Property
Services Limited (Registered number: SC491612)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. INVESTMENT PROPERTY - continued

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2023 1,220,444
Cost 1,364,556
2,585,000

If investment properties had not been revalued they would have been included at the following historical cost:

31.12.23 31.12.22
£    £   
Cost 1,364,556 1,364,556

Investment properties were valued on an open market value basis on 14 June 2023 by DM Hall .

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 27,085 27,085
Trade creditors 11,471 306
Amounts owed to related parties 266,714 -
Taxation and social security 66,516 38,368
Other creditors 3,198 97,201
374,984 162,960

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 721,397 830,138
Amounts owed to related parties - 232,714
721,397 1,062,852

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 613,056 721,797

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 748,482 857,223

The bank loan is secured by way of a fixed charge over the investment property and a floating charge over the other assets of the company.

Industrial Maintenance & Property
Services Limited (Registered number: SC491612)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. RELATED PARTY DISCLOSURES

Company under common control

At the year end, the company owed 266,714 (2022: £232,714)