46 false false false false false false false false false false true false false false false false false 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 29,000 10,573 1,450 12,023 16,977 18,427 xbrli:pure xbrli:shares iso4217:GBP 09261346 2023-01-01 2023-12-31 09261346 2023-12-31 09261346 2022-12-31 09261346 2022-01-01 2022-12-31 09261346 2022-12-31 09261346 2021-12-31 09261346 core:NetGoodwill 2023-01-01 2023-12-31 09261346 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09261346 core:FurnitureFittings 2023-01-01 2023-12-31 09261346 bus:Director1 2023-01-01 2023-12-31 09261346 core:NetGoodwill 2022-12-31 09261346 core:NetGoodwill 2023-12-31 09261346 core:LandBuildings 2022-12-31 09261346 core:FurnitureFittings 2022-12-31 09261346 core:LandBuildings 2023-12-31 09261346 core:FurnitureFittings 2023-12-31 09261346 core:LandBuildings 2023-01-01 2023-12-31 09261346 core:WithinOneYear 2023-12-31 09261346 core:WithinOneYear 2022-12-31 09261346 core:AfterOneYear 2023-12-31 09261346 core:AfterOneYear 2022-12-31 09261346 core:ShareCapital 2023-12-31 09261346 core:ShareCapital 2022-12-31 09261346 core:RetainedEarningsAccumulatedLosses 2023-12-31 09261346 core:RetainedEarningsAccumulatedLosses 2022-12-31 09261346 core:NetGoodwill 2022-12-31 09261346 core:LandBuildings 2022-12-31 09261346 core:FurnitureFittings 2022-12-31 09261346 bus:SmallEntities 2023-01-01 2023-12-31 09261346 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 09261346 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 09261346 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09261346 bus:FullAccounts 2023-01-01 2023-12-31 09261346 core:OfficeEquipment 2023-01-01 2023-12-31 09261346 core:OfficeEquipment 2022-12-31 09261346 core:OfficeEquipment 2023-12-31 09261346 core:AfterOneYear 2023-01-01 2023-12-31 09261346 core:KeyManagementIndividualGroup1 core:OtherTransactionType1 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 09261346
ILMO Ltd
Filleted Unaudited Financial Statements
31 December 2023
ILMO Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
16,977
18,427
Tangible assets
6
925,508
745,172
---------
---------
942,485
763,599
Current assets
Stocks
19,224
16,590
Debtors
7
11,073
11,017
Cash at bank and in hand
36,657
126,933
--------
---------
66,954
154,540
Creditors: amounts falling due within one year
8
580,410
492,386
---------
---------
Net current liabilities
513,456
337,846
---------
---------
Total assets less current liabilities
429,029
425,753
Creditors: amounts falling due after more than one year
9
297,015
338,903
---------
---------
Net assets
132,014
86,850
---------
---------
Capital and reserves
Called up share capital
400
400
Profit and loss account
131,614
86,450
---------
--------
Shareholders funds
132,014
86,850
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
ILMO Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
Mr D Ilett
Director
Company registration number: 09261346
ILMO Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Portreath Arms, The Square, Portreath, Redruth, Cornwall, TR16 4LA, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Fixtures and fittings
-
25% reducing balance
Equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 46 (2022: 42 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
29,000
--------
Amortisation
At 1 January 2023
10,573
Charge for the year
1,450
--------
At 31 December 2023
12,023
--------
Carrying amount
At 31 December 2023
16,977
--------
At 31 December 2022
18,427
--------
6. Tangible assets
Land and buildings
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
804,014
45,407
6,274
855,695
Additions
195,312
6,371
1,166
202,849
---------
--------
-------
------------
At 31 December 2023
999,326
51,778
7,440
1,058,544
---------
--------
-------
------------
Depreciation
At 1 January 2023
81,515
25,264
3,744
110,523
Charge for the year
15,657
6,199
657
22,513
---------
--------
-------
------------
At 31 December 2023
97,172
31,463
4,401
133,036
---------
--------
-------
------------
Carrying amount
At 31 December 2023
902,154
20,315
3,039
925,508
---------
--------
-------
------------
At 31 December 2022
722,499
20,143
2,530
745,172
---------
--------
-------
------------
Tangible fixed assets with a net book value of £868,238 (2022: £722,499) have been pledged as security for liabilities of the company.
7. Debtors
2023
2022
£
£
Trade debtors
7,802
8,183
Other debtors
3,271
2,834
--------
--------
11,073
11,017
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
37,655
37,003
Trade creditors
23,170
22,196
Corporation tax
13,809
6,968
Social security and other taxes
31,183
26,208
Other creditors
474,593
400,011
---------
---------
580,410
492,386
---------
---------
Bank loans totalling £37,655 (2022: £37,003) are secured by a legal charge over freehold property.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
297,015
338,903
---------
---------
Bank loans totalling £297,015 (2022: £338,903) are secured by a legal charge over freehold property .
10. Related party transactions
Included within other creditors is £462,518 (2022: £397,707) due to the directors .