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Registered number: 09400968
Imperial Ceramics Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
FB Accountancy Services Limited
Chartered Certified Accountants
16 Heronsgate Trading Estate
Paycocke Road
Basildon
Essex
SS14 3EU
Unaudited Financial Statements
Contents
Page
Accountant's Report 1
Statement of Financial Position 2—3
Notes to the Financial Statements 4—7
Page 1
Accountant's Report
Report to the director on the preparation of the unaudited statutory accounts of Imperial Ceramics Limited For The Year Ended 31 January 2024
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Imperial Ceramics Limited which comprise the Income Statement, the Statement of Financial Position and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the director of Imperial Ceramics Limited , as a body, in accordance with the terms of our engagement letter dated 14 April 2021. Our work has been undertaken solely to prepare for your approval the accounts of Imperial Ceramics Limited and state those matters that we have agreed to state to the director of Imperial Ceramics Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Imperial Ceramics Limited and its director as a body for our work or for this report.
It is your duty to ensure that Imperial Ceramics Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Imperial Ceramics Limited . You consider that Imperial Ceramics 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 accounts of Imperial Ceramics 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 financial statements.
Signed
30/09/2024
FB Accountancy Services Limited
Chartered Certified Accountants
16 Heronsgate Trading Estate
Paycocke Road
Basildon
Essex
SS14 3EU
Page 1
Page 2
Statement of Financial Position
Registered number: 09400968
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 32,146 11,059
32,146 11,059
CURRENT ASSETS
Stocks 5 13,135 6,992
Debtors 6 46,248 115,336
Cash at bank and in hand 63,429 103,710
122,812 226,038
Creditors: Amounts Falling Due Within One Year 7 (35,619 ) (86,330 )
NET CURRENT ASSETS (LIABILITIES) 87,193 139,708
TOTAL ASSETS LESS CURRENT LIABILITIES 119,339 150,767
Creditors: Amounts Falling Due After More Than One Year 8 (35,657 ) (27,329 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (8,519 ) (2,931 )
NET ASSETS 75,163 120,507
CAPITAL AND RESERVES
Called up share capital 11 1 1
Income Statement 75,162 120,506
SHAREHOLDERS' FUNDS 75,163 120,507
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For the year ending 31 January 2024 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 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Brett Gill
Director
30/09/2024
The notes on pages 4 to 7 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Imperial Ceramics Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09400968 . The registered office is 16 Heronsgate Trading Estate, Paycocke Road, Basildon, Essex, SS14 3EU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 20% Straight Line & 15% Reducing Balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
2.5. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 February 2023 21,482 5,313 26,795
Additions 35,768 - 35,768
Disposals (21,482 ) - (21,482 )
As at 31 January 2024 35,768 5,313 41,081
Depreciation
As at 1 February 2023 13,174 2,562 15,736
Provided during the period 5,961 413 6,374
Disposals (13,175 ) - (13,175 )
As at 31 January 2024 5,960 2,975 8,935
Net Book Value
As at 31 January 2024 29,808 2,338 32,146
As at 1 February 2023 8,308 2,751 11,059
5. Stocks
2024 2023
£ £
Work in progress 13,135 6,992
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 32,492 97,858
Prepayments and accrued income 4,349 1,161
VAT 9,407 16,317
46,248 115,336
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 4,195 4,359
Trade creditors 5,861 26,690
Bank loans and overdrafts 10,000 10,000
Corporation tax 7,203 29,604
Other taxes and social security 1,520 4,813
Other creditors 6,540 10,813
Accruals and deferred income 300 51
35,619 86,330
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 22,324 3,996
Bank loans 13,333 23,333
35,657 27,329
The bank loan consists of a loan recived under the government bounce back loan scheme.
9. Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured. The net obligations under finance lease and hire purchase contracts are secured against the asset relating to these loans.
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 26,519 8,356
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 4,195 4,359
Later than one year and not later than five years 22,324 3,996
26,519 8,355
26,519 8,355
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11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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