17 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-31 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP SC261805 2023-01-31 2024-01-30 SC261805 2024-01-30 SC261805 2023-01-30 SC261805 2022-01-31 2023-01-30 SC261805 2023-01-30 SC261805 2022-01-30 SC261805 core:PlantMachinery 2023-01-31 2024-01-30 SC261805 core:FurnitureFittings 2023-01-31 2024-01-30 SC261805 core:MotorVehicles 2023-01-31 2024-01-30 SC261805 bus:Director1 2023-01-31 2024-01-30 SC261805 core:PlantMachinery 2023-01-30 SC261805 core:FurnitureFittings 2023-01-30 SC261805 core:MotorVehicles 2023-01-30 SC261805 core:PlantMachinery 2024-01-30 SC261805 core:FurnitureFittings 2024-01-30 SC261805 core:MotorVehicles 2024-01-30 SC261805 core:WithinOneYear 2024-01-30 SC261805 core:WithinOneYear 2023-01-30 SC261805 core:AfterOneYear 2024-01-30 SC261805 core:AfterOneYear 2023-01-30 SC261805 core:UKTax 2023-01-31 2024-01-30 SC261805 core:UKTax 2022-01-31 2023-01-30 SC261805 core:ShareCapital 2024-01-30 SC261805 core:ShareCapital 2023-01-30 SC261805 core:RetainedEarningsAccumulatedLosses 2024-01-30 SC261805 core:RetainedEarningsAccumulatedLosses 2023-01-30 SC261805 core:PlantMachinery 2023-01-30 SC261805 core:FurnitureFittings 2023-01-30 SC261805 core:MotorVehicles 2023-01-30 SC261805 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2024-01-30 SC261805 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2023-01-30 SC261805 bus:SmallEntities 2023-01-31 2024-01-30 SC261805 bus:AuditExemptWithAccountantsReport 2023-01-31 2024-01-30 SC261805 bus:SmallCompaniesRegimeForAccounts 2023-01-31 2024-01-30 SC261805 bus:PrivateLimitedCompanyLtd 2023-01-31 2024-01-30 SC261805 bus:FullAccounts 2023-01-31 2024-01-30
COMPANY REGISTRATION NUMBER: SC261805
INDEPENDENCE MOBILITY LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 January 2024
INDEPENDENCE MOBILITY LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 JANUARY 2024
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
INDEPENDENCE MOBILITY LIMITED
STATEMENT OF FINANCIAL POSITION
30 January 2024
2024
2023
Note
£
£
£
FIXED ASSETS
Tangible assets
6
169,055
132,815
CURRENT ASSETS
Stocks
61,449
14,516
Debtors
7
286,216
253,607
Cash at bank and in hand
126,485
151,076
---------
---------
474,150
419,199
CREDITORS: amounts falling due within one year
8
( 305,691)
( 195,961)
---------
---------
NET CURRENT ASSETS
168,459
223,238
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
337,514
356,053
CREDITORS: amounts falling due after more than one year
9
( 41,139)
( 48,046)
PROVISIONS
Taxation including deferred tax
( 42,264)
( 25,235)
---------
---------
NET ASSETS
254,111
282,772
---------
---------
CAPITAL AND RESERVES
Called up share capital
2
2
Profit and loss account
254,109
282,770
---------
---------
SHAREHOLDERS FUNDS
254,111
282,772
---------
---------
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 30 January 2024 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 .
INDEPENDENCE MOBILITY LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 January 2024
These financial statements were approved by the board of directors and authorised for issue on 25 October 2024 , and are signed on behalf of the board by:
C M Mitchell
Director
Company registration number: SC261805
INDEPENDENCE MOBILITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JANUARY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 29 Doune Crescent, Newton Mearns, Glasgow, G77 5NR.
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 preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation to date.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Fixtures, fittings and equipment
-
25% reducing balance
Motor vehicles
-
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at transaction price and thereafter at fair value with changes recognised in profit and loss. The company holds the following financial assets and liabilities: Cash, Short-term trade and other debtors, and creditors. Cash in the balance sheet comprises cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account before operating profit.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 17 (2023: 14 ).
5. TAX ON PROFIT
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
29,168
41,999
Adjustments in respect of prior periods
( 487)
( 66)
--------
--------
Total current tax
28,681
41,933
--------
--------
Deferred tax:
Origination and reversal of timing differences
17,029
7,304
--------
--------
Tax on profit
45,710
49,237
--------
--------
6. TANGIBLE ASSETS
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 31 January 2023
101,171
67,154
149,873
318,198
Additions
5,920
15,734
70,017
91,671
Disposals
( 15,570)
( 15,570)
---------
--------
---------
---------
At 30 January 2024
107,091
82,888
204,320
394,299
---------
--------
---------
---------
Depreciation
At 31 January 2023
72,416
38,478
74,489
185,383
Charge for the year
5,203
11,105
35,428
51,736
Disposals
( 11,875)
( 11,875)
---------
--------
---------
---------
At 30 January 2024
77,619
49,583
98,042
225,244
---------
--------
---------
---------
Carrying amount
At 30 January 2024
29,472
33,305
106,278
169,055
---------
--------
---------
---------
At 30 January 2023
28,755
28,676
75,384
132,815
---------
--------
---------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 30 January 2024
67,480
--------
At 30 January 2023
76,558
--------
7. DEBTORS
2024
2023
£
£
Trade debtors
201,779
183,470
Other debtors
84,437
70,137
---------
---------
286,216
253,607
---------
---------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
238,209
111,841
Corporation tax
29,168
41,999
Social security and other taxes
5,896
7,428
Amounts due to related companies
855
Other creditors
32,418
33,838
---------
---------
305,691
195,961
---------
---------
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Other creditors
41,139
48,046
--------
--------