Registered number
04718076
Imperial Antiques Limited
Unaudited Filleted Accounts
31 March 2024
Imperial Antiques Limited
Registered number: 04718076
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,282 2,700
Current assets
Stocks 25,335 87,330
Debtors 4 3,899 6,835
Cash at bank and in hand 36,639 53,405
65,873 147,570
Creditors: amounts falling due within one year 5 (3,153) (5,016)
Net current assets 62,720 142,554
Total assets less current liabilities 65,002 145,254
Creditors: amounts falling due after more than one year 6 (25,450) (25,300)
Net assets 39,552 119,954
Capital and reserves
Called up share capital 100 100
Profit and loss account 39,452 119,854
Shareholders' funds 39,552 119,954
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A Tojarieh
Director
Approved by the board on 20 October 2024
Imperial Antiques Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover comprises revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures and fittings 15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company - -
3 Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 April 2023 7,055
At 31 March 2024 7,055
Depreciation
At 1 April 2023 4,355
Charge for the year 418
At 31 March 2024 4,773
Net book value
At 31 March 2024 2,282
At 31 March 2023 2,700
4 Debtors 2024 2023
£ £
Other debtors 3,899 6,835
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 1,713 3,576
Other creditors 1,440 1,440
3,153 5,016
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 25,450 25,300
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr A and Mrs Y Tojarieh
Loan made during the year repaid in full on 30 September 2024 4,835 2,064 (5,000) 1,899
4,835 2,064 (5,000) 1,899
8 Related party transactions
The company enjoys rent free occupation of its business premises, which are owned by the directors.
9 Controlling party
The company is controlled by Mr A Tojarieh
10 Other information
Imperial Antiques Limited is a private company limited by shares and incorporated in England. Its registered office is:
295 Buxton Road
Great Moor
Stockport
Cheshire
SK2 7NR
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