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Registration number: 13173003

IMIFA Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

IMIFA Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

IMIFA Ltd

Company Information

Director

Mr D Iorio

Registered office

Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

 

IMIFA Ltd

(Registration number: 13173003)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

-

111,943

Current assets

 

Debtors

5

802

113

Cash at bank and in hand

 

12

-

 

814

113

Creditors: Amounts falling due within one year

6

(86,173)

(59,988)

Net current liabilities

 

(85,359)

(59,875)

Total assets less current liabilities

 

(85,359)

52,068

Creditors: Amounts falling due after more than one year

6

-

(65,650)

Net liabilities

 

(85,359)

(13,582)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(85,459)

(13,682)

Total equity

 

(85,359)

(13,582)

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 3 October 2024
 

.........................................
Mr D Iorio
Director

   
     
 

IMIFA Ltd

Notes to the Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

These financial statements were authorised for issue by the director on 3 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

IMIFA Ltd

Notes to the Financial Statements for the Year Ended 29 February 2024

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Investment properties

2024
£

At 1 March

111,943

Disposals

(111,943)

At 29 February

-

There has been no valuation of investment property by an independent valuer.

5

Debtors

Note

2024
£

2023
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

9

160

-

Other debtors

 

642

113

 

802

113

 

IMIFA Ltd

Notes to the Financial Statements for the Year Ended 29 February 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

8

-

1

Amounts owed to group undertakings and undertakings in which the company has a participating interest

 

85,669

59,507

Other creditors

 

504

480

 

86,173

59,988

Due after one year

 

Loans and borrowings

8

-

65,650

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

-

65,650

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

IMIFA Ltd

Notes to the Financial Statements for the Year Ended 29 February 2024

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

-

65,650

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

-

1

9

Related party transactions

Transactions with directors

2024

At 1 March 2023
£

Advances to director
£

At 29 February 2024
£

Mr D Iorio

Interest free loan repayable on demand

113

529

642

       
     

 

2023

At 1 March 2022
£

Other payments made to company by director
£

At 28 February 2023
£

Mr D Iorio

Interest free loan repayable on demand

-

113

113