Imperial Square Developments Limited 01737529 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is that of industrial and commercial property development and contract management Digita Accounts Production Advanced 6.30.9574.0 true 01737529 2023-05-01 2024-04-30 01737529 2024-04-30 01737529 core:CurrentFinancialInstruments 2024-04-30 01737529 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 01737529 core:FurnitureFittingsToolsEquipment 2024-04-30 01737529 bus:SmallEntities 2023-05-01 2024-04-30 01737529 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 01737529 bus:FullAccounts 2023-05-01 2024-04-30 01737529 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 01737529 bus:RegisteredOffice 2023-05-01 2024-04-30 01737529 bus:Director1 2023-05-01 2024-04-30 01737529 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 01737529 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 01737529 core:OfficeEquipment 2023-05-01 2024-04-30 01737529 core:OtherRelatedParties 2023-05-01 2024-04-30 01737529 countries:EnglandWales 2023-05-01 2024-04-30 01737529 core:FurnitureFittingsToolsEquipment 2023-04-30 01737529 2022-05-01 2023-04-30 01737529 2023-04-30 01737529 core:CurrentFinancialInstruments 2023-04-30 01737529 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 01737529 core:FurnitureFittingsToolsEquipment 2023-04-30 iso4217:GBP xbrli:pure

Registration number: 01737529

Prepared for the registrar

Imperial Square Developments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Imperial Square Developments Limited

(Registration number: 01737529)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

388

456

Current assets

 

Debtors

5

561

32

Cash at bank and in hand

 

7,907

19,825

 

8,468

19,857

Creditors: Amounts falling due within one year

6

(5,386)

(14,944)

Net current assets

 

3,082

4,913

Net assets

 

3,470

5,369

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

3,370

5,269

Shareholders' funds

 

3,470

5,369

For the financial year ending 30 April 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 18 November 2024
 


J A Thompson
Director

 

Imperial Square Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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:
26a Imperial Square
Cheltenham
Gloucestershire
GL50 1QZ

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

15% of written down value

 

Imperial Square Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

Trade 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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

Imperial Square Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

 

4

Tangible assets

Furniture, fittings and equipment
 £

Cost

At 1 May 2023

743

At 30 April 2024

743

Depreciation

At 1 May 2023

287

Charge for the year

68

At 30 April 2024

355

Carrying amount

At 30 April 2024

388

At 30 April 2023

456

 

5

Debtors

2024
 £

2023
 £

Other debtors

561

32

 

6

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Trade creditors

 

54

-

Amounts due to related parties

7

3,552

7,066

Accrued expenses

 

1,780

7,845

Corporation tax liability

-

33

 

5,386

14,944

 

7

Related party transactions

Summary of transactions with other related parties

At 30 April 2024, the company owed £3,552 to the director (2023: £7,066) in the form of a director's loan account. No interest was charged on this balance and there are no fixed repayment terms.