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COMPANY REGISTRATION NUMBER: 09476515
IMS Installations Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
IMS Installations Limited
Balance Sheet
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
24,773
33,179
Current assets
Debtors
6
12,271
22,039
Cash at bank and in hand
4,909
20,307
--------
--------
17,180
42,346
Creditors: amounts falling due within one year
7
19,207
51,963
--------
--------
Net current liabilities
2,027
9,617
--------
--------
Total assets less current liabilities
22,746
23,562
Provisions
Taxation including deferred tax
4,707
6,304
--------
--------
Net assets
18,039
17,258
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
18,037
17,256
--------
--------
Shareholders funds
18,039
17,258
--------
--------
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 profit and loss account has not been delivered.
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
IMS Installations Limited
Balance Sheet (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 28 November 2024 , and are signed on behalf of the board by:
I Scroggie
Director
Company registration number: 09476515
IMS Installations Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 161 Batley Road, Kirkhamgate, Wakefield, WF2 0SP.
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 and in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements under FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts. These estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.
Revenue recognition
Turnover comprises the sales value net of attributable VAT of work done in the period under contracts to supply goods and services to third parties.
Income tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
33% reducing balance
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. Outstanding contributions are recognised as liabilities to the extent that they will be paid after the year end.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
5,140
37,535
2,795
45,470
-------
--------
-------
--------
Depreciation
At 1 April 2023
3,494
7,366
1,431
12,291
Charge for the year
413
7,543
450
8,406
-------
--------
-------
--------
At 31 March 2024
3,907
14,909
1,881
20,697
-------
--------
-------
--------
Carrying amount
At 31 March 2024
1,233
22,626
914
24,773
-------
--------
-------
--------
At 31 March 2023
1,646
30,169
1,364
33,179
-------
--------
-------
--------
6. Debtors
2024
2023
£
£
Trade debtors
3,380
Other debtors
12,271
18,659
--------
--------
12,271
22,039
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
622
( 234)
Corporation tax
2,249
968
Social security and other taxes
499
Other creditors
16,336
50,730
--------
--------
19,207
51,963
--------
--------
8. Director's advances, credits and guarantees
There are no transactions with the director that require disclosure under section 413 of the Companies Act 2006.
9. Related party transactions
Included in "Other creditors" at 31 March 2024 is an amount of £2,734 (2023: £13,222) due to the director. The loan is unsecured, interest free and repayable on demand .