I.M. Fabrications Limited 04184930 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the manufacture of fabricated metal products. Digita Accounts Production Advanced 6.30.9574.0 true true true 04184930 2023-04-01 2024-03-31 04184930 2024-03-31 04184930 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2024-03-31 04184930 core:RetainedEarningsAccumulatedLosses 2024-03-31 04184930 core:ShareCapital 2024-03-31 04184930 core:CurrentFinancialInstruments 2024-03-31 04184930 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 04184930 core:Non-currentFinancialInstruments 2024-03-31 04184930 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 04184930 core:Goodwill 2024-03-31 04184930 core:FurnitureFittingsToolsEquipment 2024-03-31 04184930 core:LandBuildings 2024-03-31 04184930 core:MotorVehicles 2024-03-31 04184930 core:OtherPropertyPlantEquipment 2024-03-31 04184930 bus:SmallEntities 2023-04-01 2024-03-31 04184930 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04184930 bus:FilletedAccounts 2023-04-01 2024-03-31 04184930 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04184930 bus:RegisteredOffice 2023-04-01 2024-03-31 04184930 bus:Director3 2023-04-01 2024-03-31 04184930 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-04-01 2024-03-31 04184930 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04184930 bus:Agent1 2023-04-01 2024-03-31 04184930 core:Goodwill 2023-04-01 2024-03-31 04184930 core:FurnitureFittings 2023-04-01 2024-03-31 04184930 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 04184930 core:LandBuildings 2023-04-01 2024-03-31 04184930 core:MotorVehicles 2023-04-01 2024-03-31 04184930 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 04184930 core:PlantMachinery 2023-04-01 2024-03-31 04184930 core:Vehicles 2023-04-01 2024-03-31 04184930 1 2023-04-01 2024-03-31 04184930 countries:EnglandWales 2023-04-01 2024-03-31 04184930 2023-03-31 04184930 core:Goodwill 2023-03-31 04184930 core:FurnitureFittingsToolsEquipment 2023-03-31 04184930 core:LandBuildings 2023-03-31 04184930 core:MotorVehicles 2023-03-31 04184930 core:OtherPropertyPlantEquipment 2023-03-31 04184930 2022-04-01 2023-03-31 04184930 2023-03-31 04184930 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-03-31 04184930 core:RetainedEarningsAccumulatedLosses 2023-03-31 04184930 core:ShareCapital 2023-03-31 04184930 core:CurrentFinancialInstruments 2023-03-31 04184930 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 04184930 core:Non-currentFinancialInstruments 2023-03-31 04184930 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 04184930 core:FurnitureFittingsToolsEquipment 2023-03-31 04184930 core:LandBuildings 2023-03-31 04184930 core:MotorVehicles 2023-03-31 04184930 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04184930

I.M. Fabrications Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

I.M. Fabrications Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 12

 

I.M. Fabrications Limited

Company Information

Director

Mr C A Hall

Registered office

Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

Accountants

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
I.M. Fabrications Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of I.M. Fabrications Limited for the year ended 31 March 2024 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of I.M. Fabrications Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of I.M. Fabrications Limited and state those matters that we have agreed to state to the Board of Directors of I.M. Fabrications Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than I.M. Fabrications Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that I.M. Fabrications Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of I.M. Fabrications Limited. You consider that I.M. Fabrications Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of I.M. Fabrications Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

28 November 2024

 

I.M. Fabrications Limited

(Registration number: 04184930)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

250,605

266,751

Current assets

 

Stocks

6

12,000

11,255

Debtors

7

376,617

329,408

Cash at bank and in hand

 

19,061

25,860

 

407,678

366,523

Creditors: Amounts falling due within one year

8

(43,018)

(38,440)

Net current assets

 

364,660

328,083

Total assets less current liabilities

 

615,265

594,834

Creditors: Amounts falling due after more than one year

8

(209,354)

(169,491)

Provisions for liabilities

(5,199)

(6,612)

Net assets

 

400,712

418,731

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

400,612

418,631

Shareholders' funds

 

400,712

418,731

For the financial 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 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

I.M. Fabrications Limited

(Registration number: 04184930)
Balance Sheet as at 31 March 2024

Approved and authorised by the director on 28 November 2024
 

.........................................
Mr C A Hall
Director

 

I.M. Fabrications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF
England

The principal place of business is:
Steadfast House
Scafell Road
Lytham St Annes
FY8 3HE

These financial statements were authorised for issue by the director on 28 November 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.

 

I.M. Fabrications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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 and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Motor vehicles

25% reducing balance

Fixtures & fittings

15% reducing balance

Plant & equipment

20% reducing balance

 

I.M. Fabrications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

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 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

I.M. Fabrications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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 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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 4).

 

I.M. Fabrications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

10,000

10,000

At 31 March 2024

10,000

10,000

Amortisation

At 1 April 2023

10,000

10,000

At 31 March 2024

10,000

10,000

Carrying amount

At 31 March 2024

-

-

 

I.M. Fabrications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

253,470

61,732

57,485

111,921

484,608

Disposals

-

-

(25,304)

-

(25,304)

At 31 March 2024

253,470

61,732

32,181

111,921

459,304

Depreciation

At 1 April 2023

27,789

44,198

38,239

107,631

217,857

Charge for the year

3,437

2,630

4,811

858

11,736

Eliminated on disposal

-

-

(20,894)

-

(20,894)

At 31 March 2024

31,226

46,828

22,156

108,489

208,699

Carrying amount

At 31 March 2024

222,244

14,904

10,025

3,432

250,605

At 31 March 2023

225,681

17,534

19,246

4,290

266,751

Included within the net book value of land and buildings above is £221,534 (2023 - £224,947) in respect of freehold land and buildings and £709 (2023 - £734) in respect of long leasehold land and buildings.
 

 

I.M. Fabrications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Stocks

2024
£

2023
£

Work in progress

12,000

11,255

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

24,901

34,244

Amounts owed by related parties

350,197

291,396

Prepayments

 

1,072

2,229

Other debtors

 

447

1,539

   

376,617

329,408

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

14,446

19,311

Trade creditors

 

18,009

11,726

Taxation and social security

 

7,932

3,578

Accruals and deferred income

 

2,300

3,500

Other creditors

 

331

325

 

43,018

38,440

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

159,354

119,491

Other non-current financial liabilities

 

50,000

50,000

 

209,354

169,491

 

I.M. Fabrications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary £1 of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

159,354

119,491

Current loans and borrowings

2024
£

2023
£

Bank borrowings

14,446

19,311

11

Parent and ultimate parent undertaking

The company's immediate parent is C Hall Limited, incorporated in England and Wales.