8 false false false false false false false false false false true false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 210,900 210,900 xbrli:pure xbrli:shares iso4217:GBP 05120478 2023-05-01 2024-04-30 05120478 2024-04-30 05120478 2023-04-30 05120478 2022-05-01 2023-04-30 05120478 2023-04-30 05120478 2022-04-30 05120478 core:NetGoodwill 2023-05-01 2024-04-30 05120478 core:PlantMachinery 2023-05-01 2024-04-30 05120478 core:FurnitureFittings 2023-05-01 2024-04-30 05120478 bus:Director2 2023-05-01 2024-04-30 05120478 bus:Director1 2023-05-01 2024-04-30 05120478 core:NetGoodwill 2024-04-30 05120478 core:PlantMachinery 2023-04-30 05120478 core:PlantMachinery 2024-04-30 05120478 core:FurnitureFittings 2024-04-30 05120478 core:WithinOneYear 2024-04-30 05120478 core:WithinOneYear 2023-04-30 05120478 core:ShareCapital 2024-04-30 05120478 core:ShareCapital 2023-04-30 05120478 core:RetainedEarningsAccumulatedLosses 2024-04-30 05120478 core:RetainedEarningsAccumulatedLosses 2023-04-30 05120478 core:BetweenOneFiveYears 2024-04-30 05120478 core:BetweenOneFiveYears 2023-04-30 05120478 core:PlantMachinery 2023-04-30 05120478 bus:Director1 2022-04-30 05120478 bus:SmallEntities 2023-05-01 2024-04-30 05120478 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 05120478 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 05120478 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 05120478 bus:FullAccounts 2023-05-01 2024-04-30 05120478 core:OfficeEquipment 2023-05-01 2024-04-30 05120478 core:OfficeEquipment 2023-04-30 05120478 core:OfficeEquipment 2024-04-30
COMPANY REGISTRATION NUMBER: 05120478
Ifamax Limited
Filleted Unaudited Financial Statements
30 April 2024
Ifamax Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
25,083
9,964
Current assets
Debtors
7
127,686
105,554
Cash at bank and in hand
454,822
391,291
---------
---------
582,508
496,845
Creditors: amounts falling due within one year
8
347,177
260,398
---------
---------
Net current assets
235,331
236,447
---------
---------
Total assets less current liabilities
260,414
246,411
---------
---------
Net assets
260,414
246,411
---------
---------
Capital and reserves
Called up share capital
4
4
Profit and loss account
260,410
246,407
---------
---------
Shareholder funds
260,414
246,411
---------
---------
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 statement of income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Ifamax Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 5 June 2024 , and are signed on behalf of the board by:
Mr A Chritchlow
Director
Company registration number: 05120478
Ifamax Limited
Notes to the Financial Statements
Year ended 30 April 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 Ground Floor, 1 Temple Back, Bristol, BS1 6FL.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts.
Income tax
The taxation expense represents the amount of current tax recognised in the reporting period. Tax is recognised in profit or loss. 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
33% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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 & machinery
-
20% reducing balance
Leasehold improvements
-
10% straight line
Office equipment
-
33% reducing balance
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 7 ).
5. Intangible assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
210,900
---------
Amortisation
At 1 May 2023 and 30 April 2024
210,900
---------
Carrying amount
At 30 April 2024
---------
At 30 April 2023
---------
6. Tangible assets
Plant and machinery
Leasehold improvements
Equipment
Total
£
£
£
£
Cost
At 1 May 2023
37,701
17,865
55,566
Additions
1,548
11,249
15,960
28,757
Disposals
( 36,153)
( 7,633)
( 43,786)
--------
--------
--------
--------
At 30 April 2024
3,096
11,249
26,192
40,537
--------
--------
--------
--------
Depreciation
At 1 May 2023
33,126
12,476
45,602
Charge for the year
401
1,125
6,670
8,196
Disposals
( 32,043)
( 6,301)
( 38,344)
--------
--------
--------
--------
At 30 April 2024
1,484
1,125
12,845
15,454
--------
--------
--------
--------
Carrying amount
At 30 April 2024
1,612
10,124
13,347
25,083
--------
--------
--------
--------
At 30 April 2023
4,575
5,389
9,964
--------
--------
--------
--------
7. Debtors
2024
2023
£
£
Trade debtors
31,966
6,559
Other debtors
95,720
98,995
---------
---------
127,686
105,554
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
21,698
20,290
Corporation tax
287,275
204,932
Social security and other taxes
7,799
10,717
Other creditors
30,405
24,459
---------
---------
347,177
260,398
---------
---------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
49,140
49,140
Later than 1 year and not later than 5 years
135,135
184,275
---------
---------
184,275
233,415
---------
---------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Balance brought forward and outstanding
2024
2023
£
£
Mr M Tennant
51
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