Silverfin false false 30/04/2024 01/05/2023 30/04/2024 Mrs Kerris Milne 27/03/2013 Mr Roger Milne 09/05/2012 14 June 2024 The principal activity of the company continued to be that of merchant services. 08062773 2024-04-30 08062773 bus:Director1 2024-04-30 08062773 bus:Director2 2024-04-30 08062773 2023-04-30 08062773 core:CurrentFinancialInstruments 2024-04-30 08062773 core:CurrentFinancialInstruments 2023-04-30 08062773 core:ShareCapital 2024-04-30 08062773 core:ShareCapital 2023-04-30 08062773 core:RetainedEarningsAccumulatedLosses 2024-04-30 08062773 core:RetainedEarningsAccumulatedLosses 2023-04-30 08062773 core:FurnitureFittings 2023-04-30 08062773 core:ComputerEquipment 2023-04-30 08062773 core:FurnitureFittings 2024-04-30 08062773 core:ComputerEquipment 2024-04-30 08062773 core:CostValuation 2023-04-30 08062773 core:AdditionsToInvestments 2024-04-30 08062773 core:DisposalsRepaymentsInvestments 2024-04-30 08062773 core:CostValuation 2024-04-30 08062773 core:CurrentFinancialInstruments 10 2024-04-30 08062773 core:CurrentFinancialInstruments 10 2023-04-30 08062773 2023-05-01 2024-04-30 08062773 bus:FilletedAccounts 2023-05-01 2024-04-30 08062773 bus:SmallEntities 2023-05-01 2024-04-30 08062773 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 08062773 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 08062773 bus:Director1 2023-05-01 2024-04-30 08062773 bus:Director2 2023-05-01 2024-04-30 08062773 core:FurnitureFittings core:TopRangeValue 2023-05-01 2024-04-30 08062773 core:ComputerEquipment core:TopRangeValue 2023-05-01 2024-04-30 08062773 2022-05-01 2023-04-30 08062773 core:FurnitureFittings 2023-05-01 2024-04-30 08062773 core:ComputerEquipment 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Company No: 08062773 (England and Wales)

INDEPENDENT MERCHANT SERVICES LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

INDEPENDENT MERCHANT SERVICES LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

INDEPENDENT MERCHANT SERVICES LIMITED

COMPANY INFORMATION

For the financial year ended 30 April 2024
INDEPENDENT MERCHANT SERVICES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 April 2024
DIRECTORS Mrs Kerris Milne
Mr Roger Milne
REGISTERED OFFICE Carlyle House
78 Chorley New Road
Bolton
BL1 4BY
United Kingdom
COMPANY NUMBER 08062773 (England and Wales)
CHARTERED ACCOUNTANTS Barlow Andrews LLP
Carlyle House
78 Chorley New Road
Bolton
INDEPENDENT MERCHANT SERVICES LIMITED

BALANCE SHEET

As at 30 April 2024
INDEPENDENT MERCHANT SERVICES LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 11,263 7,651
Investments 4 100,000 406,674
111,263 414,325
Current assets
Stocks 128,203 120,747
Debtors 5 1,184,307 51,645
Cash at bank and in hand 35,062 2,085,816
1,347,572 2,258,208
Creditors: amounts falling due within one year 6 ( 254,037) ( 83,835)
Net current assets 1,093,535 2,174,373
Total assets less current liabilities 1,204,798 2,588,698
Net assets 1,204,798 2,588,698
Capital and reserves
Called-up share capital 100 100
Profit and loss account 1,204,698 2,588,598
Total shareholders' funds 1,204,798 2,588,698

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.

Directors' responsibilities:

The financial statements of Independent Merchant Services Limited (registered number: 08062773) were approved and authorised for issue by the Board of Directors on 14 June 2024. They were signed on its behalf by:

Mr Roger Milne
Director
INDEPENDENT MERCHANT SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
INDEPENDENT MERCHANT SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Independent Merchant Services Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Carlyle House, 78 Chorley New Road, Bolton, BL1 4BY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 5 years straight line
Computer equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

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 the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

3. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 May 2023 13,440 0 13,440
Additions 3,166 3,572 6,738
At 30 April 2024 16,606 3,572 20,178
Accumulated depreciation
At 01 May 2023 5,789 0 5,789
Charge for the financial year 2,810 316 3,126
At 30 April 2024 8,599 316 8,915
Net book value
At 30 April 2024 8,007 3,256 11,263
At 30 April 2023 7,651 0 7,651

4. Fixed asset investments

2024 2023
£ £
Other investments and loans 100,000 406,674

Other investments Total
£ £
Cost or valuation before impairment
At 01 May 2023 406,674 406,674
Additions 100,000 100,000
Disposals ( 406,674) ( 406,674)
At 30 April 2024 100,000 100,000
Carrying value at 30 April 2024 100,000 100,000
Carrying value at 30 April 2023 406,674 406,674

5. Debtors

2024 2023
£ £
Trade debtors 4,455 7,667
Other taxation and social security 1,431 0
Other debtors 1,178,421 43,978
1,184,307 51,645

6. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 232,625 47,982
Other creditors 21,412 35,853
254,037 83,835