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Importas Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 April 2024

Registration number: 05332499

 

Importas Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Importas Limited

Balance Sheet

30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

14,621

18,649

Current assets

 

Stocks

568,498

190,249

Debtors

5

2,396,194

2,086,544

Cash at bank and in hand

 

3,951,955

2,152,196

 

6,916,647

4,428,989

Creditors: Amounts falling due within one year

6

(2,669,945)

(1,353,100)

Net current assets

 

4,246,702

3,075,889

Total assets less current liabilities

 

4,261,323

3,094,538

Provisions for liabilities

(3,655)

(4,662)

Net assets

 

4,257,668

3,089,876

Capital and reserves

 

Called up share capital

7

500

500

Capital redemption reserve

500

500

Profit and loss account

4,256,668

3,088,876

Shareholders' funds

 

4,257,668

3,089,876

 

Importas Limited

Balance Sheet

30 April 2024

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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 31 January 2025
 

.........................................
R J Davey
Director

Company Registration Number: 05332499

 

Importas Limited

Notes to the Unaudited Financial Statements

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:
9 Estuary Court
Teignmouth
Devon
TQ14 9FA

These financial statements were authorised for issue by the director on 31 January 2025.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements.

In the opinion of the directors, the company has sufficient working capital within existing facilities to continue to trade for the foreseeable future, and therefore the financial statements have been prepared on a going concern basis.

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 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.

 

Importas Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2024

Tax

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.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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

Furniture, fittings and equipment

25% straight line

Motor vehicles

25% straight line

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 stocks 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Importas Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

 

Importas Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

50,153

16,254

66,407

Additions

4,822

6,000

10,822

Disposals

-

(16,254)

(16,254)

At 30 April 2024

54,975

6,000

60,975

Depreciation

At 1 May 2023

42,340

5,418

47,758

Charge for the year

2,515

1,500

4,015

Eliminated on disposal

-

(5,419)

(5,419)

At 30 April 2024

44,855

1,499

46,354

Carrying amount

At 30 April 2024

10,120

4,501

14,621

At 30 April 2023

7,813

10,836

18,649

5

Debtors

2024
£

2023
£

Trade debtors

2,247,895

1,905,693

Prepayments

12,727

8,439

Other debtors

135,572

172,412

2,396,194

2,086,544

 

Importas Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

1,835,378

864,481

Corporation tax

548,109

26,502

Taxation and social security

1,151

-

Other creditors

274,527

455,417

Accruals and deferred income

10,780

6,700

2,669,945

1,353,100

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

500

500

500

500

         

8

Related party transactions

Transactions with the director

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

R J Davey

Advances made and repayable on demand. Interest has been charged at the official rate.

121,225

132,504

(122,170)

131,559

         
       

 

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

R J Davey

Advances made and repayable on demand. Interest has been charged at the official rate.

138,532

122,169

(139,476)

121,225

         
       

 

 

Importas Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2024

Summary of transactions with other related parties

Clearwater (Services) LLP
 A partnership in which the directors are partners.
 During the year Clearwater (Services) LLP charged management charges to the company totalling £756,786 (2023 - £666,060).