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Company No: 05928544 (England and Wales)

IMPERIAL THERMAL ENGINEERING LTD

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

IMPERIAL THERMAL ENGINEERING LTD

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

IMPERIAL THERMAL ENGINEERING LTD

BALANCE SHEET

As at 30 April 2024
IMPERIAL THERMAL ENGINEERING LTD

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 29,915 12,174
Tangible assets 4 72,235 76,790
102,150 88,964
Current assets
Stocks 5 72,339 21,498
Debtors 6 48,682 50,515
Cash at bank and in hand 19,095 17,382
140,116 89,395
Creditors: amounts falling due within one year 7 ( 228,618) ( 200,053)
Net current liabilities (88,502) (110,658)
Total assets less current liabilities 13,648 (21,694)
Creditors: amounts falling due after more than one year 8 ( 12,086) ( 18,448)
Net assets/(liabilities) 1,562 ( 40,142)
Capital and reserves
Called-up share capital 9 2 2
Profit and loss account 1,560 ( 40,144 )
Total shareholder's funds/(deficit) 1,562 ( 40,142)

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:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Imperial Thermal Engineering Ltd (registered number: 05928544) were approved and authorised for issue by the Director on 31 January 2025. They were signed on its behalf by:

J Forbes-Brown
Director
IMPERIAL THERMAL ENGINEERING LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
IMPERIAL THERMAL ENGINEERING LTD

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

Imperial Thermal Engineering Ltd (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 Bridge Hall Barn Hollies Road, Bradwell, Braintree, CM77 8DZ, 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 £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered 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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences 10 years straight line
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:

Plant and machinery 5 % reducing balance
Office equipment 3 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.

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 is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 4 3

3. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 01 May 2023 12,911 12,911
Additions 19,282 19,282
At 30 April 2024 32,193 32,193
Accumulated amortisation
At 01 May 2023 737 737
Charge for the financial year 1,541 1,541
At 30 April 2024 2,278 2,278
Net book value
At 30 April 2024 29,915 29,915
At 30 April 2023 12,174 12,174

4. Tangible assets

Plant and machinery Office equipment Total
£ £ £
Cost
At 01 May 2023 154,279 2,464 156,743
At 30 April 2024 154,279 2,464 156,743
Accumulated depreciation
At 01 May 2023 79,624 329 79,953
Charge for the financial year 3,734 821 4,555
At 30 April 2024 83,358 1,150 84,508
Net book value
At 30 April 2024 70,921 1,314 72,235
At 30 April 2023 74,655 2,135 76,790

5. Stocks

2024 2023
£ £
Work in progress 72,339 21,498

6. Debtors

2024 2023
£ £
Trade debtors 33,200 32,759
Corporation tax 0 4,552
Other debtors 15,482 13,204
48,682 50,515

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 6,362 6,206
Trade creditors 55,424 39,868
Amounts owed to related parties 150,848 138,511
Other taxation and social security 3,931 5,434
Other creditors 12,053 10,034
228,618 200,053

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 12,086 18,448

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2