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Registered number: 06762130
The Import Agency Ltd
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 January 2024
Contents
Page
Abridged Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Abridged Financial Statements 4—5
Page 1
Abridged Balance Sheet
Registered number: 06762130
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 225,167 91,216
225,167 91,216
CURRENT ASSETS
Debtors 501,653 232,772
Cash at bank and in hand 559,884 539,914
1,061,537 772,686
Creditors: Amounts Falling Due Within One Year (282,282 ) (247,725 )
NET CURRENT ASSETS (LIABILITIES) 779,255 524,961
TOTAL ASSETS LESS CURRENT LIABILITIES 1,004,422 616,177
Creditors: Amounts Falling Due After More Than One Year (14,656 ) (20,585 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (10,398 ) (10,398 )
NET ASSETS 979,368 585,194
CAPITAL AND RESERVES
Called up share capital 52 50
Capital redemption reserve 50 50
Profit and Loss Account 979,266 585,094
SHAREHOLDERS' FUNDS 979,368 585,194
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For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 January 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr D Wheeler
Director
27 September 2024
The notes on pages 4 to 5 form part of these financial statements.
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Page 3
Statement of Changes in Equity
Share Capital Capital Redemption Profit and Loss Account Total
£ £ £ £
As at 1 February 2022 50 50 312,512 312,612
Profit for the year and total comprehensive income - - 603,557 603,557
Dividends paid - - (330,975) (330,975)
As at 31 January 2023 and 1 February 2023 50 50 585,094 585,194
Profit for the year and total comprehensive income - - 989,412 989,412
Dividends paid - - (595,240) (595,240)
As at 31 January 2024 52 50 979,266 979,368
On 22/12/2023 a new issue of shares were made, being 1 Ordinary B and 1 Ordinary C shares of 0.50p each. 
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Notes to the Abridged Financial Statements
1. General Information
The Import Agency Ltd Registered number 06762130 is a limited by shares company incorporated in England & Wales. The Registered Office is C/O Savvy Accountancy Ltd Kenward House, High Street, Hartley Wintney, RG27 8NY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 20% on cost
Computer Equipment 25% on cost
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 5)
5 5
4. Tangible Assets
Total
£
Cost
As at 1 February 2023 174,876
Additions 199,123
Disposals (39,165 )
As at 31 January 2024 334,834
Depreciation
As at 1 February 2023 83,660
Provided during the period 41,918
Disposals (15,911 )
As at 31 January 2024 109,667
Net Book Value
As at 31 January 2024 225,167
As at 1 February 2023 91,216
5. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 4,824 4,985
Later than one year and not later than five years 14,656 20,585
19,480 25,570
19,480 25,570
6. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 595,240 330,975
7. Controlling Party
The company's controlling party is Darren Wheeler by virtue of his ownership of the issued share capital in the company.
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