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Registration number: 07798436

Impresa Corporation Ltd

Unaudited Filleted Financial Statements

for the Year Ended 4 October 2024

 

Impresa Corporation Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Impresa Corporation Ltd

(Registration number: 07798436)
Balance Sheet as at 4 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

69,541

127,181

Current assets

 

Stocks

6

33,000

25,000

Debtors

7

179,210

20,647

Cash at bank and in hand

 

27,736

200,638

 

239,946

246,285

Creditors: Amounts falling due within one year

8

(108,895)

(111,148)

Net current assets

 

131,051

135,137

Total assets less current liabilities

 

200,592

262,318

Creditors: Amounts falling due after more than one year

8

(163,908)

(188,082)

Provisions for liabilities

(17,385)

(31,795)

Net assets

 

19,299

42,441

Capital and reserves

 

Called up share capital

100

100

Retained earnings

19,199

42,341

Shareholders' funds

 

19,299

42,441

 

Impresa Corporation Ltd

(Registration number: 07798436)
Balance Sheet as at 4 October 2024

For the financial year ending 4 October 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 provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 January 2025
 

.........................................
Mr S Mughal
Director

 

Impresa Corporation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 4 October 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:
34 St Annes Road West
St Annes on Sea
Lancashire
FY8 1RF

These financial statements were authorised for issue by the director on 23 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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 sales/value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income 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.

 

Impresa Corporation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 4 October 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Plant and Machinery

20% Straight line

Office Equipment

33% Straight line

Shop Fit

20% Straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% 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 inventories 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.

 

Impresa Corporation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 4 October 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2023 - 9).

 

Impresa Corporation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 4 October 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 5 October 2023

175,000

175,000

At 4 October 2024

175,000

175,000

Amortisation

At 5 October 2023

175,000

175,000

At 4 October 2024

175,000

175,000

Carrying amount

At 4 October 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Shop Fit
 £

Plant and machinery
£

Total
£

Cost or valuation

At 5 October 2023

14,234

272,482

91,200

377,916

Additions

784

-

12,362

13,146

At 4 October 2024

15,018

272,482

103,562

391,062

Depreciation

At 5 October 2023

7,566

163,489

79,680

250,735

Charge for the year

2,576

54,497

13,713

70,786

At 4 October 2024

10,142

217,986

93,393

321,521

Carrying amount

At 4 October 2024

4,876

54,496

10,169

69,541

At 4 October 2023

6,668

108,993

11,520

127,181

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

33,000

25,000

 

Impresa Corporation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 4 October 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

18,431

16,017

Prepayments

5,354

4,244

Other debtors

155,425

386

 

179,210

20,647

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

28,551

28,111

Trade creditors

 

46,565

43,174

Taxation and social security

 

16,793

25,047

Accruals and deferred income

 

14,157

13,786

Other creditors

 

2,829

1,030

 

108,895

111,148

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £28,551 (2023 £28,111).

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,506

10,071

HP and finance lease liabilities

18,045

18,040

28,551

28,111

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

163,908

188,082

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £163,908 (2022 £188,082)

 

Impresa Corporation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 4 October 2024

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

81,072

92,012

Hire purchase contracts

82,836

96,070

163,908

188,082

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,506

10,071

Hire purchase contracts

18,045

18,040

28,551

28,111