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Unaudited Financial Statements for the Year Ended 30 June 2024

for

IMB Transport Ltd

IMB Transport Ltd (Registered number: SC375046)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IMB Transport Ltd

Company Information
for the Year Ended 30 June 2024







DIRECTOR: I M Bell





REGISTERED OFFICE: 2 Melville Street
Falkirk
FK1 1HZ





REGISTERED NUMBER: SC375046 (Scotland)





ACCOUNTANTS: Ian Macfarlane Limited
Chartered Accountants
2 Melville Street
Falkirk
FK1 1HZ

IMB Transport Ltd (Registered number: SC375046)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 43,933 56,223
43,933 56,223

CURRENT ASSETS
Debtors 6 256,388 220,825
Cash at bank and in hand 276 275
256,664 221,100
CREDITORS
Amounts falling due within one year 7 193,025 186,676
NET CURRENT ASSETS 63,639 34,424
TOTAL ASSETS LESS CURRENT
LIABILITIES

107,572

90,647

CREDITORS
Amounts falling due after more than one year 8 (16,729 ) (27,500 )

PROVISIONS FOR LIABILITIES (10,912 ) (10,682 )
NET ASSETS 79,931 52,465

CAPITAL AND RESERVES
Called up share capital 9 200 200
Retained earnings 79,731 52,265
SHAREHOLDERS' FUNDS 79,931 52,465

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

IMB Transport Ltd (Registered number: SC375046)

Balance Sheet - continued
30 June 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 12 March 2025 and were signed by:





I M Bell - Director


IMB Transport Ltd (Registered number: SC375046)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

IMB Transport Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on reducing balance, 25% on reducing balance and 15% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

IMB Transport Ltd (Registered number: SC375046)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 20 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 150,000
AMORTISATION
At 1 July 2023
and 30 June 2024 150,000
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

IMB Transport Ltd (Registered number: SC375046)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2023 184,243
Additions 7,250
Disposals (15,545 )
At 30 June 2024 175,948
DEPRECIATION
At 1 July 2023 128,020
Charge for year 14,621
Eliminated on disposal (10,626 )
At 30 June 2024 132,015
NET BOOK VALUE
At 30 June 2024 43,933
At 30 June 2023 56,223

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 July 2023 31,790
Additions 7,250
Transfer to ownership (31,790 )
At 30 June 2024 7,250
DEPRECIATION
At 1 July 2023 21,731
Charge for year 1,813
Transfer to ownership (21,731 )
At 30 June 2024 1,813
NET BOOK VALUE
At 30 June 2024 5,437
At 30 June 2023 10,059

IMB Transport Ltd (Registered number: SC375046)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 33,916 26,554
Other debtors 222,472 194,271
256,388 220,825

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts 53,258 47,051
Hire purchase contracts 2,417 679
Trade creditors 729 566
Taxation and social security 122,073 123,013
Other creditors 14,548 15,367
193,025 186,676

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.24 30.6.23
£    £   
Bank loans 12,500 27,500
Hire purchase contracts 4,229 -
16,729 27,500

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
90 "A" ordinary £1 90 90
90 "B" ordinary £1 90 90
20 "C" ordinary £1 20 20
200 200

IMB Transport Ltd (Registered number: SC375046)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023:

30.6.24 30.6.23
£    £   
I M Bell
Balance outstanding at start of year 117,208 74,568
Amounts advanced 28,561 94,538
Amounts repaid - (51,898 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 145,769 117,208