Company registration number SC076251 (Scotland)
INAMO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
INAMO LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
INAMO LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
301,608
284,720
Current assets
Stocks
11,607
8,585
Debtors
5
65,142
65,610
Cash at bank and in hand
65,253
40,651
142,002
114,846
Creditors: amounts falling due within one year
6
(59,458)
(47,734)
Net current assets
82,544
67,112
Total assets less current liabilities
384,152
351,832
Creditors: amounts falling due after more than one year
7
(44,817)
(55,500)
Provisions for liabilities
(11,803)
(6,219)
Government grants
(73,824)
(76,242)
Net assets
253,708
213,871
Capital and reserves
Called up share capital
13,800
13,800
Profit and loss reserves
239,908
200,071
Total equity
253,708
213,871
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
INAMO LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 March 2025 and are signed on its behalf by:
Mr G Barr
Director
Company Registration No. SC076251
INAMO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information
Inamo Limited is a private company limited by shares incorporated in Scotland. The registered office is 21 Bank Street, Irvine, Ayrshire, United Kingdom, KA12 0AJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents payments received with respect to the provision of services rendered.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 1992, was amortised evenly over its estimated useful life of twenty years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% Straight Line
Improvements to property
5% Straight Line
Fixtures and fittings
10% Straight Line
Computers
20% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
INAMO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
22
21
3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2023 and 31 July 2024
6,750
Amortisation and impairment
At 1 August 2023 and 31 July 2024
6,750
Carrying amount
At 31 July 2024
At 31 July 2023
INAMO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
4
Tangible fixed assets
Freehold land and buildings
Improvements to property
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 August 2023
430,997
29,844
288,586
10,973
760,400
Additions
33,648
33,648
At 31 July 2024
430,997
29,844
322,234
10,973
794,048
Depreciation and impairment
At 1 August 2023
189,492
23,199
252,016
10,973
475,680
Depreciation charged in the year
6,876
1,492
8,392
16,760
At 31 July 2024
196,368
24,691
260,408
10,973
492,440
Carrying amount
At 31 July 2024
234,629
5,153
61,826
301,608
At 31 July 2023
241,505
6,645
36,570
284,720
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
59,000
58,335
Other debtors
6,142
7,275
65,142
65,610
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
22,778
22,638
Taxation and social security
19,600
3,607
Other creditors
17,080
21,489
59,458
47,734
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
35,322
48,239
Other creditors
9,495
7,261
44,817
55,500
INAMO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
8
Loans and overdrafts
2024
2023
£
£
Bank loans
59,067
78,138
Due within 1 year
22,778
22,638
Due within 2 - 5 years
35,322
48,239
Due after 5 years
967
7,261
A bond and floating charge over the heritable property exists in relation to all sums and obligations due or to become due by the company to Bank of Scotland plc.