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Registration number: 03709601

I M B Electronics Limited

Unaudited Financial Statements

for the Period from 1 March 2023 to 31 August 2024

 

I M B Electronics Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

I M B Electronics Limited

Company Information

Director

SA Beales

Company secretary

LJ Hardy

Registered office

29 Myrtle Tree Crescent
Sand Bay
Kewstoke
Weston-super-Mare
Somerset
BS22 9UL

Accountants

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
North Somerset
BS23 1NF

 

I M B Electronics Limited

(Registration number: 03709601)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

287

373

Current assets

 

Debtors

6

23,832

29,483

Cash at bank and in hand

 

28

29

 

23,860

29,512

Creditors: Amounts falling due within one year

7

(20,385)

(20,109)

Net current assets

 

3,475

9,403

Total assets less current liabilities

 

3,762

9,776

Creditors: Amounts falling due after more than one year

7

(2,884)

(7,348)

Provisions for liabilities

(41)

(71)

Net assets

 

837

2,357

Capital and reserves

 

Called up share capital

2

2

Retained earnings

835

2,355

Shareholders' funds

 

837

2,357

For the financial period ending 31 August 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 period 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.

 

I M B Electronics Limited

(Registration number: 03709601)
Balance Sheet as at 31 August 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 31 May 2025
 

.........................................
SA Beales
Director

 

I M B Electronics Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

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.

The presentation currency of the financial statements is Pound Sterling (£).

Going concern

The company ceased trading on 28 February 2023.

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.

 

I M B Electronics Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 31 August 2024

2

Accounting policies (continued)

Tax

The tax expense for the period comprises 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.

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

15% Reducing balance

Computer equipment

20% Straight line

 

I M B Electronics Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 31 August 2024

2

Accounting policies (continued)

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.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.
 

3

Staff numbers

The average number of persons employed by the company (excluding the director) during the period, was 0 (2023 - 0).

 

I M B Electronics Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 31 August 2024

4

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

86

89

5

Tangible assets

Computer equipment
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 March 2023

9,600

1,760

11,360

At 31 August 2024

9,600

1,760

11,360

Depreciation

At 1 March 2023

9,299

1,688

10,987

Charge for the period

72

14

86

At 31 August 2024

9,371

1,702

11,073

Carrying amount

At 31 August 2024

229

58

287

At 28 February 2023

300

73

373

6

Debtors

Current

2024
£

2023
£

Other debtors

23,832

29,483

 

23,832

29,483

 

I M B Electronics Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 31 August 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

3,085

3,088

Taxation and social security

 

13,215

13,415

Accruals

 

4,085

3,606

 

20,385

20,109

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

2,884

7,348

 

I M B Electronics Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 31 August 2024

8

Related party transactions

Transactions with the director

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

At 31 August 2024
£

SA Beales

Directors' loan account

29,483

594

(6,244)

23,832

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

SA Beales

Directors' loan account

21,939

58,797

(51,254)

29,483


The loan to the director is repayable on demand. Interest has been paid at the official rate of interest. No s455 tax has been provided as the loan has been repaid within 9 months of the year end.

 

I M B Electronics Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 31 August 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

2,884

7,348

Current loans and borrowings

2024
£

2023
£

Other borrowings

3,085

3,088