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Company No: 06568102 (England and Wales)

IMC TILING LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2025
Pages for filing with the registrar

IMC TILING LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2025

Contents

IMC TILING LIMITED

BALANCE SHEET

As at 31 March 2025
IMC TILING LIMITED

BALANCE SHEET (continued)

As at 31 March 2025
Note 2025 2024
£ £
Fixed assets
Tangible assets 4 190,193 199,285
190,193 199,285
Current assets
Stocks 10,379 2,000
Debtors 5 108,190 63,770
Cash at bank and in hand 5 14,261
118,574 80,031
Creditors: amounts falling due within one year 6 ( 144,504) ( 90,936)
Net current liabilities (25,930) (10,905)
Total assets less current liabilities 164,263 188,380
Creditors: amounts falling due after more than one year 7 ( 2,547) ( 46,150)
Provision for liabilities ( 5,760) ( 7,135)
Net assets 155,956 135,095
Capital and reserves
Called-up share capital 8 2 2
Profit and loss account 155,954 135,093
Total shareholders' funds 155,956 135,095

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of IMC Tiling Limited (registered number: 06568102) were approved and authorised for issue by the Director on 10 June 2025. They were signed on its behalf by:

Mr I G Mckenna
Director
IMC TILING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
IMC TILING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

IMC Tiling Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 8 Eurotech Park, Burrington Way, Plymouth, PL5 3LZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue at the point of sale or delivery and when the work is complete.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Land and buildings 50 years straight line
Vehicles 25 % reducing balance
Office equipment 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2024 5,000 5,000
At 31 March 2025 5,000 5,000
Accumulated amortisation
At 01 April 2024 5,000 5,000
At 31 March 2025 5,000 5,000
Net book value
At 31 March 2025 0 0
At 31 March 2024 0 0

4. Tangible assets

Land and buildings Vehicles Office equipment Total
£ £ £ £
Cost
At 01 April 2024 187,879 60,195 6,354 254,428
Additions 0 0 439 439
Disposals 0 0 ( 3,639) ( 3,639)
At 31 March 2025 187,879 60,195 3,154 251,228
Accumulated depreciation
At 01 April 2024 9,218 42,660 3,265 55,143
Charge for the financial year 3,757 4,384 350 8,491
Disposals 0 0 ( 2,599) ( 2,599)
At 31 March 2025 12,975 47,044 1,016 61,035
Net book value
At 31 March 2025 174,904 13,151 2,138 190,193
At 31 March 2024 178,661 17,535 3,089 199,285

5. Debtors

2025 2024
£ £
Trade debtors 95,965 61,633
VAT recoverable 12,225 2,137
108,190 63,770

6. Creditors: amounts falling due within one year

2025 2024
£ £
Bank loans and overdrafts (secured) 17,983 21,600
Trade creditors 40,614 16,307
Amounts owed to director 34,094 3,574
Accruals 9,506 7,738
Corporation tax 31,746 38,299
Other taxation and social security 7,143 0
Obligations under finance leases and hire purchase contracts (secured) 2,779 2,779
Other creditors 639 639
144,504 90,936

Bank overdrafts are secured personally by the Director.

7. Creditors: amounts falling due after more than one year

2025 2024
£ £
Bank loans 0 40,824
Obligations under finance leases and hire purchase contracts (secured) 2,547 5,326
2,547 46,150

Hire purchase liabilities are secured on the individual assets taken out under hire purchase agreements.

8. Called-up share capital

2025 2024
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1
1 Ordinary A share of £ 1.00 1 1
2 2