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COMPANY REGISTRATION NUMBER: 07017624
Imperial Metal Polishing Limited
Filleted Unaudited Financial Statements
30 September 2024
Imperial Metal Polishing Limited
Financial Statements
Year Ended 30th September 2024
Contents
Page
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements
1
Statement of Financial Position
2
Notes to the Financial Statements
4
Imperial Metal Polishing Limited
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Imperial Metal Polishing Limited
Year Ended 30th September 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Imperial Metal Polishing Limited for the year ended 30th September 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the Board of Directors of Imperial Metal Polishing Limited, as a body, in accordance with the terms of our engagement letter dated 24th July 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Imperial Metal Polishing Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Imperial Metal Polishing Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Imperial Metal Polishing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Imperial Metal Polishing Limited. You consider that Imperial Metal Polishing Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Imperial Metal Polishing Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MJ GREEN ACCOUNTANCY SERVICES LTD Chartered Certified Accountants
Unit 10 Silver End Business Park Brettell Lane Brierley Hill West Midlands DY5 3LG
11 June 2025
Imperial Metal Polishing Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
Fixed Assets
Tangible assets
5
20,461
26,894
Current Assets
Stocks
200
200
Debtors
6
16,605
29,257
Cash at bank and in hand
7,450
10,002
--------
--------
24,255
39,459
Creditors: amounts falling due within one year
7
16,172
23,598
--------
--------
Net Current Assets
8,083
15,861
--------
--------
Total Assets Less Current Liabilities
28,544
42,755
Creditors: amounts falling due after more than one year
8
3,636
4,346
Provisions
Taxation including deferred tax
3,888
5,184
--------
--------
Net Assets
21,020
33,225
--------
--------
Capital and Reserves
Called up share capital
100
100
Profit and loss account
20,920
33,125
--------
--------
Shareholders Funds
21,020
33,225
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30th September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Imperial Metal Polishing Limited
Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 11 June 2025 , and are signed on behalf of the board by:
Ms S Clewes
Mr R Clewes
Director
Director
Company registration number: 07017624
Imperial Metal Polishing Limited
Notes to the Financial Statements
Year Ended 30th September 2024
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Largest Unit at the rear of, 96/97 King William Street, Amblecote, Stourbridge, DY8 4EY, West Midlands.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance
Computer equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible Assets
Plant and machinery
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1st October 2023
109,907
10,698
2,200
122,805
Additions
566
96
662
---------
--------
-------
---------
At 30th September 2024
110,473
10,698
2,296
123,467
---------
--------
-------
---------
Depreciation
At 1st October 2023
86,115
8,582
1,214
95,911
Charge for the year
6,083
317
695
7,095
---------
--------
-------
---------
At 30th September 2024
92,198
8,899
1,909
103,006
---------
--------
-------
---------
Carrying amount
At 30th September 2024
18,275
1,799
387
20,461
---------
--------
-------
---------
At 30th September 2023
23,792
2,116
986
26,894
---------
--------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
14,351
25,169
Other debtors
2,254
4,088
--------
--------
16,605
29,257
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
765
756
Trade creditors
468
5,016
Corporation tax
4,910
7,059
Social security and other taxes
4,504
5,526
Other creditors
5,525
5,241
--------
--------
16,172
23,598
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
3,636
4,346
-------
-------
9. Deferred Tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
3,888
5,184
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
3,888
5,184
-------
-------
10. Operating Leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
1,800
----
-------
11. Directors' Advances, Credits and Guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Ms S Clewes
( 3,601)
( 26,390)
26,501
( 3,490)
Mr R Clewes
( 6)
( 26,390)
25,995
( 401)
-------
--------
--------
-------
( 3,607)
( 52,780)
52,496
( 3,891)
-------
--------
--------
-------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Ms S Clewes
( 3,579)
( 25,110)
25,088
( 3,601)
Mr R Clewes
( 91)
( 25,084)
25,169
( 6)
-------
--------
--------
-------
( 3,670)
( 50,194)
50,257
( 3,607)
-------
--------
--------
-------
The credits to the directors were made on an interest free basis and are repayable on demand.