Company registration number 07844818 (England and Wales)
IMS BUILDING SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
IMS BUILDING SOLUTIONS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
IMS BUILDING SOLUTIONS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
5
130,520
91,848
Current assets
Inventories
25,000
25,000
Trade and other receivables
6
763,101
545,152
Cash and cash equivalents
767,159
226,113
1,555,260
796,265
Current liabilities
7
(1,192,504)
(515,963)
Net current assets
362,756
280,302
Total assets less current liabilities
493,276
372,150
Non-current liabilities
8
(27,750)
(53,488)
Provisions for liabilities
(32,338)
(17,214)
Net assets
433,188
301,448
Equity
Called up share capital
23
23
Retained earnings
433,165
301,425
Total equity
433,188
301,448
IMS BUILDING SOLUTIONS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 NOVEMBER 2024
30 November 2024
- 2 -

For the financial year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 12 June 2025
C B Meadows
Director
Company registration number 07844818 (England and Wales)
IMS BUILDING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
1
Accounting policies
Company information

IMS Building Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Howard Business Park, Howard Close, Waltham Abbey, Essex, EN9 1XE.

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 whole £.

The financial statements have been prepared under the historical cost convention unless otherwise stated for any revaluations. The principal accounting policies adopted are set out below.

1.2
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.3
Property, plant and equipment

Property, plant and equipment 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:

Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
25% reducing balance

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.

1.4
Inventories

Inventories are stated at the lower of cost and estimated selling price. Cost comprises direct materials and, where applicable, overheads that have been incurred in bringing the inventories to their present location and condition.

IMS BUILDING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.7
Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and director's loans.

 

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

 

Director's loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

1.8
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 income statement 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.

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.

IMS BUILDING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

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

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
12
12
IMS BUILDING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 6 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2023 and 30 November 2024
50,000
Amortisation and impairment
At 1 December 2023 and 30 November 2024
50,000
Carrying amount
At 30 November 2024
-
0
At 30 November 2023
-
0
5
Property, plant and equipment
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2023
12,000
5,000
284,493
301,493
Additions
-
0
-
0
88,969
88,969
Disposals
-
0
-
0
(28,619)
(28,619)
At 30 November 2024
12,000
5,000
344,843
361,843
Depreciation and impairment
At 1 December 2023
11,569
4,820
193,257
209,646
Depreciation charged in the year
108
45
43,353
43,506
Eliminated in respect of disposals
-
0
-
0
(21,829)
(21,829)
At 30 November 2024
11,677
4,865
214,781
231,323
Carrying amount
At 30 November 2024
323
135
130,062
130,520
At 30 November 2023
431
180
91,237
91,848

There are assets with a NBV of £37,330 (2022: £81,724) in respect of assets held under Hire Purchase agreements.

IMS BUILDING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 7 -
6
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
120,659
137,149
Corporation tax recoverable
-
0
11,876
Other receivables
642,442
396,127
763,101
545,152
7
Current liabilities
2024
2023
£
£
Bank loans and overdrafts
13,522
11,021
Trade payables
446,671
229,224
Corporation tax
35,719
-
0
Other taxation and social security
218,178
127,376
Other payables
478,414
148,342
1,192,504
515,963
8
Non-current liabilities
2024
2023
£
£
Bank loans and overdrafts
13,919
23,400
Other payables
13,831
30,088
27,750
53,488
9
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Rent
Consultancy
2024
2023
2024
2023
£
£
£
£
Six Way Trading Limited
21,600
21,600
84,899
67,650

Six Way Trading Limited is a company with a common controlling shareholder.

IMS BUILDING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
9
Related party transactions
(Continued)
- 8 -

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Integrity Fire Solutions Limited
275,000
-

Integrity Fire Solutions Limited is a company with a common controlling shareholder. Interest of 12% per annum has been charged on this loan.

10
Directors' transactions

Dividends totalling £0 (2023 - £0) were paid in the year in respect of shares held by the company's Director.

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