ILMO Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 09261346

ILMO Ltd

Filleted Unaudited Financial Statements

31 December 2024

ILMO Ltd

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Intangible assets	5	15,527	16,977
Tangible assets	6	990,525	925,508
		------------	---------
		1,006,052	942,485

Current assets

Stocks		17,323	19,224
Debtors	7	19,453	11,073
Cash at bank and in hand		54,517	36,657
		--------	--------
		91,293	66,954

Creditors: amounts falling due within one year	8	623,402	580,410
		---------	---------
Net current liabilities		532,109	513,456
		------------	---------
Total assets less current liabilities		473,943	429,029

Creditors: amounts falling due after more than one year	9	253,373	297,015
		---------	---------
Net assets		220,570	132,014
		---------	---------

Capital and reserves

Called up share capital	400	400
Profit and loss account	220,170	131,614
	---------	---------
Shareholders funds	220,570	132,014
	---------	---------

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 31 December 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 .

ILMO Ltd

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 20 September 2025 , and are signed on behalf of the board by:

Mr D Ilett

Director

Company registration number: 09261346

ILMO Ltd

Notes to the Financial Statements

Year ended 31 December 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 Portreath Arms, The Square, Portreath, Redruth, Cornwall, TR16 4LA, England.

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. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

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.

Income tax

The taxation expense represents the aggregate amount of current 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.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% straight line
Fixtures and fittings	-	25% reducing balance
Equipment	-	25% reducing balance

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.

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 44 (2023: 46 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 January 2024 and 31 December 2024	29,000
	--------
Amortisation
At 1 January 2024	12,023
Charge for the year	1,450
	--------
At 31 December 2024	13,473
	--------
Carrying amount
At 31 December 2024	15,527
	--------
At 31 December 2023	16,977
	--------

6. Tangible assets

	Land and buildings	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 January 2024	999,326	51,778	7,440	1,058,544
Additions	80,688	13,198	1,978	95,864
Disposals	–	( 4,215)	( 666)	( 4,881)
	------------	--------	-------	------------
At 31 December 2024	1,080,014	60,761	8,752	1,149,527
	------------	--------	-------	------------
Depreciation
At 1 January 2024	97,172	31,463	4,401	133,036
Charge for the year	21,600	7,189	1,074	29,863
Disposals	–	( 3,284)	( 613)	( 3,897)
	------------	--------	-------	------------
At 31 December 2024	118,772	35,368	4,862	159,002
	------------	--------	-------	------------
Carrying amount
At 31 December 2024	961,242	25,393	3,890	990,525
	------------	--------	-------	------------
At 31 December 2023	902,154	20,315	3,039	925,508
	------------	--------	-------	------------

Tangible fixed assets with a net book value of £990,525 (2023: £925,508) have been pledged as security for liabilities of the company.

7. Debtors

	2024	2023
	£	£
Trade debtors	4,492	7,802
Other debtors	14,961	3,271
	--------	--------
	19,453	11,073
	--------	--------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	67,967	37,655
Trade creditors	25,827	23,170
Corporation tax	25,920	13,809
Social security and other taxes	40,185	31,183
Other creditors	463,503	474,593
	---------	---------
	623,402	580,410
	---------	---------

Bank loans totalling £67,967 (2023: £37,655) are secured by a legal charge over freehold property.

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

	2024	2023
	£	£
Bank loans and overdrafts	253,373	297,015
	---------	---------

Bank loans totalling £253,373 (2023: £297,015) are secured by a legal charge over freehold property.