ILIMART LIMITED Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 02461201

ILIMART LIMITED

Filleted Unaudited Financial Statements

31 December 2018

ILIMART LIMITED

Statement of Financial Position

31 December 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	4		124,774	124,774

Current assets

Stocks		225,141	223,458
Debtors	5	181	191
Cash at bank and in hand		296	1,021
		---------	---------
		225,618	224,670

Creditors: amounts falling due within one year	6	145,874		137,919
		---------		---------
Net current assets			79,744	86,751
			---------	---------
Total assets less current liabilities			204,518	211,525
			---------	---------
Net assets			204,518	211,525
			---------	---------

Capital and reserves

Called up share capital	243,155	243,155
Profit and loss account	( 38,637)	( 31,630)
	---------	---------
Shareholders funds	204,518	211,525
	---------	---------

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 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 31st December 2018 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 financial statements for the year in question in accordance with section 476 ;

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

ILIMART LIMITED

Statement of Financial Position (continued)

31 December 2018

These financial statements were approved by the board of directors and authorised for issue on 29 August 2019 , and are signed on behalf of the board by:

Mr J M Riley
Director

Company registration number: 02461201

ILIMART LIMITED

Notes to the Financial Statements

Year ended 31st December 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is G5 Barton Hall Industrial Estate, Hardy Street, Eccles, Manchester, M30 7NB.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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	-	20% reducing balance

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.

4. Tangible assets

	Plant and machinery	Total
	£	£
Cost
At 1st January 2018 and 31st December 2018	142,212	142,212
	---------	---------
Depreciation
At 1st January 2018 and 31st December 2018	17,438	17,438
	---------	---------
Carrying amount
At 31st December 2018	124,774	124,774
	---------	---------
At 31st December 2017	124,774	124,774
	---------	---------

5. Debtors

	2018	2017
	£	£
Other debtors	181	191
	----	----

6. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	( 5)	( 40)
Other creditors	145,879	137,959
	---------	---------
	145,874	137,919
	---------	---------

7. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2018
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Mr J M Riley	( 137,309)	( 7,870)	( 145,179)
	---------	-------	---------

	2017
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Mr J M Riley	( 127,309)	( 10,000)	( 137,309)
	---------	--------	---------

8. Related party transactions

The company was under the control of Mr Riley throughout the current and previous year. Mr Riley is the chairman and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed.