Company Registration No. 07844818 (England and Wales)
IMS BUILDING SOLUTIONS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2015
IMS BUILDING SOLUTIONS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
IMS BUILDING SOLUTIONS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 NOVEMBER 2015
30 November 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Intangible assets
2
40,000
-
Tangible assets
2
31,627
32,237
71,627
32,237
Current assets
Stocks
15,000
15,000
Debtors
817,110
740,998
Cash at bank and in hand
174,005
119,728
1,006,115
875,726
Creditors: amounts falling due within one year
(608,647)
(644,675)
Net current assets
397,468
231,051
Total assets less current liabilities
469,095
263,288
Provisions for liabilities
(5,177)
(1,797)
463,918
261,491
Capital and reserves
Called up share capital
3
20
20
Profit and loss account
463,898
261,471
Shareholders' funds
463,918
261,491
IMS BUILDING SOLUTIONS LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2015
30 November 2015
- 2 -
For the financial year ended 30 November 2015 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.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 19 May 2016
C B Meadows
G A Alexander
Director
Director
Company Registration No. 07844818
IMS BUILDING SOLUTIONS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 NOVEMBER 2015
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 5 years. of 5 years.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
25% reducing balance
1.6
Long term contracts
Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.
IMS BUILDING SOLUTIONS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2015
- 4 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 December 2014
-
67,397
67,397
Additions
50,000
20,883
70,883
Disposals
-
(19,466)
(19,466)
At 30 November 2015
50,000
68,814
118,814
Depreciation
At 1 December 2014
-
35,160
35,160
On disposals
-
(8,516)
(8,516)
Charge for the year
10,000
10,543
20,543
At 30 November 2015
10,000
37,187
47,187
Net book value
At 30 November 2015
40,000
31,627
71,627
At 30 November 2014
-
32,237
32,237
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
20 Ordinary of £1 each
20
20
4
Related party relationships and transactions
Loans to directors
Transactions in relation to loans with directors during the year are outlined in the table below:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
C B Meadows
-
25,000
-
-
10,000
15,000
25,000
-
-
10,000
15,000
2015-11-302014-12-01falsetruetruetruetruetruetmpA274.html2016-06-13078448182014-12-012015-11-30078448182015-11-30078448182014-11-30078448182014-11-3007844818uk-bus:Director12014-12-012015-11-3007844818uk-bus:Director22014-12-012015-11-3007844818uk-gaap:PlantMachinery2014-12-012015-11-3007844818uk-gaap:FixturesFittingsToolsEquipment2014-12-012015-11-3007844818uk-gaap:MotorVehicles2014-12-012015-11-3007844818uk-bus:OrdinaryShareClass12014-12-012015-11-3007844818uk-bus:OrdinaryShareClass12015-11-3007844818uk-bus:OrdinaryShareClass12014-11-30xbrli:purexbrli:sharesiso4217:GBP
