INDUSTRIAL_MAINTENANCE_SU - Accounts


Company Registration No. 05454364 (England and Wales)
INDUSTRIAL MAINTENANCE SUPPLIES (LEICESTER) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018
PAGES FOR FILING WITH REGISTRAR
INDUSTRIAL MAINTENANCE SUPPLIES (LEICESTER) LIMITED
COMPANY INFORMATION
Director
Mr A Gettings
Secretary
Mrs C B Gettings
Company number
05454364
Registered office
23-29 Pasture Lane
Leicester
LE1 4EY
Accountants
BPC Chandarana+Co Limited
Chartered Accountants
Prebend House
72 London Road
Leicester
LE2 0QR
Business address
23-29 Pasture Lane
Leicester
LE1 4EY
Bankers
Cater Allen
9 Nelson Street
Bradford
BD1 5AN
INDUSTRIAL MAINTENANCE SUPPLIES (LEICESTER) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
INDUSTRIAL MAINTENANCE SUPPLIES (LEICESTER) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
28 FEBRUARY 2018
28 February 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,443
7,490
Current assets
Stocks
64,010
55,459
Debtors
4
187,519
164,288
Cash at bank and in hand
501,938
448,048
753,467
667,795
Creditors: amounts falling due within one year
5
(338,907)
(304,011)
Net current assets
414,560
363,784
Total assets less current liabilities
420,003
371,274
Provisions for liabilities
(286)
(537)
Net assets
419,717
370,737
Capital and reserves
Called up share capital
6
20
20
Profit and loss reserves
419,697
370,717
Total equity
419,717
370,737

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

For the financial year ended 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

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.

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

The financial statements were approved and signed by the director and authorised for issue on 5 May 2018
Mr A Gettings
Director
Company Registration No. 05454364
INDUSTRIAL MAINTENANCE SUPPLIES (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 2 -
1
Accounting policies
Company information

Industrial Maintenance Supplies (Leicester) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 23-29 Pasture Lane, Leicester, LE1 4EY.

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 £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover 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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets 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% per annum on a reducing balance basis.
Fixtures, fittings & computer equipment
20% - 33% per annum on a reducing balance basis.
Motor vehicles
25% per annum on a reducing balance basis.

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
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

INDUSTRIAL MAINTENANCE SUPPLIES (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
1
Accounting policies
(Continued)
- 3 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

BASIC FINANCIAL ASSETS AND LIABILITIES

Basic financial assets and liabilities, which include debtors and creditors with no stated interest rate and receivables or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

INDUSTRIAL MAINTENANCE SUPPLIES (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
1
Accounting policies
(Continued)
- 4 -
1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
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 fixed 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.

1.11
Retirement benefits

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income 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 lease asset are consumed.

INDUSTRIAL MAINTENANCE SUPPLIES (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 5 (2017 - 5).

3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2017 and 28 February 2018
1,705
25,468
23,299
50,472
Depreciation and impairment
At 1 March 2017
1,535
23,265
18,182
42,982
Depreciation charged in the year
43
725
1,279
2,047
At 28 February 2018
1,578
23,990
19,461
45,029
Carrying amount
At 28 February 2018
127
1,478
3,838
5,443
At 28 February 2017
170
2,203
5,117
7,490
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
174,871
142,272
Other debtors
12,648
22,016
187,519
164,288
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
98,498
70,007
Corporation tax
14,143
8,131
Other taxation and social security
23,175
20,790
Other creditors
203,091
205,083
338,907
304,011
INDUSTRIAL MAINTENANCE SUPPLIES (LEICESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 6 -
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
20Ordinary shares of £1 each
20
20
20
20
7
Directors' transactions

Dividends totalling £5,000 (2017 - £5,000) were paid in the year in respect of shares held by the company's director.

Included within other creditors falling due within one year is an amount of £197,932 (2017 - £197,532) owed to the director in respect of his director's current account. During the year the company paid interest in respect of the director's current account amounting to £18,000 (2017 - £18,000).

2018-02-282017-03-01falseCCH SoftwareCCH Accounts Production 2018.100No description of principal activity07 May 2018Mr A GettingsMrs C B Gettings054543642017-03-012018-02-2805454364bus:Director12017-03-012018-02-2805454364bus:CompanySecretary12017-03-012018-02-2805454364bus:RegisteredOffice2017-03-012018-02-2805454364bus:Agent12017-03-012018-02-28054543642018-02-28054543642017-02-2805454364core:PlantMachinery2018-02-2805454364core:FurnitureFittings2018-02-2805454364core:MotorVehicles2018-02-2805454364core:PlantMachinery2017-02-2805454364core:FurnitureFittings2017-02-2805454364core:MotorVehicles2017-02-2805454364core:CurrentFinancialInstruments2018-02-2805454364core:CurrentFinancialInstruments2017-02-2805454364core:ShareCapital2018-02-2805454364core:ShareCapital2017-02-2805454364core:RetainedEarningsAccumulatedLosses2018-02-2805454364core:RetainedEarningsAccumulatedLosses2017-02-2805454364core:ShareCapitalOrdinaryShares2018-02-2805454364core:ShareCapitalOrdinaryShares2017-02-2805454364core:PlantMachinery2017-03-012018-02-2805454364core:FurnitureFittings2017-03-012018-02-2805454364core:MotorVehicles2017-03-012018-02-2805454364core:PlantMachinery2017-02-2805454364core:FurnitureFittings2017-02-2805454364core:MotorVehicles2017-02-28054543642017-02-2805454364bus:OrdinaryShareClass12017-03-012018-02-2805454364bus:OrdinaryShareClass12018-02-2805454364bus:PrivateLimitedCompanyLtd2017-03-012018-02-2805454364bus:FRS1022017-03-012018-02-2805454364bus:AuditExemptWithAccountantsReport2017-03-012018-02-2805454364bus:SmallCompaniesRegimeForAccounts2017-03-012018-02-2805454364bus:FullAccounts2017-03-012018-02-28xbrli:purexbrli:sharesiso4217:GBP