IMAT Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05149794 (England and Wales)

IMAT Limited

Unaudited Financial Statements

for the Year Ended 31 July 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M A Parkin

K O'Connor

C Taylor

SECRETARY:

M A Parkin

REGISTERED OFFICE:

Unit 1 Brabazon Court

Borman

Lichfield Road Industrial Estatte

Tamworth

Staffordshire

B79 7TA

REGISTERED NUMBER:

05149794 (England and Wales)

ACCOUNTANTS:

Haines Watts

Sterling House

97 Lichfield Street

Tamworth

Staffordshire

B79 7QF

FIXED ASSETS

Tangible assets

4

32,865

33,775

Investments

5

-

-

32,865

33,775

CURRENT ASSETS

Stocks

2,750

3,108

Debtors

6

175,724

166,772

Cash at bank and in hand

191

25,856

178,665

195,736

CREDITORS

Amounts falling due within one year

7

130,233

117,458

NET CURRENT ASSETS

48,432

78,278

TOTAL ASSETS LESS CURRENT LIABILITIES

81,297

112,053

CREDITORS

Amounts falling due after more than one year

8

(46,503

)

(57,359

)

PROVISIONS FOR LIABILITIES

(4,532

)

(4,370

)

NET ASSETS

30,262

50,324

CAPITAL AND RESERVES

Called up share capital

11

1,000

1,000

Retained earnings

29,262

49,324

SHAREHOLDERS' FUNDS

30,262

50,324

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 April 2020 and were signed on its behalf by:

K O'Connor - Director

1.	STATUTORY INFORMATION

IMAT Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about IMAT Limited as an individual company and do not contain

consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of

the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and

laws that have been enacted or substantively enacted by the year end and that are expected to apply to the

reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2018 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 August 2018

221,007

Additions

4,888

At 31 July 2019

225,895

DEPRECIATION

At 1 August 2018

187,232

Charge for year

5,798

At 31 July 2019

193,030

NET BOOK VALUE

At 31 July 2019

32,865

At 31 July 2018

33,775

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 August 2018

and 31 July 2019

77,780

PROVISIONS

At 1 August 2018

and 31 July 2019

77,780

NET BOOK VALUE

At 31 July 2019

-

At 31 July 2018

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

78,791

67,942

Other debtors

96,933

98,830

175,724

166,772

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

61,118

10,778

Trade creditors

29,357

36,229

Taxation and social security

11,243

32,335

Other creditors

28,515

38,116

130,233

117,458

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

46,503

57,359

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

11,740

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

24,944

25,634

Between one and five years

31,325

55,180

56,269

80,814

10.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank overdraft

50,098

-

Bank loans

57,523

68,137

107,621

68,137

Bank loans and overdrafts are secured by way of fixed and floating charges over the undertaking and all

property and assets present and future.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

1,000

Ordinary

£1

1,000

1,000

12.	RELATED PARTY DISCLOSURES

Loans due from connected companies totalled £59,068 (2018: £74,068) at the balance sheet date.