IMAJ Limited Filleted accounts for Companies House (small and micro)

0 false false false false false false false false false true false false false false false false No description of principal activity 2019-01-01 Sage Accounts Production Advanced 2020 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 08631146 2019-01-01 2019-12-31 08631146 2019-12-31 08631146 2018-01-01 2018-12-31 08631146 2018-12-31 08631146 core:LandBuildings 2019-01-01 2019-12-31 08631146 core:PlantMachinery 2019-01-01 2019-12-31 08631146 bus:LeadAgentIfApplicable 2019-01-01 2019-12-31 08631146 bus:Director1 2019-01-01 2019-12-31 08631146 core:WithinOneYear 2019-12-31 08631146 core:WithinOneYear 2018-12-31 08631146 core:AfterOneYear 2019-12-31 08631146 core:AfterOneYear 2018-12-31 08631146 core:ShareCapital 2019-12-31 08631146 core:ShareCapital 2018-12-31 08631146 core:RetainedEarningsAccumulatedLosses 2019-12-31 08631146 core:RetainedEarningsAccumulatedLosses 2018-12-31 08631146 bus:SmallEntities 2019-01-01 2019-12-31 08631146 bus:AuditExemptWithAccountantsReport 2019-01-01 2019-12-31 08631146 bus:AbridgedAccounts 2019-01-01 2019-12-31 08631146 bus:SmallCompaniesRegimeForAccounts 2019-01-01 2019-12-31 08631146 bus:PrivateLimitedCompanyLtd 2019-01-01 2019-12-31 08631146 core:ComputerEquipment 2019-01-01 2019-12-31

STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS

All of the members of IMAJ Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2019 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 08631146

IMAJ LIMITED

FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2019

IMAJ LIMITED

REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF IMAJ LIMITED

YEAR ENDED 31 DECEMBER 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of IMAJ Limited for the year ended 31 December 2019, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.

LANGARD LIFFORD HALL LIMITED Accountants and Registered Auditors

Lifford Hall Lifford Lane Kings Norton Birmingham B30 3JN

29 September 2020

IMAJ LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION

31 December 2019

	2019		2018
Note	£	£	£	£

Current assets

Debtors	600	–
Cash at bank and in hand	14,101	14,101
	------------	------------
	14,701	14,101

Creditors: amounts falling due within one year	88,402		121,748
	------------		------------
Net current liabilities		73,701		107,647
		------------		------------
Total assets less current liabilities		( 73,701)		( 107,647)

Creditors: amounts falling due after more than one year	5	874,952	839,756
		------------	------------
Net liabilities		( 948,653)	( 947,403)
		------------	------------

Capital and reserves

Called up share capital	88	88
Profit and loss account	( 948,741)	( 947,491)
	------------	------------
Shareholders deficit	( 948,653)	( 947,403)
	------------	------------

These abridged 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 abridged statement of income and retained earnings has not been delivered.

For the year ending 31 December 2019 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 abridged 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 abridged financial statements .

IMAJ LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)

31 December 2019

These abridged financial statements were approved by the board of directors and authorised for issue on 29 September 2020 , and are signed on behalf of the board by:

B T Glen
Director

Company registration number: 08631146

IMAJ LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2019

1. General Information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lifford Hall, Lifford Lane, Kings Norton, Birmingham, B30 3JN.

2. Statement of Compliance

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

Going concern

Attention is drawn to the insolvent position on the company's balance sheet. These accounts have been prepared on the going concern basis, on the understanding that the director and shareholders will continue to financially support the company for the foreseeable future and related parties have agreed not to recall the loan in the short term.

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred 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.

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:

Leasehold property improvements	-	20% reducing balance
Plant and machinery	-	20% reducing balance
Equipment	-	20% reducing balance
Website	-	5 years straight line basis

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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 Nil (2018: 13 ).

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

Included in creditors due after more than one year is a loan of £635,103 (2018 : £685,103) from a related party, which is secured by fixed and floating debenture charges against the company's assets and property.

6. Related Party Transactions

IMAJ 2 Limited is a related company. Included within creditors is an amount of £239,849 owed to IMAJ 2 Limited (2018: £204,653). CSP (GB) Limited is a related company. Included within creditors is an amount of £635,103 owed to CSP (GB) Limited (2018: £685,103).