I And M Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05017491 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2019

for

I AND M SERVICES LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

M J Baker

I Waker

SECRETARY:

A J Baker

REGISTERED OFFICE:

11 Laura Place

Bath

BA2 4BL

REGISTERED NUMBER:

05017491 (England and Wales)

ACCOUNTANTS:

Richardson Swift

Chartered Accountants

11 Laura Place

Bath

BA2 4BL

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of I And M Services Limited for the year ended 31 December 2019 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of I And M Services Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of I And M Services Limited and state those matters that we have agreed to state to the Board of Directors of I And M Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than I And M Services Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that I And M Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of I And M Services Limited. You consider that I And M Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of I And M Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Richardson Swift

Chartered Accountants

11 Laura Place

Bath

BA2 4BL

10 December 2020

FIXED ASSETS

Tangible assets

4

81,218

103,689

CURRENT ASSETS

Stocks

24,000

22,800

Debtors

5

246,701

216,499

Cash at bank

28,441

7,946

299,142

247,245

CREDITORS

Amounts falling due within one year

6

251,377

188,715

NET CURRENT ASSETS

47,765

58,530

TOTAL ASSETS LESS CURRENT LIABILITIES

128,983

162,219

CREDITORS

Amounts falling due after more than one year

7

(190,560

)

(124,419

)

PROVISIONS FOR LIABILITIES

8

(13,161

)

(15,150

)

NET (LIABILITIES)/ASSETS

(74,738

)

22,650

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

(74,838

)

22,550

SHAREHOLDERS' FUNDS

(74,738

)

22,650

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 10 December 2020 and were signed on its behalf by:

I Waker - Director

1.	STATUTORY INFORMATION

I And M Services 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.

Since the balance sheet date, the outbreak of Covid-19 and subsequent restrictions imposed have led to global uncertainty. The company has taken advantage of all available government support during the pandemic. The directors have considered the implications and also do not believe this will materially affect the business or its ability to continue as a going concern.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised when services are rendered.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

10% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

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

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, loans from banks and other third parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

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.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2018 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2019

and 31 December 2019

43,682

10,194

17,506

DEPRECIATION

At 1 January 2019

12,404

6,455

13,230

Charge for year

4,368

935

1,069

At 31 December 2019

16,772

7,390

14,299

NET BOOK VALUE

At 31 December 2019

26,910

2,804

3,207

At 31 December 2018

31,278

3,739

4,276

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2019

and 31 December 2019

176,427

11,673

259,482

DEPRECIATION

At 1 January 2019

117,394

6,310

155,793

Charge for year

14,758

1,341

22,471

At 31 December 2019

132,152

7,651

178,264

NET BOOK VALUE

At 31 December 2019

44,275

4,022

81,218

At 31 December 2018

59,033

5,363

103,689

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

141,793

119,901

Other debtors

104,908

96,598

246,701

216,499

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

47,790

41,757

Trade creditors

97,108

71,691

Taxation and social security

34,697

44,040

Other creditors

71,782

31,227

251,377

188,715

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

190,560

124,419

8.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

13,161

15,150

Deferred

tax

£

Balance at 1 January 2019

15,150

Accelerated capital allowances

(1,989

)

Balance at 31 December 2019

13,161

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary shares

£1

100

100

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end, the directors owed the company £4,377 (2018: £40,888). During the year £6,536 was advanced and £23,956 was repaid.

11.	OPERATING LEASES AND COMMITMENTS

At the year end, the total of future minimum lease payments under non-cancellable operating leases was £121,500 payable over 9 years.

12.	CRITICAL ACCOUNTING ESTIMATES AND UNCERTAINTIES

No significant judgements or key assumptions have had to be made by the directors in preparing these financial statements.