Imperial Vending Services Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 02665011 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

IMPERIAL VENDING SERVICES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M S Wattenbach

G N Wattenbach

SECRETARY:

M S Wattenbach

REGISTERED OFFICE:

4 Mount Ephraim Road

Tunbridge Wells

Kent

TN1 1EE

REGISTERED NUMBER:

02665011 (England and Wales)

ACCOUNTANTS:

Crowe U.K. LLP

Riverside House

40-46 High Street

Maidstone

Kent

ME14 1JH

FIXED ASSETS

Tangible assets

4

67,098

95,727

CURRENT ASSETS

Stocks

5

5,089

1,994

Debtors

6

26,162

43,521

Cash at bank

12,336

30,965

43,587

76,480

CREDITORS

Amounts falling due within one year

7

18,516

28,062

NET CURRENT ASSETS

25,071

48,418

TOTAL ASSETS LESS CURRENT LIABILITIES

92,169

144,145

CREDITORS

Amounts falling due after more than one year

8

89,387

141,354

NET ASSETS

2,782

2,791

CAPITAL AND RESERVES

Called up share capital

11

150,004

150,004

Retained earnings

12

(147,222

)

(147,213

)

SHAREHOLDERS' FUNDS

2,782

2,791

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 11 November 2022 and were signed on its behalf by:

G N Wattenbach - Director

1.	STATUTORY INFORMATION

Imperial Vending 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.

Going concern

Accounting standards require the directors to consider the appropriateness of the going concern basis when preparing the financial statements. The directors confirm that they consider that the going concern basis remains appropriate. The directors believe that the company has sufficient resources to continue in operational existence for the foreseeable future. The directors believe this to be the case as the company has positive cash balances and reserves. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. Income is recognised at the point of invoice.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Government grants

Grants relate to amounts received under the Government's Coronavirus Job Retention Scheme, the Additional Restriction Restart Scheme and the Coronavirus Bounce Back Loan scheme. Grants are accounted for on an accruals basis and recognised in the Statement of Comprehensive Income as other income.

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

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 the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account 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.

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 accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial reporting standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

- the requirements of Section 7 Statement of Cash Flows;

- the requirements of Section 3 Financial Statement Presentation paragraph 3.17 (d);

- the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A;

- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29;

- the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

- the requirements of Section 33 Related Party Disclosures paragraph 33.7.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2021 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2021

110,190

4,636

23,618

199,166

337,610

Disposals

-

-

-

(16,032

)

(16,032

)

At 31 March 2022

110,190

4,636

23,618

183,134

321,578

DEPRECIATION

At 1 April 2021

110,190

4,375

23,575

103,743

241,883

Charge for year

-

65

11

22,291

22,367

Eliminated on disposal

-

-

-

(9,770

)

(9,770

)

At 31 March 2022

110,190

4,440

23,586

116,264

254,480

NET BOOK VALUE

At 31 March 2022

-

196

32

66,870

67,098

At 31 March 2021

-

261

43

95,423

95,727

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2021

and 31 March 2022

49,422

DEPRECIATION

At 1 April 2021

18,118

Charge for year

6,261

At 31 March 2022

24,379

NET BOOK VALUE

At 31 March 2022

25,043

At 31 March 2021

31,304

5.

STOCKS

2022

2021

£

£

Stocks

5,089

1,994

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

21,935

39,295

Prepayments

4,227

4,226

26,162

43,521

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

-

8,333

Hire purchase contracts (see note 9)

7,493

9,831

Trade creditors

275

6,175

Social security and other taxes

-

141

VAT

5,834

1,082

Other creditors

2,164

-

Accruals and deferred income

2,750

2,500

18,516

28,062

In the prior year, the company obtained a £50,000 Bounce Back Loan as part of the Covid-19 government support to businesses during the pandemic. Interest is payable on the loan at 2.5% per annum over 6 years. The interest payable for the first 12 months is paid by the government. The loan is due to be repaid in 60 monthly instalments commencing 12 months from drawdown date. The loan is secured by a government backed guarantee. The loan has been repaid in full during the financial year.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans - 2-5 years

-

41,667

Hire purchase contracts (see note 9)

-

7,493

Directors' loan accounts

89,387

92,194

89,387

141,354

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2022

2021

£

£

Net obligations repayable:

Within one year

7,493

9,831

Between one and five years

-

7,493

7,493

17,324

Non-cancellable operating

leases

2022

2021

£

£

Within one year

18,315

18,315

10.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Hire purchase contracts

7,493

17,324

The debts are secured on the value of the respective assets to which they relate.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

150,004

Ordinary

£1.00

150,004

150,004

12.

RESERVES

Retained

earnings

£

At 1 April 2021

(147,213

)

Deficit for the year

(9

)

At 31 March 2022

(147,222

)

13.	PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £210 (2021: £nil). Contributions totalling £489 (2021: £nil) were payable to the fund at the balance sheet date and are included in creditors.

14.	RELATED PARTY DISCLOSURES

At the balance sheet date, the company owed the directors Mr GN Wattenbach and Mrs MS Wattenbach £89,387 (2021: £92,194).

15.	ULTIMATE CONTROLLING PARTY

Mr GN Wattenbach and Mrs MS Wattenbach jointly control the company by virtue of their shareholdings.