IMG Distributors Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 03138278 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

FOR

IMG DISTRIBUTORS LIMITED

Page

Statement of Financial Position

1

Notes to the Financial Statements

2

FIXED ASSETS

Tangible assets

5

3,243

-

CURRENT ASSETS

Stocks

56,541

155,683

Debtors

6

804,708

739,418

Cash at bank and in hand

83,360

154,207

944,609

1,049,308

CREDITORS

Amounts falling due within one year

7

335,851

385,731

NET CURRENT ASSETS

608,758

663,577

TOTAL ASSETS LESS CURRENT LIABILITIES

612,001

663,577

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

611,901

663,477

SHAREHOLDERS' FUNDS

612,001

663,577

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 July 2023 and were signed by:

R J K Gundry - Director

1.	STATUTORY INFORMATION

IMG Distributors Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

03138278

Registered office:

Unit M, Riverside Industrial Estate

Atherstone Street

Fazeley

Tamworth

Staffordshire

B78 3RW

The presentation currency of the financial statements is the Pound Sterling (£).

All amounts in the financial statements have been rounded to the nearest £.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

In preparing these financial statements, the directors have made the following judgements:

- Determine whether leases entered into by the company either as a lessor or a lessee are operating leases or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

- Determine whether there are indicators of impairment of the company's tangible and intangible assets, including goodwill. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. At each reporting period 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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

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

Stocks

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

Financial instruments

Basic financial assets, which include trade debtors, other debtors, loans to fellow companies, and cash and bank balances, are initially measured at the transaction price including transaction costs and are subsequently recognised at amortised cost.

Basic financial liabilities, including trade creditors and other creditors are initially recognised at transaction price and are subsequently recognised at amortised cost.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, 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 statement of financial position date.

Deferred tax

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

Factoring

Where debts are factored, the gross amount of the debt is included in trade debtors and advances secured under the factoring arrangement are included within bank loans and overdrafts.

4.	EMPLOYEES AND DIRECTORS

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

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

3,384

At 31 October 2022

3,384

DEPRECIATION

Charge for year

141

At 31 October 2022

141

NET BOOK VALUE

At 31 October 2022

3,243

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

212,919

173,429

Amounts owed by group undertakings

567,850

548,122

Other debtors

23,939

17,867

804,708

739,418

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

136,418

177,606

Taxation and social security

50,932

50,078

Other creditors

148,501

158,047

335,851

385,731

8.	ULTIMATE CONTROLLING PARTY

The Whole Works Group Limited, a company registered in England and Wales, is regarded by the directors as being the company's parent and ultimate parent company. The registered office of The Whole Works Group Limited is Unit M Riverside Industrial Estate Atherstone Street, Fazeley, Tamworth, Staffordshire B78 3RW.