IMAJ Limited Small abridged accounts
IMAJ Limited Small abridged accounts
STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS |
COMPANY REGISTRATION NUMBER:
08631146
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FOR THE YEAR ENDED |
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ABRIDGED FINANCIAL STATEMENTS |
YEAR ENDED 31 DECEMBER 2016
Contents |
Page |
Officers and Professional Advisers |
1 |
Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements |
2 |
Abridged Statement of Financial Position |
3 |
Notes to the Abridged Financial Statements |
5 |
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OFFICERS AND PROFESSIONAL ADVISERS |
Director |
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Registered Office |
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Accountants |
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Accountants and Registered Auditors |
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Lifford Hall |
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Lifford Lane |
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Kings Norton |
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Birmingham |
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B30 3JN |
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REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF
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YEAR ENDED 31 DECEMBER 2016
Lifford Hall
Lifford Lane
Kings Norton
Birmingham
B30 3JN
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ABRIDGED STATEMENT OF FINANCIAL POSITION |
2016 |
2015 |
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Note |
£ |
£ |
£ |
£ |
Fixed assets
Tangible assets |
5 |
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Current assets
Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
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Net current assets/(liabilities) |
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(
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
6 |
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Net liabilities |
(
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(
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Capital and reserves
Called up share capital |
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Profit and loss account |
(
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(
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Members deficit |
(
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(
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In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
Director's responsibilities:
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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
;
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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
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ABRIDGED STATEMENT OF FINANCIAL POSITION (continued) |
These abridged financial statements were approved by the
board of directors
and authorised for issue on
14 September 2017
, and are signed on behalf of the board by:
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Director |
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Company registration number:
08631146
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NOTES TO THE ABRIDGED FINANCIAL STATEMENTS |
YEAR ENDED 31 DECEMBER 2016
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
3.
Accounting Policies
Basis of preparation
Going concern
Attention is drawn to the insolvent position of 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 forseeable future and related parties have agreed not to recall the loan in the short term.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Judgements and key sources of estimation uncertainty
Revenue recognition
Tangible assets
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 |
- |
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Plant and machinery |
- |
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Equipment |
- |
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Website |
- |
5 years straight line basis
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Impairment of fixed assets
Stocks
Financial instruments
4.
Employee Numbers
The average number of persons employed by the company during the year amounted to
18
(2015:
23
).
5.
Tangible Assets
£ |
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Cost |
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At 1 January 2016 |
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Additions |
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At 31 December 2016 |
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Depreciation |
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At 1 January 2016 |
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Charge for the year |
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At 31 December 2016 |
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Carrying amount |
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At 31 December 2016 |
226,409 |
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At 31 December 2015 |
272,507 |
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6.
Creditors:
amounts falling due after more than one year
Included in creditors due after more than one year is a loan of £685,103 from the related party, which is secured by fixed and floating debenture charges against the company's assets and property.
7.
Operating Leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2016 |
2015 |
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£ |
£ |
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Later than 5 years |
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8.
Related Party Transactions
Related party transactions CSP (GB) Limited is a related company. Included within creditors is an amount of £685,103 owed to CSP (GB) Limited (2015: £610,103). All trading transactions were made on normal commercial terms.
9.
Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.
No transitional adjustments were required in equity or profit or loss for the year.