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 2017

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 2017 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 profit 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

14 September 2018

FIXED ASSETS

Tangible assets

4

130,430

159,558

CURRENT ASSETS

Stocks

16,910

10,145

Debtors

5

219,053

348,959

Cash at bank

17,103

50,991

253,066

410,095

CREDITORS

Amounts falling due within one year

6

181,726

398,077

NET CURRENT ASSETS

71,340

12,018

TOTAL ASSETS LESS CURRENT LIABILITIES

201,770

171,576

CREDITORS

Amounts falling due after more than one year

7

(156,111

)

(38,030

)

PROVISIONS FOR LIABILITIES

8

(19,152

)

(25,865

)

NET ASSETS

26,507

107,681

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

26,407

107,581

SHAREHOLDERS' FUNDS

26,507

107,681

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 10 September 2018 and were signed on its behalf by:

M J Baker - 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2016 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2017

36,673

8,195

17,506

Additions

7,009

1,438

-

At 31 December 2017

43,682

9,633

17,506

DEPRECIATION

At 1 January 2017

3,667

3,799

9,904

Charge for year

4,368

1,458

1,901

Eliminated on disposal

-

-

-

At 31 December 2017

8,035

5,257

11,805

NET BOOK VALUE

At 31 December 2017

35,647

4,376

5,701

At 31 December 2016

33,006

4,396

7,602

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2017

179,296

10,659

252,329

Additions

-

-

8,447

Disposals

(2,869

)

-

(2,869

)

At 31 December 2017

176,427

10,659

257,907

DEPRECIATION

At 1 January 2017

72,736

2,665

92,771

Charge for year

26,639

1,998

36,364

Eliminated on disposal

(1,658

)

-

(1,658

)

At 31 December 2017

97,717

4,663

127,477

NET BOOK VALUE

At 31 December 2017

78,710

5,996

130,430

At 31 December 2016

106,560

7,994

159,558

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

177,203

342,423

Other debtors

41,850

6,536

219,053

348,959

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

84,560

33,336

Hire purchase contracts

1,917

15,729

Trade creditors

50,681

132,188

Taxation and social security

35,591

149,778

Other creditors

8,977

67,046

181,726

398,077

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

156,111

36,113

Hire purchase contracts

-

1,917

156,111

38,030

8.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

19,152

25,865

Deferred

tax

£

Balance at 1 January 2017

25,865

Credit to Income Statement during year

(6,713

)

Balance at 31 December 2017

19,152

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary shares

£1

100

100

10.	OPERATING LEASES AND COMMITMENTS

At the year end, the total of future minimum lease payments under non-cancellable operating leases

was £6,750 (2016: £15,750).

11.	CRITICAL ACCOUNTING ESTIMATES AND UNCERTAINTIES

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

these financial statements.