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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 |
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IMEX DATA COMMUNICATIONS LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 |
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FOR |
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IMEX DATA COMMUNICATIONS LIMITED |
IMEX DATA COMMUNICATIONS LIMITED (REGISTERED NUMBER: 02565877) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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IMEX DATA COMMUNICATIONS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Chargrove House |
Shurdington Road |
Cheltenham |
Gloucestershire |
GL51 4GA |
IMEX DATA COMMUNICATIONS LIMITED (REGISTERED NUMBER: 02565877) |
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BALANCE SHEET |
31 DECEMBER 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
were signed by: |
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IMEX DATA COMMUNICATIONS LIMITED (REGISTERED NUMBER: 02565877) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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1. | STATUTORY INFORMATION |
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Imex Data Communications Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents the total invoice value, excluding value added tax, of sales made during the year |
and derives from the provision of goods and services falling within the company's ordinary activities. |
Turnover is based on the work completed and invoiced at the balance sheet date. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of |
Income and Retained Earnings, except to the extent that it relates to items recognised in other |
comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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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. |
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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. |
IMEX DATA COMMUNICATIONS LIMITED (REGISTERED NUMBER: 02565877) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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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. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme for the employees. Contributions |
payable to the company's pension scheme are charged to the profit and loss in the period to which |
they relate. Payments are also made to the directors pension scheme. |
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Going concern |
There are no material uncertainties that may cast significant doubt about the company's ability to |
continue as a going concern. |
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During 2020, COVID 19 has had an impact on the business, however the company has sufficient cash |
and reserves available to be able to continue as a going concern. |
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Provisions |
Provisions are set up only where it is probable that a present obligation exists as a result of an event |
prior to the balance sheet date and that a payment will be required in settlement that can be estimated |
reliably. Where material, provisions are calculated on a discounted basis. |
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Financial instruments |
Financial Instruments are classified by the directors as basic or advanced following the conditions in |
FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective |
interest method. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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IMEX DATA COMMUNICATIONS LIMITED (REGISTERED NUMBER: 02565877) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2019 |
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Additions |
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Disposals |
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( |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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Eliminated on disposal |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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Prepayments |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Social security and other taxes |
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VAT | 6,161 | 17,545 |
Other creditors |
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Directors' loan accounts | 221 | 265 |
Accrued expenses |
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IMEX DATA COMMUNICATIONS LIMITED (REGISTERED NUMBER: 02565877) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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7. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Hire purchase contracts | - | 15,219 |
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The Hire Purchase liabilities were secured against the assets to which they relate. The liability was |
paid off during the year. |
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8. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 December 2019 |
and 31 December 2018: |
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2019 | 2018 |
£ | £ |
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Balance outstanding at start of year | ( |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
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No interest has been charged on the balance and there are no set repayment terms. |
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Along with the above balance, there is also unpaid expenses of £10,000 due to the director. This can |
be seen in trade creditors. |
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9. | POST BALANCE SHEET EVENTS |
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Since the start of 2020, the spread of COVID-19 has forced a number of businesses around the world |
to close or restrictions put on operations for extended or indefinite periods. Governmental schemes |
have been introduced, alongside a number of controls being put in place in order to stabilise the |
economy, however the length of time these will be required for is still unknown, leaving many |
businesses with a large degree of uncertainty over their future. |
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Whilst the company has implemented a number of controls to help assist with the prevention of |
spreading the virus, it is impossible to reliably calculate the period and severity the pandemic, as well |
its impact on the Company in the future. Therefore the Company has determined that the COVID 19 |
pandemic is considered to be a non-adjusting subsequent event. As a result, the financial position and |
operating outcomes for the year ended 31 December 2019 have not required any adjustment. |