Company Registration No. 7076608 (England and Wales)
IMV Packaging Limited
Unaudited accounts
for the year ended 30 November 2022
IMV Packaging Limited
Unaudited accounts
Contents
IMV Packaging Limited
Company Information
for the year ended 30 November 2022
Director
Mr D A Littlewood
Company Number
7076608 (England and Wales)
Registered Office
Unit 2
Rugby Street
Hull
East Yorkshire
HU3 4RB
United Kingdom
Accountants
Kendall Accountancy Services Limited
2 Exeter Street
New Village Road
Cottingham
East Yorkshire
HU16 4LU
IMV Packaging Limited
Statement of financial position
as at 30 November 2022
Tangible assets
611,892
592,557
Inventories
339,237
307,005
Creditors: amounts falling due within one year
(975,304)
(609,135)
Net current assets
57,439
121,253
Total assets less current liabilities
669,331
713,810
Creditors: amounts falling due after more than one year
(340,786)
(451,594)
Provisions for liabilities
Deferred tax
(116,260)
(86,544)
Net assets
212,285
175,672
Called up share capital
100
100
Profit and loss account
212,185
175,572
Shareholders' funds
212,285
175,672
For the year ending 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 5 May 2023 and were signed on its behalf by
Mr D A Littlewood
Director
Company Registration No. 7076608
IMV Packaging Limited
Notes to the Accounts
for the year ended 30 November 2022
IMV Packaging Limited is a private company, limited by shares, registered in England and Wales, registration number 7076608. The registered office is Unit 2, Rugby Street, Hull, East Yorkshire, HU3 4RB, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
10% cost
Fixtures & fittings
25% cost
Computer equipment
33% wdv
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets and liabilities are not discounted.
IMV Packaging Limited
Notes to the Accounts
for the year ended 30 November 2022
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Expenditure on research and development is written off in the year in which it is incurred.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 December 2021
939,743
4,978
7,451
952,172
Additions
115,391
783
-
116,174
Disposals
(2,890)
-
(4,702)
(7,592)
At 30 November 2022
1,052,244
5,761
2,749
1,060,754
At 1 December 2021
352,761
902
5,952
359,615
Charge for the year
95,004
1,341
494
96,839
On disposals
(2,890)
-
(4,702)
(7,592)
At 30 November 2022
444,875
2,243
1,744
448,862
At 30 November 2022
607,369
3,518
1,005
611,892
At 30 November 2021
586,982
4,076
1,499
592,557
IMV Packaging Limited
Notes to the Accounts
for the year ended 30 November 2022
Amounts falling due within one year
Trade debtors
579,798
372,625
Accrued income and prepayments
26,517
758
Other debtors
87,191
50,000
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Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
381,190
207,315
Obligations under finance leases and hire purchase contracts
91,061
89,297
Trade creditors
428,958
278,920
Taxes and social security
3,708
3,660
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Creditors: amounts falling due after more than one year
2022
2021
Bank loans
138,323
158,071
Obligations under finance leases and hire purchase contracts
202,463
293,523
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
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Average number of employees
During the year the average number of employees was 6 (2021: 6).