Registration number:
I M B Electronics Limited
for the
Year Ended 28 February 2021
I M B Electronics Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
I M B Electronics Limited
Company Information
Director |
SA Beales |
Company secretary |
LJ Hardy |
Registered office |
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Accountants |
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I M B Electronics Limited
(Registration number: 03709601)
Balance Sheet as at 28 February 2021
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2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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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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( |
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Net current assets/(liabilities) |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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For the financial year ending 28 February 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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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 accounts. |
I M B Electronics Limited
(Registration number: 03709601)
Balance Sheet as at 28 February 2021
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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I M B Electronics Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentation currency of the financial statements is Pound Sterling (£).
Going concern
The financial statements have been prepared on a going concern basis, which assumes that the company will continue to trade in operational existence for the foreseeable future. Although the company has been affected by Covid-19 the director has taken steps to mitigate the impact and has taken advantage of the Government support available to the company such as the Coronavirus Job Retention Scheme and a bounce back and confirms his approval to adopt the going concern basis to prepare the accounts
I M B Electronics Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2021
2 |
Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
I M B Electronics Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2021
2 |
Accounting policies (continued) |
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
15% Reducing balance |
Computer equipment |
20% Straight line |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Financial instruments
Classification
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
I M B Electronics Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2021
Profit/loss before tax |
Arrived at after charging/(crediting)
2021 |
2020 |
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Depreciation expense |
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Tangible assets |
Computer equipment |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 March 2020 |
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At 28 February 2021 |
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Depreciation |
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At 1 March 2020 |
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Charge for the year |
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At 28 February 2021 |
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Carrying amount |
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At 28 February 2021 |
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At 29 February 2020 |
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Debtors |
2021 |
2020 |
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Trade debtors |
- |
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Other debtors |
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I M B Electronics Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2021
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Bank loans and overdrafts |
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- |
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Taxation and social security |
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Accruals |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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- |
Loans and borrowings |
2021 |
2020 |
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Non-current loans and borrowings |
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Other borrowings |
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- |
2021 |
2020 |
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Current loans and borrowings |
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Bank overdrafts |
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- |
Other borrowings |
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- |
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- |
I M B Electronics Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2021
Related party transactions |
Transactions with the director |
2021 |
At 1 March 2020 |
Advances to director |
Repayments |
At 28 February 2021 |
SA Beales |
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Directors' loan account |
24,763 |
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( |
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2020 |
At 1 March 2019 |
Advances to directors |
Repayments by directors |
At 29 February 2020 |
SA Beales |
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Directors' loan account |
23,739 |
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( |
24,763 |
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Interest has been charged on the loan at the official interest rate. No s455 tax has been provided as the loan has been repaid within 9 months of the year end.