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No description of principal activity
2016-04-01
Sage Accounts Production Advanced 2017 Update 1 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
05607297
2016-04-01
2017-03-31
05607297
2017-03-31
05607297
2015-04-01
2016-03-31
05607297
2016-03-31
05607297
core:FurnitureFittings
2016-04-01
2017-03-31
05607297
bus:LeadAgentIfApplicable
2016-04-01
2017-03-31
05607297
bus:Director2
2016-04-01
2017-03-31
05607297
core:RetainedEarningsAccumulatedLosses
2015-04-01
2016-03-31
05607297
core:ShareCapital
2016-04-01
2017-03-31
05607297
core:RetainedEarningsAccumulatedLosses
2016-04-01
2017-03-31
05607297
core:WithinOneYear
2017-03-31
05607297
core:WithinOneYear
2016-03-31
05607297
core:AfterOneYear
2016-03-31
05607297
core:UKTax
2015-04-01
2016-03-31
05607297
core:ShareCapital
2017-03-31
05607297
core:ShareCapital
2016-03-31
05607297
core:RetainedEarningsAccumulatedLosses
2017-03-31
05607297
core:RetainedEarningsAccumulatedLosses
2016-03-31
05607297
core:ShareCapital
2015-03-31
05607297
core:RetainedEarningsAccumulatedLosses
2015-03-31
05607297
core:RestatedAmount
2015-03-31
05607297
core:RestatedAmount
2016-03-31
05607297
bus:FRS102
2016-04-01
2017-03-31
05607297
bus:AuditExemptWithAccountantsReport
2016-04-01
2017-03-31
05607297
bus:AbridgedAccounts
2016-04-01
2017-03-31
05607297
bus:SmallCompaniesRegimeForAccounts
2016-04-01
2017-03-31
05607297
bus:PrivateLimitedCompanyLtd
2016-04-01
2017-03-31
STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS
|
|
All of the members of G. M. Imber & Sons Limited have consented to the preparation of the abridged income statement and the abridged statement of financial position for the year ending 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
05607297
G. M. IMBER & SONS LIMITED
|
|
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS
|
|
G. M. IMBER & SONS LIMITED
|
|
ABRIDGED FINANCIAL STATEMENTS
|
|
YEAR ENDED 31 MARCH 2017
Chartered accountants report to the board of directors on the preparation of the unaudited statutory abridged financial statements
|
1
|
|
|
Abridged statement of financial position
|
2
|
|
|
Statement of changes in equity
|
4
|
|
|
Notes to the abridged financial statements
|
5
|
|
|
G. M. IMBER & SONS LIMITED
|
|
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF
G. M. IMBER & SONS LIMITED
|
|
YEAR ENDED 31 MARCH 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of G. M. Imber & Sons Limited for the year ended 31 March 2017, which comprise the abridged statement of financial position, 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 at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of G. M. Imber & Sons Limited, as a body, in accordance with the terms of our engagement letter dated 20 October 2017. Our work has been undertaken solely to prepare for your approval the abridged financial statements of G. M. Imber & Sons Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than G. M. Imber & Sons Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that G. M. Imber & Sons Limited has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and loss of G. M. Imber & Sons Limited. You consider that G. M. Imber & Sons 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 abridged financial statements of G. M. Imber & Sons 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 abridged financial statements.
DYER & CO
Chartered Accountants
Onega House
112 Main Road
Sidcup
Kent
DA14 6NE
20 December 2017
G. M. IMBER & SONS LIMITED
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ABRIDGED STATEMENT OF FINANCIAL POSITION
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|
31 March 2017
CURRENT ASSETS
Debtors
|
27,524
|
|
23,467
|
Cash at bank and in hand
|
10,633
|
|
41,979
|
|
----------
|
|
----------
|
|
38,157
|
|
65,446
|
|
|
|
|
CREDITORS: amounts falling due within one year
|
9,096
|
|
28,264
|
|
----------
|
|
----------
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NET CURRENT ASSETS
|
|
29,061
|
37,182
|
|
|
----------
|
----------
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TOTAL ASSETS LESS CURRENT LIABILITIES
|
|
29,061
|
37,182
|
|
|
|
|
CREDITORS: amounts falling due after more than one year
|
|
–
|
40,000
|
|
|
----------
|
----------
|
NET ASSETS/(LIABILITIES)
|
|
29,061
|
(
2,818)
|
|
|
----------
|
----------
|
|
|
|
|
G. M. IMBER & SONS LIMITED
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ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)
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|
31 March 2017
CAPITAL AND RESERVES
Called up share capital
|
|
50,000
|
10,000
|
Profit and loss account
|
|
(
20,939)
|
(
12,818)
|
|
|
----------
|
----------
|
MEMBERS FUNDS/(DEFICIT)
|
|
29,061
|
(
2,818)
|
|
|
----------
|
----------
|
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged income statement has not been delivered.
For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
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
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
20 December 2017
, and are signed on behalf of the board by:
Company registration number:
05607297
G. M. IMBER & SONS LIMITED
|
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STATEMENT OF CHANGES IN EQUITY
|
|
YEAR ENDED 31 MARCH 2017
|
Called up share capital
|
Profit and loss account
|
Total
|
|
£
|
£
|
£
|
AT 1 APRIL 2015
|
10,000
|
7,097
|
17,097
|
|
|
|
|
Loss for the year
|
|
(
19,915)
|
(
19,915)
|
|
----------
|
----------
|
----------
|
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
|
–
|
(
19,915)
|
(
19,915)
|
|
|
|
|
AT 31 MARCH 2016
|
10,000
|
(
12,818)
|
(
2,818)
|
|
|
|
|
Loss for the year
|
|
(
8,121)
|
(
8,121)
|
|
----------
|
----------
|
----------
|
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
|
–
|
(
8,121)
|
(
8,121)
|
|
|
|
|
Issue of shares
|
40,000
|
–
|
40,000
|
|
----------
|
-----
|
----------
|
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS
|
40,000
|
–
|
40,000
|
|
|
|
|
|
----------
|
----------
|
----------
|
AT 31 MARCH 2017
|
50,000
|
(
20,939)
|
29,061
|
|
----------
|
----------
|
----------
|
|
|
|
|
G. M. IMBER & SONS LIMITED
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NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
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|
YEAR ENDED 31 MARCH 2017
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 77a High Street, East Grinstead, West Sussex, RH19 3DD, United Kingdom.
2.
STATEMENT OF COMPLIANCE
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
ACCOUNTING POLICIES
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 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
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
|
Fixtures & Fittings
|
-
|
25% straight line
|
|
Equipment
|
-
|
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year, including the directors, amounted to
7
(2016:
7
).
5.
TAX ON LOSS
Major components of tax income
Current tax:
UK current tax income
|
–
|
(
1,911)
|
|
-----
|
--------
|
Tax on loss
|
–
|
(
1,911)
|
|
-----
|
--------
|
|
|
|
6.
TANGIBLE ASSETS
|
£
|
Cost
|
|
At 1 April 2016 and 31 March 2017
|
13,578
|
|
----------
|
Depreciation
|
|
At 1 April 2016 and 31 March 2017
|
13,578
|
|
----------
|
Carrying amount
|
|
At 31 March 2017
|
–
|
|
----------
|
|
|
7.
DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors did not enter into any advances, credits or guarantees with the company.
8.
RELATED PARTY TRANSACTIONS
There is no controlling party as each of the Directors own less than 50% of the share capital of the Company.
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 April 2015.
No transitional adjustments were required in equity or profit or loss for the year.