0 0 0 0 false false false true true false false false false false false true false false false false true true false No description of principal activity 2022-08-01 Sage Accounts Production Advanced 2021 - FRS102_2021 700,001 1,510,508 1,510,508 1,510,508 xbrli:pure xbrli:shares iso4217:GBP 08484366 2022-08-01 2023-07-31 08484366 2023-07-31 08484366 2021-08-01 2022-07-31 08484366 2022-07-31 08484366 core:Subsidiary1 2022-08-01 2023-07-31 08484366 core:Subsidiary2 2022-08-01 2023-07-31 08484366 bus:RegisteredOffice 2022-08-01 2023-07-31 08484366 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 08484366 bus:OrdinaryShareClass2 2022-08-01 2023-07-31 08484366 bus:LeadAgentIfApplicable 2022-08-01 2023-07-31 08484366 bus:Director1 2022-08-01 2023-07-31 08484366 bus:Director3 2022-08-01 2023-07-31 08484366 bus:Director4 2022-08-01 2023-07-31 08484366 bus:Director5 2022-08-01 2023-07-31 08484366 core:WithinOneYear 2023-07-31 08484366 core:WithinOneYear 2022-07-31 08484366 core:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 08484366 bus:AllOrdinaryShares 2022-08-01 2023-07-31 08484366 core:ShareCapital 2023-07-31 08484366 core:ShareCapital 2022-07-31 08484366 core:RetainedEarningsAccumulatedLosses 2023-07-31 08484366 core:RetainedEarningsAccumulatedLosses 2022-07-31 08484366 core:ShareCapital 2021-07-31 08484366 core:RetainedEarningsAccumulatedLosses 2021-07-31 08484366 core:RestatedAmount 2021-07-31 08484366 core:RestatedAmount 2022-07-31 08484366 core:CostValuation core:Non-currentFinancialInstruments 2023-07-31 08484366 core:Non-currentFinancialInstruments 2023-07-31 08484366 core:Non-currentFinancialInstruments 2022-07-31 08484366 core:RetainedEarningsAccumulatedLosses 2021-08-01 2022-07-31 08484366 bus:SmallEntities 2022-08-01 2023-07-31 08484366 bus:Audited 2022-08-01 2023-07-31 08484366 bus:FullAccounts 2022-08-01 2023-07-31 08484366 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 08484366 bus:OrdinaryShareClass1 2023-07-31 08484366 bus:OrdinaryShareClass1 2022-07-31 08484366 bus:OrdinaryShareClass2 2023-07-31 08484366 bus:OrdinaryShareClass2 2022-07-31 08484366 bus:AllOrdinaryShares 2023-07-31 08484366 bus:AllOrdinaryShares 2022-07-31
COMPANY REGISTRATION NUMBER: 08484366
IMPERIAL DUCTWORK SERVICES HOLDINGS LIMITED
FINANCIAL STATEMENTS
31 July 2023
IMPERIAL DUCTWORK SERVICES HOLDINGS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2023
Contents
Pages
Officers and professional advisers
1
Strategic report
2
Directors' report
3 to 4
Independent auditor's report to the members
5 to 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 to 15
IMPERIAL DUCTWORK SERVICES HOLDINGS LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
A O'Connell
D J Barnes
J Smith
R M Silke
Registered office
Numeric House
98 Station Road
Sidcup
Kent
DA15 7BY
Auditor
Opass Billings Wilson & Honey LLP
Chartered Certified Accountants & statutory auditor
Numeric House
98 Station Road
Sidcup
Kent
DA15 7BY
Bankers
Nat West Bank
65 Eltham High Street
London
SE9 1TE
IMPERIAL DUCTWORK SERVICES HOLDINGS LIMITED
STRATEGIC REPORT
YEAR ENDED 31 JULY 2023
Imperial Ductwork Services Holdings Limited is a holding company and is the parent company of Imperial Ductwork Services Limited and Imperial Hygiene Solutions Limited. The overall performance of the company and return on the investment is based on the performance of the trading subsidiaries.
Strategic Management The objective of the group is to increase market share in the manufacture and installation of ductwork ventilation systems sector. To achieve this objective the group's strategy is to deliver contracts to the highest level of quality and service, on time and snag free. The group's personnel have a wealth of experience in the ductwork ventilation sector and the engineering departments are fully supported by their in-house CAD resources.
Business Environment The sector the group operates in remains competitive, with continued pressure on raw material and subcontractors' costs. The group has a strong business relationship with a manufacturer of ductwork ventilation systems, which allows the group to ensure that the high quality of the products is maintained and produced on time. In the industry there is a potential liquidity risk due to monies being tied up in large, long-term contracts, however, the management regularly monitors the group's cashflow to manage this risk. The group is subject to various health and safety risks due to the nature of the business. The trading subsidiaries have their own dedicated health, safety and environmental department that ensure that all health and safety procedures are followed. Imperial Ductwork Services Limited is fully accredited to ISO standards 14001, 18001 and 9001.
Key Performance Indicators There are no key performance indicators to report due to the fact that there is no income.
This report was approved by the board of directors on 5 February 2024 and signed on behalf of the board by:
A O'Connell Director
IMPERIAL DUCTWORK SERVICES HOLDINGS LIMITED
DIRECTORS' REPORT
YEAR ENDED 31 JULY 2023
The directors present their report and the financial statements of the company for the year ended 31 July 2023 .
Directors
The directors who served the company during the year were as follows:
A O'Connell
D J Barnes
J Smith
R M Silke
Dividends
Particulars of recommended dividends are detailed in note 7 to the financial statements.
Future developments
The company continues to be a holding company.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 5 February 2024 and signed on behalf of the board by:
A O'Connell Director
IMPERIAL DUCTWORK SERVICES HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF IMPERIAL DUCTWORK SERVICES HOLDINGS LIMITED
YEAR ENDED 31 JULY 2023
Opinion
We have audited the financial statements of Imperial Ductwork Services Holdings Limited (the 'company') for the year ended 31 July 2023 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 July 2023 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identify and assess the key risk areas of material misstatement and then design and perform audit procedures in relation to those risks. Materiality has been calculated based on the gross assets and has been assessed at a level of £30,000. We performed analytical procedures to identify any unusual or unexpected ratios or variances that may indicate risks of material misstatement due to fraud. We reviewed the financial statement disclosures and assessed compliance with the relevant laws and regulations; - Companies Act 2006. Irregularities which result from fraud are inherently more difficult to detect than irregularities which result from error, however there have never been any instances of fraud encountered by the group and there are controls in place through the segregation of duties and regular reviews of management accounts which reduce the risk of fraud through management override. All audit team members were made aware of the relevant laws & regulations applicable to the group companies together with potential fraud risks and remained alert to any indications of fraud non compliance with the laws. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Philip Benson Woodman FCCA
(Senior Statutory Auditor)
For and on behalf of
Opass Billings Wilson & Honey LLP
Chartered Certified Accountants & statutory auditor
Numeric House
98 Station Road
Sidcup
Kent
DA15 7BY
5 February 2024
IMPERIAL DUCTWORK SERVICES HOLDINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 31 JULY 2023
2023
2022
Note
£
£
Income from shares in group undertakings
4
700,000
Interest receivable
5
1
----------
----
Profit before taxation
700,001
Taxation on ordinary activities
6
----------
----
Profit for the financial year and total comprehensive income
700,001
----------
----
All the activities of the company are from continuing operations.
IMPERIAL DUCTWORK SERVICES HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
31 July 2023
2023
2022
Note
£
£
£
Fixed assets
Investments
8
1,510,508
1,510,508
Current assets
Cash at bank and in hand
139
138
Creditors: amounts falling due within one year
9
1,487,593
1,487,593
------------
------------
Net current liabilities
1,487,454
1,487,455
------------
------------
Total assets less current liabilities
23,054
23,053
--------
--------
Capital and reserves
Called up share capital
10
20,408
20,408
Profit and loss account
11
2,646
2,645
--------
--------
Shareholders funds
23,054
23,053
--------
--------
These financial statements were approved by the board of directors and authorised for issue on 5 February 2024 , and are signed on behalf of the board by:
A O'Connell
Director
Company registration number: 08484366
IMPERIAL DUCTWORK SERVICES HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 JULY 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 1 August 2021
20,408
2,645
23,053
Profit for the year
At 31 July 2022
20,408
2,645
23,053
Profit for the year
700,001
700,001
--------
----------
----------
Total comprehensive income for the year
700,001
700,001
Dividends paid and payable
7
( 700,000)
( 700,000)
----
----------
----------
Total investments by and distributions to owners
( 700,000)
( 700,000)
--------
----------
----------
At 31 July 2023
20,408
2,646
23,054
--------
----------
----------
IMPERIAL DUCTWORK SERVICES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Numeric House, 98 Station Road, Sidcup, Kent, DA15 7BY.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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 the statement of comprehensive income. The financial statements are prepared in sterling, which is the functional currency of the entity.
Debtors
Debtors are initially recorded at fair value and are assessed for impairment at each reporting date. If any impairments exist the debtors are remeasured to the present value of the expected future cash inflows.
Going concern
The UK economy was impacted by weak economic growth and high inflation rates during the company's accounting period The company, along with its subsidiaries, have been able to address these challenges and has been able to continue satisfactorily during this accounting period and subsequently.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of IDSH Limited which can be obtained from Numeric House, 98 Station Road, Sidcup, Kent, DA15 7BY. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company.
Creditors
Creditors are initially recorded at fair value and are then remeasured to the present value of the expected future cash outflows.
Consolidation
The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of any part of the United Kingdom.
Judgements and key sources of estimation uncertainty
There are no significant estimates or assumptions made that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Income from shares in group undertakings
2023
2022
£
£
Dividends from group undertakings
700,000
----------
----
5. Interest receivable
2023
2022
£
£
Interest on cash and cash equivalents
1
----
----
6. Taxation on ordinary activities
Reconciliation of tax income
The tax assessed on the profit on ordinary activities for the year is lower than (2022: the same as) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
700,001
----------
----
Profit on ordinary activities by rate of tax
133,000
Effect of revenue exempt from tax
( 133,000)
----------
----
Tax on profit
----------
----
7. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
700,000
----------
----
8. Investments
Shares in group undertakings
£
Cost
At 1 August 2022 and 31 July 2023
1,510,508
------------
Impairment
At 1 August 2022 and 31 July 2023
------------
Carrying amount
At 31 July 2023
1,510,508
------------
At 31 July 2022
1,510,508
------------
Subsidiaries, associates and other investments
Class of share
Percentage of shares held
Subsidiary undertakings
Imperial Ductwork Services Limited
Ordinary
100
Imperial Hygiene Solutions Limited
Ordinary
100
9. Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
1,487,593
1,487,593
------------
------------
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
10,408
10,408
10,408
10,408
Ordinary 'A' shares of £ 1 each
10,000
10,000
10,000
10,000
--------
--------
--------
--------
20,408
20,408
20,408
20,408
--------
--------
--------
--------
11. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
12. Ultimate controlling party
The company's ultimate parent undertaking is IDSH Limited. It has included the company in its group accounts, copies of which are available from its registered office: Numeric House, 98 Station Road, Sidcup, Kent, DA15 7BY.