Company Registration No. 08338852 (England and Wales)
Involved Management Limited
Unaudited financial statements
for the year ended 31 March 2023
Pages for filing with the registrar
Involved Management Limited
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
Involved Management Limited
Statement of financial position
As at 31 March 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
1,444
1,926
Current assets
Debtors
6
1,505,453
464,345
Cash at bank and in hand
1,186,010
1,146,439
2,691,463
1,610,784
Creditors: amounts falling due within one year
7
(1,814,041)
(1,057,268)
Net current assets
877,422
553,516
Net assets
878,866
555,442
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
878,865
555,441
Total equity
878,866
555,442

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 9 February 2024 and are signed on its behalf by:
James Grant
Director
Company Registration No. 08338852
Involved Management Limited
Statement of changes in equity
For the year ended 31 March 2023
2
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2021
1
286,717
286,718
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
268,724
268,724
Balance at 31 March 2022
1
555,441
555,442
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
323,424
323,424
Balance at 31 March 2023
1
878,865
878,866
Involved Management Limited
Notes to the financial statements
For the year ended 31 March 2023
3
1
Accounting policies
Company information

Involved Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 65 Decima Street, London, SE1 4QR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The truedirectors at the time of approving the financial statements, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have elected to prepare the financial statements on the going concern basis.

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

 

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

Turnover includes management charges to group companies which include recharges for staff costs and overheads. Management charges are recognised on an accruals basis.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
20% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Involved Management Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
4

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Involved Management Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
5
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.9
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

 

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Involved Management Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
6
2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

Involved Management Limited is part of the wider Involved Enterprises group. The average monthly number of persons (including directors) employed by the group during the year was 63 (2022: 49). The average monthly number of persons (including directors) employed by the company during the year was nil (2022: nil).

4
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
78,917
58,289
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 and 31 March 2023
2,403
Depreciation and impairment
At 1 April 2022
477
Depreciation charged in the year
482
At 31 March 2023
959
Carrying amount
At 31 March 2023
1,444
At 31 March 2022
1,926
Involved Management Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
7
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
73,535
90,239
Corporation tax recoverable
47,096
-
0
Amounts owed by group undertakings
821,586
5,634
Other debtors
563,236
368,472
1,505,453
464,345
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
331,927
77,644
Amounts owed to group undertakings
1,370,292
749,208
Corporation tax
78,917
58,289
Other taxation and social security
2,986
-
0
Other creditors
29,919
172,127
1,814,041
1,057,268
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
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