Registered number: 11869316
IMSOLUTIONS HOLDINGS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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IMSOLUTIONS HOLDINGS LIMITED
REGISTERED NUMBER: 11869316
BALANCE SHEET
AS AT 31 AUGUST 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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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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IMSOLUTIONS HOLDINGS LIMITED
REGISTERED NUMBER: 11869316
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 6 form part of these financial statements.
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IMSOLUTIONS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
IMSolutions Limited is a private Company limited by shares and incorporated in England. Its registered office is Suite C Regent House, Wolseley Road, Kempston, Bedford, England, MK42 7NY.
The Company's functional and presentational currency is GBP.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The directors have prepared forecasts looking forward to 2025 and expect there to be on-going dividends paid up to IMSolutions Holdings Limited from its trading subsidiary. In completing their assessment, the directors have considered the challenging economic conditions and the potential impact of this on the demand for the services provided by the company's trading subsidiary, Incident Management Solutions Limited. Cash flow forecasting demonstrates the resilience of the trading subsidiary, which has historically generated a strong working capital surplus and is expected to do so into the future. This will enable the holding company to repay its loans and finance as they fall due, in addition to the usual working capital requirements.
Based upon their review the directors believe the company will have sufficient resources to meet its liabilities as they fall due for the foreseeable future and therefore continue to adopt the going concern basis in preparing the financial statements.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Investments in subsidiaries are measured at cost less accumulated impairment.
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IMSOLUTIONS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.ACCOUNTING POLICIES (CONTINUED)
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
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The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).
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Investments in subsidiary companies
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IMSOLUTIONS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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Amounts owed by group undertakings
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Accruals and deferred income
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On 23 May 2019 the company issued the following loan notes:
- 1,300,000 £1 loan notes to Andrew Tunnicliffe (director) repayable in instalments from 23 November 2019. Interest is accruing at 1% per annum. At 31 August 2022 £515,000 was outstanding. The balance was repaid in full during the year.
- 1,300,000 £1 loan notes to Louise Tunnicliffe (director) repayable in instalments from 23 November 2019. Interest is accruing at 1% per annum. At 31 August 2022 £515,000 was outstanding. The balance was repaid in full during the year.
- 737,500 £1 loan notes to Simon Young (director) repayment on 23 May 2029. Interest is accruing at 1% per annum. At the year end, a balance of £733,900 (2022 - £732,900) is outstanding.
No balance was due within one year (2022 - £540,000).
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IMSOLUTIONS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
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On 23 May 2019 the company issued the following loan notes:
- 1,300,000 £1 loan notes to Andrew Tunnicliffe (director) repayable in instalments from 23 November 2019. Interest is accruing at 1% per annum. At 31 August 2022 £515,000 was outstanding. The balance was repaid in full during the year.
- 1,300,000 £1 loan notes to Louise Tunnicliffe (director) repayable in instalments from 23 November 2019. Interest is accruing at 1% per annum. At 31 August 2022 £515,000 was outstanding. The balance was repaid in full during the year.
- 737,500 £1 loan notes to Simon Young (director) repayment on 23 May 2029. Interest is accruing at 1% per annum. At the year end, a balance of £733,900 (2022 - £732,900) is outstanding.
The Other loans balance of £733,900 (2022 - £1,222,900) represents the amounts falling due after more than one year of these loan notes.
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ALLOTTED, CALLED UP AND FULLY PAID
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1,000 (2022 - 1,000) Ordinary shares of £0.10 each
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