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Registered number: 05286492









IMAGING BUSINESS MACHINES LIMITED









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
IMAGING BUSINESS MACHINES LIMITED
REGISTERED NUMBER: 05286492

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
32,572
40,317

Current assets
  

Debtors: amounts falling due within one year
 5 
493,953
546,931

Cash at bank and in hand
 6 
171,831
44,100

  
665,784
591,031

Creditors: amounts falling due within one year
 7 
(124,680)
(110,823)

Net current assets
  
 
 
541,104
 
 
480,208

Total assets less current liabilities
  
573,676
520,525

Provisions for liabilities
  

Deferred tax
  
(7,646)
(966)

Net assets
  
566,030
519,559


Capital and reserves
  

Called up share capital 
  
3
3

Other reserves
 8 
417,915
417,915

Profit and loss account
 8 
148,112
101,641

  
566,030
519,559


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 profit and loss account 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: 

................................................
Martin Birch
Director
Date: 3 April 2024

The notes on pages 2 to 9 form part of these financial statements.

Page 1

 
IMAGING BUSINESS MACHINES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Imaging Business Machines Limited (the Company) is a company incorporated in the United Kingdom under the Companies Act.  
The principal activity of the Company in the year under review was that of consulting, development and sale of document handling and sorting equipment and related software.
The Company is a private company limited by shares and is registered in England and Wales. The address of the Company's registered office is Building 3 Bridge Court, Wrecclesham, Farnham, Surrey, England, GU10 4QE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The director of the Company has received confirmation of continued financial support for the foreseeable future from the parent company, Imaging Business Machines LLC. 
In June 2023 the parent company renewed its existing loan facility for a term of 5 years and has prepared forecasts which show that the group should be able to operate within the current level of available facilities.  
After making enquiries, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, and rounded to the nearest £.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 2

 
IMAGING BUSINESS MACHINES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Turnover

Turnover represents amounts charged to the parent entity under a services agreement exclusive of valued added tax.  Turnover is recognised when chargeable expenses are incurred. 

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 3

 
IMAGING BUSINESS MACHINES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Leasehold improvements
-
5
years
Plant and machinery
-
7
years
Fixtures and fittings
-
5
years
Computer equipment
-
3
years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
IMAGING BUSINESS MACHINES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Page 5

 
IMAGING BUSINESS MACHINES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2022 - 8).

Page 6

 
IMAGING BUSINESS MACHINES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Leasehold improve-  ments
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2022
51,233
-
5,893
6,359
63,485


Additions
-
1,586
-
2,358
3,944



At 31 March 2023

51,233
1,586
5,893
8,717
67,429



Depreciation


At 1 April 2022
14,415
-
2,688
6,065
23,168


Charge for the year on owned assets
10,247
57
894
491
11,689



At 31 March 2023

24,662
57
3,582
6,556
34,857



Net book value



At 31 March 2023
26,571
1,529
2,311
2,161
32,572



At 31 March 2022
36,818
-
3,205
294
40,317

Page 7

 
IMAGING BUSINESS MACHINES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
461,493
515,850

Other debtors
20,795
19,582

Prepayments and accrued income
11,665
11,499

493,953
546,931



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
171,831
44,100



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
6,852
8,944

Corporation tax
13,813
10,500

Other taxation and social security
45,292
41,222

Accruals and deferred income
58,723
50,157

124,680
110,823



8.


Reserves

Other reserves

The other reserves account represents additional paid in capital by the immediate parent undertaking.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.

Page 8

 
IMAGING BUSINESS MACHINES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund.  The pension cost charge represents contributions payable by the Company to the fund and amounted to £23,015 (2022 - £13,847).  Contributions totaling £3,614 (2022 - £3,843) were payable to the fund at the balance sheet date. 


10.


Commitments under operating leases

At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
36,000
36,000

Later than 1 year and not later than 5 years
54,000
19,775

90,000
55,775


11.


Controlling party

The Company's immediate parent undertaking is Imaging Business Machines LLC, a privately owned company incorporated in the United States of America. Imaging Business Machines LLC is the smallest undertaking into which the results of Imaging Business Machines Limited are consolidated.
The Company's ultimate parent company is Ares Capital Corporation, a publicly owned company listed on the NASDAQ and incorporated in the United States of America.
Copies of the group financial statements of Ares Capital Corporation, the largest undertaking into which the results of Imaging Business Machines Limited are consolidated, are available from Ares Capital Corporation, 245 Park Avenue, 44th Floor, New York, NY10167.

12.


Auditor's information

The auditor's report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 4 April 2024 by Karen Cairns (Senior statutory auditor) on behalf of Nortons Assurance Limited.

 
Page 9