Registration number:
Interactive Management Solutions Limited
for the Year Ended 31 March 2023
Interactive Management Solutions Limited
Contents
Strategic Report |
|
Director's Report |
|
Statement of Director's Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Interactive Management Solutions Limited
Strategic Report for the Year Ended 31 March 2023
The director presents his strategic report for the year ended 31 March 2023.
Principal activity
The principal activity of the company is management consultancy activities other than financial management.
Fair review of the business
2023 was a challenging year in the sector. Turnover in the year ended 31 March 2023 has reduced to £13.6 million from £14.3m. However, gross profit margins have been maintained achieving 10% in 2023.
Gross profit therefore remained strong for the year at £1.3 million.
Net assets at the balance sheet date have increased to £1.6 million from £865,000.
During the course of the year the company undertook a restructuring to introduce a holding company. This is part of the company’s longer term strategy to add other services. Interactive Management Group Limited was therefore established and the shares were transferred into this company.
The director remains pleased with the results in a challenging economic environment and believes the company has a good package of services to offer customers moving forward.
The company's key financial and other performance indicators during the year were as follows:
Financial KPIs |
Unit |
2023 |
2022 |
Turnover |
£000 |
13,630 |
14,347 |
Gross profit |
£000 |
1,327 |
1,361 |
Gross profit margin |
% |
10 |
10 |
Interactive Management Solutions Limited
Strategic Report for the Year Ended 31 March 2023
Principal risks and uncertainties
As with any business, the company faces risks and uncertainties in the course of its day to day operations. The successful management of risk is essential to enable the company to deliver its strategic objectives.
Noted below is a summary of the company’s principal risks and uncertainties. Control of each of these is critical to the ongoing success of the company. As such, their management is primarily the responsibility of the director who is supported by management.
Financial risk:
The company’s operations expose it to a variety of financial risks, principally liquidity risk. Liquidity risk is managed by monitoring the cash flow position and minimising working capital exposure where possible through prompt billing to ensure that sufficient funds are available to meet amounts due for current and future operations.
Workforce risk:
If the availability of skilled workers is insufficient to meet demand, this could lead to poor customer outcomes and reduced repeat business, thereby reducing profitability and return on capital employed. Continued investment is made in the company workforce in their training and development.
Market risk:
In order to minimise exposure to market risk we undertake contracts with a variety of clients. We recognise the risk of not focusing on completing our contractual obligations and therefore strive to fulfil these to a good quality, time scale and budget. Our success in this area generates repeat custom and protects the position in the market place.
Health and safety risk:
The company has procedures and policies in place to minimise health and safety risks. The director takes this responsibility seriously and in order to manage this risk procedures and policies are constantly being reviewed.
Approved and authorised by the
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Interactive Management Solutions Limited
Director's Report for the Year Ended 31 March 2023
The director presents his report and the financial statements for the year ended 31 March 2023.
Director of the company
The director who held office during the year was as follows:
Financial instruments
Objectives and policies
The directors take the management of risk very seriously and as such have policies and procedures in place which have been authorised by the board. Managing risk is seen as a key attribute of the company and the company's debt position is closely scrutinised on a regular basis to ensure that it remains serviceable in conjunction with the long term goals of growth and profitability.
Price risk, credit risk, liquidity risk and cash flow risk
The business' principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to finance the business' operations. In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility. All of the business' cash balances are held in such a way that achieves a competitive rate of interest. Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Disclosure of information to the auditors
The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.
Approved by the Board on
Mr S D Foster
Director
Interactive Management Solutions Limited
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
Interactive Management Solutions Limited
Independent Auditor's Report to the Members of Interactive Management Solutions Limited
Qualified opinion
We have audited the financial statements of Interactive Management Solutions Limited (the 'company') for the year ended 31 March 2023, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In the previous accounting period, the directors of the company took advantage of audit exemption under S477 of the Companies Act. Therefore the prior period financial statements were not subject to audit.
In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for qualified opinion on financial statements
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 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 qualified opinion.
Key audit matters
Except for the matter described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report.
Interactive Management Solutions Limited
Independent Auditor's Report to the Members of Interactive Management Solutions Limited
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
The director is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
As described in the basis for qualified opinion section of our report, we were unable to satisfy
ourselves concerning the work in progress provision at 31 March 2022. We have concluded that where the other information refers to the work in progress balance or related balances such as sales, it may be materially misstated for the same reason.
Opinion on other matter prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, in the light of our 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 and the Director's Report.
Arising solely from the limitation on the scope of our work relating to work in progress, referred to above:
• we have not obtained all the information and explanations that we considered necessary for the
purpose of our audit.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
Interactive Management Solutions Limited
Independent Auditor's Report to the Members of Interactive Management Solutions Limited
• |
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 director's remuneration specified by law are not made; or |
• |
we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities [set out on page 4], the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
|
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
|
• |
the nature of the industry and sector, control environment and business performance including the design of remuneration policies; |
• |
the company’s own assessment of the risks that irregularities may occur either as a result of fraud or error; |
• |
results of our enquiries of management about their own identification and assessment of the risks of irregularities; |
• |
the key laws and regulations under which the business operates and whether management were aware of any instances of noncompliance; |
• |
whether the management have knowledge of any actual, suspected or alleged fraud; |
• |
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and |
• |
the matters discussed among the audit engagement team, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
Interactive Management Solutions Limited
Independent Auditor's Report to the Members of Interactive Management Solutions Limited
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: Laws and regulations applicable to the company specifically relating to employment law, valuation of work in progress and revenue recognition. |
|
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Tax legislation, and Regulations established by regulators in the key markets in which the company operates specifically employment law. |
|
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These included the operating and environmental regulations relevant to the company. |
|
In addition to the above, our procedures to respond to risks identified included the following: |
|
• |
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described above as having a direct effect on the financial statements; |
• |
in addressing the risk of material misstatement through the work in progress provision, we have reviewed post year end sales invoices for any work related to the year ended 31 March 2023 but invoiced in the following years accounts; |
• |
enquiring of management, concerning any actual and potential litigation and claims; |
• |
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
• |
in addressing the risk of fraud in revenue recognition, in addition to our testing described above we have performed focussed testing on work completed close to the year-end combined with analytical review procedures to assess accuracy and completeness of revenue recognised; |
• |
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with
regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become
aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Interactive Management Solutions Limited
Independent Auditor's Report to the Members of Interactive Management Solutions Limited
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.
For and on behalf of
50-54 Oswald Road
North Lincolnshire
DN15 7PQ
Interactive Management Solutions Limited
Profit and Loss Account for the Year Ended 31 March 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
1,125,499 |
1,219,389 |
|
Other interest receivable and similar income |
|
|
|
Amounts written off investments |
( |
- |
|
Interest payable and similar expenses |
( |
( |
|
(198,651) |
(65,087) |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Interactive Management Solutions Limited
(Registration number: 03686185)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Retained earnings |
|
|
|
Shareholders' funds |
|
|
Approved and authorised by the
|
Interactive Management Solutions Limited
Statement of Changes in Equity for the Year Ended 31 March 2023
Share capital |
Retained earnings |
Total |
|
At 1 April 2022 |
|
|
|
Profit for the year |
- |
|
|
At 31 March 2023 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 April 2021 |
|
( |
( |
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 31 March 2022 |
100 |
865,825 |
865,925 |
Interactive Management Solutions Limited
Statement of Cash Flows for the Year Ended 31 March 2023
Note |
2023 |
2022 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Finance income |
( |
( |
|
Finance costs |
|
- |
|
Corporation tax expense |
|
|
|
Amounts written off investments |
168,379 |
- |
|
|
|
||
Working capital adjustments |
|||
Decrease/(increase) in stocks |
|
( |
|
Increase in trade and other debtors |
( |
( |
|
(Decrease)/increase in trade and other creditors |
( |
|
|
Net cash flow from operating activities |
( |
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Acquisition of other financial assets |
( |
- |
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
- |
|
Dividends paid |
- |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
Cash and cash equivalents at 1 April |
|
|
|
Cash and cash equivalents at 31 March |
944,141 |
1,462,614 |
Interactive Management Solutions Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
The company registered number is: 03686185
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The
Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the
Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.
The company recognises revenue when; the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
Government grants
Grant income relating to revenue is recognised on an accruals basis. Income is recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. A grant that becomes receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support with no future related costs, is recognised as income in the period in which it becomes receivable.
Interactive Management Solutions Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings and equipment |
25% on cost |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Interactive Management Solutions Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
The cost of work in progress comprises direct labour costs that have been incurred in bringing the work in progress to their present location and condition. At each reporting date, work in progress is assessed for impairment.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.Trade creditors are recognised at the transaction price.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Interactive Management Solutions Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Defined benefit pension obligation
Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.
The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.
Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
2023 |
2022 |
|
Provision of services |
|
|
Grants received |
- |
|
|
|
Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Other interest receivable and similar income |
2023 |
2022 |
|
Interest income on bank deposits |
|
|
Interest payable and similar expenses |
2023 |
2022 |
|
Interest expense on other finance liabilities |
|
- |
Foreign exchange gains |
|
|
|
|
Interactive Management Solutions Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:
2023 |
2022 |
|
Production |
|
|
|
|
Auditors' remuneration |
2023 |
2022 |
|
Audit of the financial statements |
|
- |
Interactive Management Solutions Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Taxation |
Tax charged/(credited) in the profit and loss account
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
|
Tax expense in the profit and loss account |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2023 |
2022 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
- |
Deferred tax (credit)/expense from unrecognised temporary difference from a prior period |
( |
|
Tax increase from effect of capital allowances and depreciation |
|
|
Tax decrease from effect of unrelieved tax losses carried forward |
- |
( |
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
2023 |
Liability |
Difference between accumulated depreciation and amortisation and capital allowances |
|
|
2022 |
Liability |
Difference between accumulated depreciation and amortisation and capital allowances |
|
|
Interactive Management Solutions Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
At 1 April 2022 |
|
|
Additions |
|
|
At 31 March 2023 |
|
|
Depreciation |
||
At 1 April 2022 |
|
|
Charge for the year |
|
|
At 31 March 2023 |
|
|
Carrying amount |
||
At 31 March 2023 |
|
|
At 31 March 2022 |
|
|
Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
|
Non-current financial assets |
||
Cost or valuation |
||
Additions |
168,379 |
168,379 |
At 31 March 2023 |
168,379 |
168,379 |
Impairment |
||
Losses made in the period |
168,379 |
168,379 |
At 31 March 2023 |
168,379 |
168,379 |
Carrying amount |
||
At 31 March 2023 |
- |
- |
Stocks |
2023 |
2022 |
|
Work in progress |
|
|
Interactive Management Solutions Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Debtors |
Current |
2023 |
2022 |
Trade debtors |
|
|
Amounts owed by related parties |
|
- |
Director's loan account |
|
|
|
|
Cash and cash equivalents |
2023 |
2022 |
|
Cash at bank |
|
|
Creditors |
2023 |
2022 |
|
Due within one year |
||
Trade creditors |
|
|
Social security and other taxes |
|
|
Outstanding defined contribution pension costs |
|
- |
Accrued expenses |
|
|
Corporation tax liability |
411,415 |
201,419 |
|
|
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 April 2022 |
|
|
Decrease in existing provisions |
( |
( |
At 31 March 2023 |
|
|
|
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Interactive Management Solutions Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Dividends |
Final dividends paid
2023 |
2022 |
|
Final dividend of £0 (2022 - £20) per each |
- |
|
Related party transactions |
Transactions with the director |
2023 |
At 1 April 2022 |
Advances to director |
Repayments by director |
At 31 March 2023 |
Mr S D Foster |
||||
|
|
|
|
|
2022 |
At 1 April 2021 |
Advances to director |
At 31 March 2022 |
Mr S D Foster |
|||
|
- |
|
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The parent of the largest group in which these financial statements are to be consolidated is Interactive Management Group Limited, incorporated in the UK.
The address of Interactive Management Group Limited is:
Unit 4B Warren Hill
Hullfords Lane
Hartly Wintney
Hook
Hampshire
RG27 8AG