REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
THE INDUSTRIAL MAINTENANCE GROUP LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
THE INDUSTRIAL MAINTENANCE GROUP LIMITED |
THE INDUSTRIAL MAINTENANCE GROUP LIMITED (REGISTERED NUMBER: 02305188) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Page |
Statement of Financial Position | 1 |
Notes to the Financial Statements | 3 |
THE INDUSTRIAL MAINTENANCE GROUP LIMITED (REGISTERED NUMBER: 02305188) |
STATEMENT OF FINANCIAL POSITION |
31 OCTOBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
THE INDUSTRIAL MAINTENANCE GROUP LIMITED (REGISTERED NUMBER: 02305188) |
STATEMENT OF FINANCIAL POSITION - continued |
31 OCTOBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
THE INDUSTRIAL MAINTENANCE GROUP LIMITED (REGISTERED NUMBER: 02305188) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
1. | STATUTORY INFORMATION |
The Industrial Maintenance Group Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
All amounts in the financial statements have been rounded to the nearest £. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
Preparation of consolidated financial statements |
The financial statements contain information about The Industrial Maintenance Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
THE INDUSTRIAL MAINTENANCE GROUP LIMITED (REGISTERED NUMBER: 02305188) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
In preparing these financial statements, the directors have made the following judgements: |
- Determine whether leases entered into by the company either as a lessor or a lessee are operating lease or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. |
- Determine whether there are indicators of impairment of the company's tangible and intangible assets, including goodwill. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. At each reporting period 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. |
Other key sources of estimation uncertainty |
Tangible fixed assets |
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. |
Turnover |
Turnover represents the total invoice value, excluding value added tax, of goods sold and services rendered during the year. Revenue is recognised when the company fulfils its contractual obligations to customers by supplying goods and services. |
Tangible fixed assets |
Plant and machinery etc | - |
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. |
Stocks |
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. |
Financial instruments |
Basic financial assets, which include trade debtors, other debtors, loans to directors, loans to fellow companies, and cash and bank balances, are initially measured at the transaction price including transaction costs and are subsequently recognised at amortised cost. |
Basic financial liabilities, including trade creditors and other creditors are initially recognised at transaction price and are subsequently recognised at amortised cost. |
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 entity after deducting all of its financial liabilities. |
THE INDUSTRIAL MAINTENANCE GROUP LIMITED (REGISTERED NUMBER: 02305188) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs |
The company operates a money purchase pension scheme. Contributions payable to this scheme are charged to the profit and loss account on a straight line basis. These contributions are invested separately from the company's assets. |
Investments |
Investments held as fixed assets are stated at cost less provision for permanent diminution in value. |
Factoring |
Where debts are factored, the gross amount of the debt is included in trade debtors and advances secured under the factoring arrangement are included within bank loans and overdrafts. |
Holiday pay accrual |
A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
THE INDUSTRIAL MAINTENANCE GROUP LIMITED (REGISTERED NUMBER: 02305188) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 November 2022 |
Additions |
Disposals | ( |
) |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 November 2022 |
and 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
THE INDUSTRIAL MAINTENANCE GROUP LIMITED (REGISTERED NUMBER: 02305188) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
9. | LEASING AGREEMENTS |
At the balance sheet date, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £259,896 (2022: £351,950). |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Other creditors | 213,956 | 228,090 |
Included withing other creditors are the above amounts which are secured by a charge over trade debtors and a fixed and floating charge over the assets of the company. |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
During the period the company advanced a total of £302,739 to the directors and received repayments totalling £8,122 from the directors. Interest is charged at a rate of 2% / 2.25% per annum and the balance is repayable on demand. During the period the company charged interest of £25,279 (2022: £21,548) to the directors. |
At the balance sheet date the company was owed £1,355,199 (2022: £1,060,581) by the directors. |
12. | ULTIMATE PARENT COMPANY |
The Whole Works Group Limited, a company registered in England and Wales, is regarded by the directors as being the company's parent and ultimate parent company. The registered office of The Whole Works Group Limited is Unit M Riverside Industrial Estate Atherstone Street, Fazeley, Tamworth, Staffordshire B78 3RW. |