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REGISTERED NUMBER: 08632626 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements For The Year Ended 31 December 2023

for

I-MEX (M&E) Limited

I-MEX (M&E) Limited (Registered number: 08632626)






Contents of the Financial Statements
For The Year Ended 31 December 2023




Page

Company information 1

Strategic report 2

Report of the directors 4

Report of the independent auditor 5

Income statement 8

Balance sheet 9

Statement of changes in equity 10

Notes to the financial statements 11


I-MEX (M&E) Limited

Company Information
For The Year Ended 31 December 2023







Directors: P J Smailes
E D Campbell
D P Smailes





Registered office: Units H18-20
Risby Business Park
Newmarket Road
Risby
Suffolk
IP28 6RD





Registered number: 08632626 (England and Wales)





Auditor: MRT Accountants Limited - Chartered Accountants
Market House
10 Market Walk
Saffron Walden
Essex
CB10 1JZ

I-MEX (M&E) Limited (Registered number: 08632626)

Strategic Report
For The Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

Review of business
The company's turnover in 2023 was approximately £20.9m (2022 - £19.4m).

The company made a pre-tax profit of approximately £1.0m (2022 - £1.8m). The reduction in profit is attributable to increased costs in 2023 as the company continues to invest in new staff members and in 2023 there was a full year's costs for the pre-construction team employed at the back end of 2022.

The company made a profit after taxation of £0.7m (2022 - £1.4m). The majority of the construction work undertaken by the company consists of residential contracts with project sizes typically in excess of £5m. The company achieved a gross margin on these contracts of 12.0% in 2023 (2022 - 14.8%). In a difficult trading year with a high level of construction cost inflation the company is satisfied with the gross margin achieved in the year.

It is important to the company to achieve its growth plans is its ability to attract and retain the services of the highest quality employees. In the year 90% of employees services were retained (2022 - 87.5%).

Principal risks and uncertainties
The principal risks from the company's activities arise from:

Commercial relationship risk
The company has developed close commercial relationships with several main contractors and suppliers to enable it to maintain the highest of standards and service delivery on its construction contracts.The loss of any of these key main contractors or suppliers could have a detrimental effect on the company's financial performance and results. The company mitigates this risk through developing close working relationships with its key working contractors and suppliers with open and transparent communications at all times and through the development of the workforce through training and development.

Competitor risk
The company operates in a very competitive area of the construction industry. The company works on having the highest level of service delivery at all times and aims to be considered as best in class by its customers to minifies the potential loss of customers to competitors.

Liquidation and regulation risk
The company has to consider a number of laws, regulations and standards that impact on its day to day operations - if the company does not comply with any of these then it risks damage to its reputation and future ability to trade The company has put in place high levels of quality control procedures and checks to mitigate this risk.

Credit risk
The company provides its services primarily to main contractors in the construction industry. The failure of one or more of these main contractors to pay the amounts it owes to the company for services rendered would potentially cause the company cashflow and working capital problems. The company manages this risk by way of a range of measures including credit control procedures, credit insurance (when available), regular communication with the main contractors.

Going concern risk
The company is potentially at risk if a main contractor does not pay its debts or contract cost price increases make its contracts unprofitable. All of the company's construction contracts are set up on monthly invoicing and unpaid amounts will result in the contracts being put on stop until payments have caught up. The company has extensive costs control procedures in place to constantly monitor contract costs and to ensure best prices are achieved at all times.


I-MEX (M&E) Limited (Registered number: 08632626)

Strategic Report
For The Year Ended 31 December 2023

Financial key performance indicators
The directors monitor the performance of the company by reference to the following key performance indicators:

Contract value
The company only takes on contracts that it has assessed as potentially profitable, including a reasonable margin for cost variations. Contract costs are closely monitored to ensure that contracts are delivered in a cost effective manner.

Gross margin
Contract reconciliations are performed on a monthly basis and gross margins are assessed on a month by month basis for each contract and remedial action taken, if possible, to ensure predicted margins are maintained.

Health & safety
The directors monitor health and safety on a monthly basis and the company audits this each month by use of an external specialist on a site by site basis.

Future contract pipeline
It is important that the company has a pipeline of potential and secured new work and that it is regularly tendering for new work. The company has invested heavily in its pre-construction team over the past 18 months or so to ensure that all opportunities are adequately assessed and those selected for tender are presented to main contractors in a manner and style that gives the company its best chance of having a successful tender.

On behalf of the board:





P J Smailes - Director


16 September 2024

I-MEX (M&E) Limited (Registered number: 08632626)

Report of the Directors
For The Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

Principal activity
The principal activity of the company in the year under review was that of a mechanical, electrical and public health services contractor.

Dividends
The total distribution of dividends for the year ended 31 December 2023 will be £ 428,160 .

Directors
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

P J Smailes
E D Campbell
D P Smailes

Strategic report
In accordance with section 414c (ii) of the Companies Act 2006 and included in the Strategic Report is the review of the business, principal risks and uncertainties and key performance indicators. This information would have been required by schedule 7 of the "Large and Medium sized Companies and Group (accounts and Reports) Regulations 2008" to be contained in the Directors’ report.

Statement of directors' responsibilities
The directors are responsible for preparing the Strategic report, the Report of the directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditor is unaware, and each director has taken all the 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 auditor is aware of that information.

Auditor
MRT Accountants Limited - Chartered Accountants, were appointed as auditor to the company and have indicated their willingness to be reappointed for another term and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.

On behalf of the board:




P J Smailes - Director


16 September 2024

Report of the Independent Auditor to the Members of
I-MEX (M&E) Limited

Opinion
We have audited the financial statements of I-MEX (M&E) Limited (the 'company') for the year ended 31 December 2023 which comprise the income statement, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 our opinion the financial statements:
- give a true and fair view of the state of the company's affairs as at 31 December 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 opinion
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 financial statements section of our report. We are independent of the company 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 opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' 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 financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The other information comprises the information included in the annual report other than the financial statements and our report of the auditor thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
- the information given in the report of the directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the report of the directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the report of the directors. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- 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 directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.




Report of the Independent Auditor to the Members of
I-MEX (M&E) Limited


Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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.

Irregularities are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with applicable laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

- obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework;
- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected, or alleged instances of fraud; and
- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures, we consider the most significant laws and regulations that have a direct impact on the financial statements to be:

- FRS102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice); and
- The Companies Act 2006.

In addition, the company is subject to other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to its ability to operate or to avoid a material penalty. These are primarily related to health and safety legislation, most notably the Health and Safety at Work etc. Act 1974.

The audit engagement team identified the risk of management override or controls, revenue recognition and the valuation of long-term contract balances as the areas where the financial statements were most susceptible to material misstatement due to fraud.




Report of the Independent Auditor to the Members of
I-MEX (M&E) Limited

Based on the results of our risk assessment, we designed audit procedures to identify fraud or non-compliance with such laws and regulations identified above. The relevant audit procedures performed included but were not limited to:

- undertaking detailed review of the completeness and accuracy of disclosures;
- auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
- review of estimates and the appropriateness of their basis as well as consideration of any indicated irregularities or management bias;
- testing the recognition of a sample of revenue items with reference to the relevant supporting documentation;
- undertaking a detailed review of contract balances, including testing to contract documentation and testing the allocation of costs to contracts, to ensure that balances reflect an appropriate stage of contract completion and associated profit recognition; and
- review of reports and correspondence with relevant authorities and discussion with the company's management regarding policies and procedures for compliance with laws and regulations with specific consideration of matters associated with relevant health and safety legislation.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matter - prior year financial statements unaudited
The company was not required to have a statutory audit for the year ended 31 December 2022 as it was entitled to exemption by the provision of the Companies Act 2006 relating to the audit of financial statements by virtue of Section 477 and no member or members requested an audit pursuant to Section 476 of the Act. Accordingly, the corresponding figures for the year ended 31 December 2022 are unaudited.

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 a report of the auditor 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.




James Robert Marchant FCCA (Senior Statutory Auditor)
on behalf of MRT Accountants MRT Accountants Limited - Chartered Accountants
Market House
10 Market Walk
Saffron Walden
Essex
CB10 1JZ

17 September 2024

I-MEX (M&E) Limited (Registered number: 08632626)

Income Statement
For The Year Ended 31 December 2023

2023 2022
as restated
Notes £    £   

Turnover 3 20,908,927 19,376,470

Cost of sales 18,408,544 16,509,528
Gross profit 2,500,383 2,866,942

Administrative expenses 1,657,318 1,140,454
843,065 1,726,488

Other operating income 84,861 26,869
Operating profit 6 927,926 1,753,357

Interest receivable and similar income 26,412 1,095
954,338 1,754,452

Interest payable and similar expenses 7 683 3,970
Profit before taxation 953,655 1,750,482

Tax on profit 8 254,518 314,591
Profit for the financial year 699,137 1,435,891

I-MEX (M&E) Limited (Registered number: 08632626)

Balance Sheet
31 December 2023

2023 2022
as restated
Notes £    £    £    £   
Fixed assets
Tangible assets 11 498,609 585,487

Current assets
Debtors 12 4,562,300 4,898,854
Cash at bank 2,560,128 2,834,479
7,122,428 7,733,333
Creditors
Amounts falling due within one year 13 4,635,007 5,721,024
Net current assets 2,487,421 2,012,309
Total assets less current liabilities 2,986,030 2,597,796

Creditors
Amounts falling due after more than one year 14 (538,000 ) (432,972 )

Provisions for liabilities 16 (28,119 ) (15,890 )
Net assets 2,419,911 2,148,934

Capital and reserves
Called up share capital 17 1,176 1,176
Share premium 39,824 39,824
Retained earnings 2,378,911 2,107,934
Shareholders' funds 2,419,911 2,148,934

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by:





P J Smailes - Director


I-MEX (M&E) Limited (Registered number: 08632626)

Statement of Changes in Equity
For The Year Ended 31 December 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2022 1,176 1,100,203 39,824 1,141,203

Changes in equity
Dividends - (428,160 ) - (428,160 )
Total comprehensive income - 1,435,891 - 1,435,891
Balance at 31 December 2022 1,176 2,107,934 39,824 2,148,934

Changes in equity
Dividends - (428,160 ) - (428,160 )
Total comprehensive income - 699,137 - 699,137
Balance at 31 December 2023 1,176 2,378,911 39,824 2,419,911

I-MEX (M&E) Limited (Registered number: 08632626)

Notes to the Financial Statements
For The Year Ended 31 December 2023

1. Statutory information

I-MEX (M&E) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 £

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirement of paragraph 33.7.

Significant judgements and estimates
In applying the company's accounting policies the directors are required to make judgements, estimates and assumptions in determining the carrying value of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent uncertainty involved in making such judgements, estimates and assumptions, the actual amounts and outcomes may differ.

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

The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts on assets and liabilities within the next financial year are set out below.

The company uses the percentage of completion method to recognise revenue and profit for long term contracts. The method requires the directors to estimate the level of services performed at each reporting date as a proportion of the total services to be performed to complete the contract. Variations to estimates could result in the over or under recognition of revenue and profit.

Turnover
Turnover comprises revenue recognised in respect of goods and services supplied during the year, exclusive of VAT and trade discounts.

Turnover includes the value of short and long term construction contracts carried out during the year. Invoices for short term contracts are raised as the work commences, typically on a monthly basis, and turnover is recognised accordingly. Turnover for long term contracts is measured as costs incurred to their stage of completion plus attributable profit. The amount of profit attributable to the stage of completion of each long term contract is calculated and recognised when the outcome can be foreseen with reasonable certainty. Provision is made for any losses which are forseen.

For customer retentions, where cash inflows are deferred and effectively represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

I-MEX (M&E) Limited (Registered number: 08632626)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

2. Accounting policies - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 50% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under finance leases are charged to the profit and loss account as they are incurred.

Financial instruments
Financial instruments are classified and accounted for according to the substance of the contractual arrangement as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of th company after deducting all of its liabilities.

Financial assets, which include retentions, amounts recoverable on contracts, trade and other debtors and amounts owed by group undertakings, 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Dividends
Dividends are recognised as liabilities once they are no longer at the discretion of the Company.

I-MEX (M&E) Limited (Registered number: 08632626)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

2. Accounting policies - continued

Pension contributions
The company operates a Defined Contribution pension scheme and this is open to the company's directors and employees to join the scheme. The contributions paid into this scheme are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in other creditors on the balance sheet.

Contributions are also made on an ad hoc basis into to a Small Self Administered Scheme known as the "Smailes Family SSAS" and these contributions are charged against profits in the accounting period in which they are paid.

The assets of all pension schemes are held separately from the company in independently administered funds.

Going concern
The directors have reviewed the financial situation of the company and feel it appropriate to prepare these accounts on a going concern basis. The directors believe that there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

3. Turnover

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2023 2022
as restated
£    £   
Construction contracting 20,908,927 19,376,470
20,908,927 19,376,470

An analysis of turnover by geographical market is given below:

2023 2022
as restated
£    £   
United Kingdom 20,908,927 19,376,470
20,908,927 19,376,470

4. Employees and directors
2023 2022
as restated
£    £   
Wages and salaries 2,076,337 2,013,845
Social security costs 86,004 58,447
Other pension costs 216,192 33,245
2,378,533 2,105,537

I-MEX (M&E) Limited (Registered number: 08632626)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

4. Employees and directors - continued

The average number of employees during the year was as follows:
2023 2022
as restated

Administration 3 3
Contract management & support 11 9
Site & fabrication 25 28
39 40

5. Directors' emoluments
2023 2022
as restated
£    £   
Directors' remuneration 148,611 139,932
Directors' pension contributions to money purchase schemes 138,070 17,700

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

6. Operating profit

The operating profit is stated after charging:

2023 2022
as restated
£    £   
Other operating leases 43,698 47,537
Depreciation - owned assets 106,954 132,798
Depreciation - assets on hire purchase contracts 5,248 6,561
Loss on disposal of fixed assets 6,221 858
Auditors' remuneration 29,000 -

7. Interest payable and similar expenses
2023 2022
as restated
£    £   
Bank loan interest - 3,970
HP Interest 683 -
683 3,970

I-MEX (M&E) Limited (Registered number: 08632626)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

8. Taxation

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
as restated
£    £   
Current tax:
UK corporation tax 242,289 311,070

Deferred tax 12,229 3,521
Tax on profit 254,518 314,591

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
as restated
£    £   
Profit before tax 953,655 1,750,482
Profit multiplied by the standard rate of corporation tax in the UK of 23.500%
(2022 - 19%)

224,109

332,592

Effects of:
Expenses not deductible for tax purposes 604 1,056
Capital allowances in excess of depreciation - (33,547 )
Depreciation in excess of capital allowances 18,001 -
Adjustments to tax charge in respect of previous periods (425 ) 14,490
Deferred tax included 12,229 -
Total tax charge 254,518 314,591

The tax reconciliation uses a standard rate of corporation tax in the UK of 23.5%. This rate is derived from the standard rate of 19% for 3 months of Financial Year 2023 and the standard rate of 25% for 9 months of Financial Year 2024. The prior year uses a standard rate of corporation tax in the UK of 19% for the entire year

9. Dividends
2023 2022
as restated
£    £   
A Ordinary shares of £1 each
Interim 428,160 428,160

I-MEX (M&E) Limited (Registered number: 08632626)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

10. Prior year adjustment

The company uses accounting estimates and assumptions in accounting for construction contracts and after reviewing prior year figures an error in this respect has been identified and revised amounts accounted for the prior year regarding sales and cost of sales for various contracts and to re-state the comparative figures to reflect the change as follows:


2022 2021
£'000 £'000000
Increase in current assets 302 1014
Increase in current liabilities(190) ( 523)
Capital and reserves 112491
Sales152607
Tax(40)(116)
Increase in Profit112491


11. Tangible fixed assets
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
Cost
At 1 January 2023 507,503 91,249 65,639
Additions 2,588 - 8,311
Disposals - - -
At 31 December 2023 510,091 91,249 73,950
Depreciation
At 1 January 2023 50,751 47,612 16,410
Charge for year 51,009 14,546 18,487
Eliminated on disposal - - -
At 31 December 2023 101,760 62,158 34,897
Net book value
At 31 December 2023 408,331 29,091 39,053
At 31 December 2022 456,752 43,637 49,229

I-MEX (M&E) Limited (Registered number: 08632626)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

11. Tangible fixed assets - continued

Motor Computer
vehicles equipment Totals
£    £    £   
Cost
At 1 January 2023 111,267 31,900 807,558
Additions 27,745 2,651 41,295
Disposals (21,295 ) - (21,295 )
At 31 December 2023 117,717 34,551 827,558
Depreciation
At 1 January 2023 87,182 20,116 222,071
Charge for year 15,049 13,111 112,202
Eliminated on disposal (5,324 ) - (5,324 )
At 31 December 2023 96,907 33,227 328,949
Net book value
At 31 December 2023 20,810 1,324 498,609
At 31 December 2022 24,085 11,784 585,487

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
Cost
At 1 January 2023
and 31 December 2023 20,995
Depreciation
At 1 January 2023 15,747
Charge for year 5,248
At 31 December 2023 20,995
Net book value
At 31 December 2023 -
At 31 December 2022 5,248

12. Debtors
2023 2022
as restated
£    £   
Amounts falling due within one year:
Retentions 516,986 769,121
Trade debtors 1,207,178 1,061,810
Amounts recoverable on contrac ts 1,675,561 2,298,178
Amounts owed by group undertakings 8,055 -
VAT 178,355 101,568
Prepayments 28,192 2,118
3,614,327 4,232,795

I-MEX (M&E) Limited (Registered number: 08632626)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

12. Debtors - continued
2023 2022
as restated
£    £   
Amounts falling due after more than one year:
Retentions 947,973 666,059

Aggregate amounts 4,562,300 4,898,854

13. Creditors: amounts falling due within one year
2023 2022
as restated
£    £   
Hire purchase contracts (see note 15) 4,082 7,853
Trade creditors 2,347,262 2,824,040
Contract advances 531,488 843,039
Accrued direct costs 746,129 1,005,636
Supplier retentions 440,696 405,174
Amounts owed to group undertakings - 104,630
Tax 397,743 426,583
Social security and other taxes 113,978 66,354
Pension creditor 8,575 8,543
Accrued expenses 45,054 29,172
4,635,007 5,721,024

14. Creditors: amounts falling due after more than one year
2023 2022
as restated
£    £   
Supplier retentions 538,000 432,972

15. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
as restated
£    £   
Net obligations repayable:
Within one year 4,082 7,853

Non-cancellable operating leases
2023 2022
as restated
£    £   
Within one year 44,500 31,000
Between one and five years 124,000 124,000
In more than five years 98,167 124,000
266,667 279,000

I-MEX (M&E) Limited (Registered number: 08632626)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

15. Leasing agreements - continued

Operating lease rentals on the company's business premises.

Hire purchase contracts are secured by fixed charges on the assets concerned.

16. Provisions for liabilities
2023 2022
as restated
£    £   
Deferred tax
Accelerated capital allowances 28,119 15,890

Deferred
tax
£   
Balance at 1 January 2023 15,890
Provided during year 12,229
Balance at 31 December 2023 28,119

17. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: as restated
£    £   
1,000 A Ordinary £1 1,000 1,000
176 B Ordinary £1 176 176
1,176 1,176

18. Ultimate parent company

The directors consider the ultimate parent undertaking, which draws up consolidated accounts, to be I-MEX (M&E) Holdings Limited, a company incorporated in the United Kingdom. The parents registered office is Unit H18-20 Risby Business Park, Newmarket Road, Risby, Suffolk, IP28 6RD.

The ultimate controlling party is considered to be PJ Smailes by virtue of his shareholding in I-MEX (M&E) Holdings Limited.