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REGISTERED NUMBER: 10791647 (England and Wales)
















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements For The Year Ended 31 December 2023

for


I-MEX (M&E) Holdings Limited



I-MEX (M&E) Holdings Limited (Registered number: 10791647)








Contents of the Consolidated Financial Statements

For The Year Ended 31 December 2023





Page




Company information  

1




Group strategic report  

2




Report of the directors  

4




Report of the independent auditor  

6




Consolidated income statement  

9




Consolidated balance sheet  

10




Company balance sheet  

11




Consolidated statement of changes in equity  

12




Company statement of changes in equity  

13




Consolidated cash flow statement  

14




Notes to the consolidated financial statements

15





I-MEX (M&E) Holdings Limited



Company Information

For The Year Ended 31 December 2023









Directors:

P J Smailes


L Y Smailes


E D Campbell







Registered office:

Units 18 - 20


Risby Business Park


Newmarket Road


Risby


Suffolk


IP28 6RD







Registered number:

10791647 (England and Wales)







Auditor:

MRT Accountants Limited - Chartered Accountants


Market House


10 Market Walk


Saffron Walden


Essex


CB10 1JZ



I-MEX (M&E) Holdings Limited (Registered number: 10791647)



Group Strategic Report

For The Year Ended 31 December 2023


The directors present their strategic report of the company and the group for the year ended 31 December 2023.


Review of business

The group's turnover in 2023 was approximately £20.9m (2022 - £19.4m).


The group made a pre-tax profit of approximately £0.9m (2022 - £1.8m). The reduction in profit is attributable to a reduction in gross margin and increased costs in 2023 as the group 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 group made  a profit after taxation of £0.7m (2022 - £1.5m). The majority of the construction work undertaken by the group consists of residential contracts with project sizes typically in excess of £5m. The group 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 group is satisfied with the gross margin achieved in the year.


It is important to the group 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 group's activities arise from:


Commercial relationship risk

The group 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 group's financial performance and results. The group 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 group operates in a very competitive area of the construction industry. The group 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 group has to consider a number of laws, regulations and standards that impact on its day to day operations - if the group does not comply with any of these then it risks damage to its reputation and future ability to trade The group has put in place high levels of quality control procedures and checks to mitigate this risk.


Credit risk

The group 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 group for services rendered would potentially cause the group cashflow and working capital problems. The group  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 group 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 group'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 group 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) Holdings Limited (Registered number: 10791647)



Group Strategic Report

For The Year Ended 31 December 2023


Financial key performance indicators

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


Contract value

The group 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 group has a pipeline of potential and secured new work and that it is regularly tendering for new work. The group 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 group its best chance of having a successful tender.


On behalf of the board:






P J Smailes - Director



16 September 2024



I-MEX (M&E) Holdings Limited (Registered number: 10791647)



Report of the Directors

For The Year Ended 31 December 2023


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


Principal activity

The principal activity of the group in the year under review was that of a holding company with property investments

Dividends

Interim dividends per share were paid as follows:



     £


A ordinary shares



404.32


B ordinary shares



455.17


C ordinary shares



604.32




The directors recommend that no final dividends are paid.


The total distribution of dividends for the year ended 31 December 2023 will be £456,4245.


Future developments

There have been no significant post balance sheet events to note.


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

L Y Smailes

E D Campbell


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 Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditor is unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditor is aware of that information.



I-MEX (M&E) Holdings Limited (Registered number: 10791647)



Report of the Directors

For The Year Ended 31 December 2023



Auditor

The auditors,  MRT Accountants Limited - Chartered Accountants, will be proposed for re-appointment at the forthcoming 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) Holdings Limited


Opinion
We have audited the financial statements of I-MEX (M&E) Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the consolidated income statement, the consolidated balance sheet, the company balance sheet, the consolidated statement of changes in equity, the company statement of changes in equity, the consolidated statement of cash flows 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 group's and the parent company's affairs as at 31 December 2023 and of the group's 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 group and parent 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 group's and parent 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 auditor's report 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 strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have 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 group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.


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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company 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) Holdings 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 parent 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 parent company or to cease operations, or has 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, including fraud, 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 group 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) Holdings 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 group 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 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.





James Robert Marchant  FCCA (Senior Statutory Auditor)

for and on behalf of MRT Accountants Limited - Chartered Accountants

Market House

10 Market Walk

Saffron Walden

Essex

CB10 1JZ


17 September 2024



I-MEX (M&E) Holdings Limited (Registered number: 10791647)



Consolidated

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

1,668,434


1,148,407



831,949


1,718,535




Other operating income

115,391


62,784



Operating profit

5

947,340


1,781,319




Interest receivable and similar income

26,412


1,095



973,752


1,782,414



Gain/loss on revaluation of investments

(55,000

)

52,440



918,752


1,834,854




Interest payable and similar expenses

6

683


3,970



Profit before taxation

918,069


1,830,884




Tax on profit

7

248,243


329,867



Profit for the financial year

669,826


1,501,017





I-MEX (M&E) Holdings Limited (Registered number: 10791647)



Consolidated Balance Sheet

31 December 2023



2023

2022



as restated



Notes

£   

£   

£   

£   


Fixed assets

Tangible assets

11

498,609


585,487



Investments

12

-


-



Investment property

13

770,000


825,000



1,268,609


1,410,487




Current assets

Debtors

14

4,558,591


4,903,179



Cash at bank

2,709,092


2,946,640



7,267,683


7,849,819



Creditors

Amounts falling due within one year

15

4,817,065


5,861,773



Net current assets

2,450,618


1,988,046



Total assets less current liabilities

3,719,227


3,398,533




Creditors

Amounts falling due after more than one year

16

(538,000

)

(432,972

)



Provisions for liabilities

18

(28,119

)

(25,854

)


Net assets

3,153,108


2,939,707




Capital and reserves

Called up share capital

19

1,000


1,000



Merger reserve

39,824


39,824



Capital redemption reserve

176


176



Retained earnings

3,112,108


2,898,707



Shareholders' funds

3,153,108


2,939,707




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) Holdings Limited (Registered number: 10791647)



Company Balance Sheet

31 December 2023



2023

2022



as restated



Notes

£   

£   

£   

£   


Fixed assets

Tangible assets

11

-


-



Investments

12

1,176


1,176



Investment property

13

770,000


825,000



771,176


826,176




Current assets

Debtors

14

4,346


108,955



Cash at bank

148,965


112,161



153,311


221,116



Creditors

Amounts falling due within one year

15

190,114


245,378



Net current liabilities

(36,803

)

(24,262

)


Total assets less current liabilities

734,373


801,914




Provisions for liabilities

18

-


9,964



Net assets

734,373


791,950




Capital and reserves

Called up share capital

19

1,000


1,000



Capital redemption reserve

176


176



Retained earnings

733,197


790,774



Shareholders' funds

734,373


791,950




Company's profit for the financial year

398,848


493,287




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) Holdings Limited (Registered number: 10791647)



Consolidated Statement of Changes in Equity

For The Year Ended 31 December 2023



Called up


Capital



share


Retained


Merger


redemption


Total


capital


earnings


reserve


reserve


equity

£   

£   

£   

£   

£   


Balance at 1 January 2022

1,000


1,825,850


39,824


176


1,866,850




Changes in equity

Dividends

-


(428,160

)

-


-


(428,160

)


Total comprehensive income

-


1,501,017


-


-


1,501,017



Balance at 31 December 2022

1,000


2,898,707


39,824


176


2,939,707




Changes in equity

Dividends

-


(456,425

)

-


-


(456,425

)


Total comprehensive income

-


669,826


-


-


669,826



Balance at 31 December 2023

1,000


3,112,108


39,824


176


3,153,108





I-MEX (M&E) Holdings Limited (Registered number: 10791647)



Company Statement of Changes in Equity

For The Year Ended 31 December 2023



Called up


Capital



share


Retained


redemption


Total


capital


earnings


reserve


equity

£   

£   

£   

£   


Balance at 1 January 2022

1,000


725,647


176


726,823




Changes in equity

Dividends

-


(428,160

)

-


(428,160

)


Total comprehensive income

-


493,287


-


493,287



Balance at 31 December 2022

1,000


790,774


176


791,950




Changes in equity

Dividends

-


(456,425

)

-


(456,425

)


Total comprehensive income

-


398,848


-


398,848



Balance at 31 December 2023

1,000


733,197


176


734,373





I-MEX (M&E) Holdings Limited (Registered number: 10791647)



Consolidated Cash Flow Statement

For The Year Ended 31 December 2023



2023


2022


as restated



Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

21

570,916


1,179,391



Interest paid

(683

)

(3,970

)


Tax paid

(276,442

)

(219,716

)


Net cash from operating activities

293,791


955,705




Cash flows from investing activities

Purchase of tangible fixed assets

(41,295

)

(474,969

)


Sale of tangible fixed assets

9,750


250



Interest received

26,412


1,095



Net cash from investing activities

(5,133

)

(473,624

)



Cash flows from financing activities

Capital repayments in year

(3,771

)

(4,452

)


Amount introduced by directors

-


103,978



Amount withdrawn by directors

(66,010

)

-



Equity dividends paid

(456,425

)

(428,160

)


Net cash from financing activities

(526,206

)

(328,634

)



(Decrease)/increase in cash and cash equivalents

(237,548

)

153,447



Cash and cash equivalents at beginning of

year

22

2,946,640


2,793,193




Cash and cash equivalents at end of year

22

2,709,092


2,946,640





I-MEX (M&E) Holdings Limited (Registered number: 10791647)



Notes to the Consolidated Financial Statements

For The Year Ended 31 December 2023


1.

Statutory information



I-MEX (M&E) Holdings 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 General Information page.


2.

Accounting policies



Basis of preparation of 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 as modified by the revaluation of certain assets.  



The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies.



The financial statements are presented in pounds sterling, which is the functional currency, rounded to the nearest £.



Basis of consolidation


The consolidated financial statements present the results of the Company and its subsidiary ("the Group") as if they form a single entity. Intercompany transactions, balances and  unrealised gains on transactions between group companies are therefore eliminated in full on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferrer.



The consolidated financial statements incorporate the results of business combinations using the merger method. The results of subsidiaries in the financial statements from the earlier of the date that economic benefit is obtained or control commences until the date it ceases. All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.



The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.



Significant judgements and estimates

In applying the Group's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts 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 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 period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if 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 of assets and liabilities within the next financial year are set out below.

The Group uses a percentage of completion method to recognise revenue and profit on 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.


I-MEX (M&E) Holdings Limited (Registered number: 10791647)



Notes to the Consolidated Financial Statements - continued

For The Year Ended 31 December 2023


2.

Accounting policies - continued



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.



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



Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.


Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans, retentions and other accounts receivable and payable, are initially valued at present value of the future cash flows and subsequently at amortised costs using the effective interest rate. Debt instruments that are payable or receivable within one year, typically debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt defrerred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.


Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.



I-MEX (M&E) Holdings Limited (Registered number: 10791647)



Notes to the Consolidated Financial Statements - continued

For The Year Ended 31 December 2023


2.

Accounting policies - continued


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 contracts 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 the shorter.

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

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


Going concern


The directors have reviewed the financial position of the Group and conclude that it is appropriate to prepare these consolidated financial statements 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 Group  to continue as a going concern.



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 the group 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 Group.



Pension contributions


The group operates a Defined Contribution pension scheme and this is open to the group'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 group in independently administered funds.



I-MEX (M&E) Holdings Limited (Registered number: 10791647)



Notes to the Consolidated Financial Statements - continued

For The Year Ended 31 December 2023


3.

Turnover



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



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

2,091,495


2,028,287




Social security costs

73,916


46,705




Other pension costs

213,122


30,545



2,378,533


2,105,537





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


2023


2022


as restated




Administration

3


3




Contract management and support

11


9




Site and fabrication

25


28



39


40





2023


2022


as restated


£   

£   



Directors' remuneration

61,278


61,278




Directors' pension contributions to money purchase schemes  

200,000


15,000





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



Money purchase schemes

3


3





I-MEX (M&E) Holdings Limited (Registered number: 10791647)



Notes to the Consolidated Financial Statements - continued

For The Year Ended 31 December 2023


5.

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

34,000


-




6.

Interest payable and similar expenses



2023


2022


as restated


£   

£   



Bank loan interest

-


3,970




HP interest

683


-



683


3,970




7.

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

245,978


316,382





Deferred tax

2,265


13,485




Tax on profit

248,243


329,867





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

918,069


1,830,884




Profit multiplied by the standard rate of corporation tax in the UK of 23.500 %

(2022 - 19 %)  

215,746


347,868





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

1,663


14,490




Deferred tax included  

12,229


-




Total tax charge

248,243


329,867





I-MEX (M&E) Holdings Limited (Registered number: 10791647)



Notes to the Consolidated Financial Statements - continued

For The Year Ended 31 December 2023


7.

Taxation - continued



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


8.

Individual income statement



As permitted by Section 408 of the Companies Act 2006, the Income statement of the parent company is not presented as part of these financial statements.



9.

Dividends


2023


2022


as restated


£   

£   



A Ordinary shares of 1 each


Interim

227,231


212,528




C Ordinary shares of 1 each


Interim

108,330


100,000




D Ordinary shares of 1 each


Interim

120,864


115,632



456,425


428,160




10.

Prior year adjustment



The group 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



  £'000




Increase in current assets



  302



1014




Increase in current liabilities



(190

)


( 523

)



                  



Capital and reserves



112



491




    



Sales



152



607




Tax



(40

)


(116

)



Increase in Profit



112



491






I-MEX (M&E) Holdings Limited (Registered number: 10791647)



Notes to the Consolidated Financial Statements - continued

For The Year Ended 31 December 2023


11.

Tangible fixed assets



Group


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





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





I-MEX (M&E) Holdings Limited (Registered number: 10791647)



Notes to the Consolidated Financial Statements - continued

For The Year Ended 31 December 2023


11.

Tangible fixed assets - continued



Group



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.

Fixed asset investments



Company


Shares in


group


undertakings

£   



Cost


At 1 January 2023


and 31 December 2023

1,176




Net book value


At 31 December 2023

1,176




At 31 December 2022

1,176





The group or the company's investments at the Balance sheet date in the share capital of companies include the following:



Subsidiary



I-Mex (M&E) Limited


Registered office: Units 18 - 20, Risby Business Park, Newmarket Road, Risby, Suffolk, IP28 6RD


Nature of business: Building services & engineering


%


Class of shares:

holding



Ordinary A

100.00



Ordinary B

100.00


2023

2022


£   

£   



Aggregate capital and reserves

2,419,911


2,148,934




Profit for the year

699,137


1,435,891






I-MEX (M&E) Holdings Limited (Registered number: 10791647)



Notes to the Consolidated Financial Statements - continued

For The Year Ended 31 December 2023


13.

Investment property



Group


Total

£   



Fair value


At 1 January 2023

825,000




Revaluations

(55,000

)



At 31 December 2023

770,000




Net book value


At 31 December 2023

770,000




At 31 December 2022

825,000





Fair value at 31 December 2023 is represented by:

£   



Valuation in 2021

772,560




Valuation in 2022

52,440




Valuation in 2023

(55,000

)


770,000





If investment properties had not been revalued they would have been included at the following historical cost:


2023

2022



as restated


£   

£   



Cost

772,560


772,560





Investment properties were valued on an open market basis on 31 December 2023 by Watsons EWS Chartered Surveyors .



Company


Total

£   



Fair value


At 1 January 2023

825,000




Revaluations

(55,000

)



At 31 December 2023

770,000




Net book value


At 31 December 2023

770,000




At 31 December 2022

825,000





Fair value at 31 December 2023 is represented by:

£   



Valuation in 2021

772,560




Valuation in 2022

52,440




Valuation in 2023

(55,000

)


770,000





I-MEX (M&E) Holdings Limited (Registered number: 10791647)



Notes to the Consolidated Financial Statements - continued

For The Year Ended 31 December 2023


13.

Investment property - continued



Company



If the investment properties had not been revalued they would have been included at the following historical cost:


2023

2022



as restated


£   

£   



Cost

772,560


772,560





The investment properties were valued on an open market basis on 31 December 2023 by Watsons EWS Chartered Surveyors  .


14.

Debtors



Group


Company


2023

2022

2023

2022



as restated


as restated


£   

£   

£   

£   



Amounts falling due within one year:



Debtor retentions < 1 year

516,986


769,121


-


-




Trade debtors

1,207,178


1,061,810


-


-




Amounts recoverable - contract

1,675,561


2,298,178


-


-




Amounts owed by group undertakings

-


-


-


104,630




VAT

178,411


101,603


56


35




Prepayments

32,482


6,408


4,290


4,290



3,610,618


4,237,120


4,346


108,955





Amounts falling due after more than one year:



Debtor retentions > 1 year

947,973


666,059


-


-





Aggregate amounts

4,558,591


4,903,179


4,346


108,955




15.

Creditors: amounts falling due within one year




Group


Company


2023

2022

2023

2022



as restated


as restated


£   

£   

£   

£   



Hire purchase contracts  (see note 17)

4,082


7,853


-


-




Trade creditors

2,348,076


2,824,041


816


-




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

-


-


8,055


-




Tax

401,432


431,896


3,688


5,313




Social security and other taxes

113,978


66,354


-


-




Other creditors

3,597


3,597


3,597


3,597




Pensions

8,575


8,543


-


-




Directors' current accounts

168,958


234,968


168,958


234,968




Accrued expenses

50,054


30,672


5,000


1,500



4,817,065


5,861,773


190,114


245,378





I-MEX (M&E) Holdings Limited (Registered number: 10791647)



Notes to the Consolidated Financial Statements - continued

For The Year Ended 31 December 2023


16.

Creditors: amounts falling due after more than one year




Group


2023

2022



as restated


£   

£   



Supplier retentions > 1 year

538,000


432,972




17.

Leasing agreements



Minimum lease payments fall due as follows:



Group


Hire purchase contracts


2023

2022



as restated


£   

£   



Net obligations repayable:


Within one year

4,082


7,853





Group


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




18.

Provisions for liabilities



Group


Company


2023

2022

2023

2022



as restated


as restated


£   

£   

£   

£   



Deferred tax


Accelerated capital allowances

28,119


15,890


-


-




Other timing differences

-


9,964


-


9,964



28,119


25,854


-


9,964





Group


Deferred



tax


£   



Balance at 1 January 2023

25,854




Charge to Income statement during year

2,265




Balance at 31 December 2023

28,119





I-MEX (M&E) Holdings Limited (Registered number: 10791647)



Notes to the Consolidated Financial Statements - continued

For The Year Ended 31 December 2023


18.

Provisions for liabilities - continued



Company


Deferred



tax


£   



Balance at 1 January 2023

9,964




Credit to Income statement during year

(9,964

)



Balance at 31 December 2023

-




19.

Called up share capital



Allotted, issued and fully paid:


Number:

Class:

Nominal

2023

2022



value:


as restated


£   

£   



562

A Ordinary

1

562


562




238

C Ordinary

1

238


238




200

D Ordinary

1

200


200



1,000


1,000




20.

Directors' advances, credits and guarantees



The following loans from directors subsisted during the years ended 31 December 2023 and 31 December 2022:


2023

2022



as restated


£   

£   



P J Smailes and L Y Smailes


Balance outstanding at start of year

(185,499

)

(87,731

)



Amounts advanced

59,557


(97,768

)



Amounts repaid

-


-




Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

(125,942

)

(185,499

)




E D Campbell


Balance outstanding at start of year

(49,469

)

(43,260

)



Amounts advanced

6,453


(6,209

)



Amounts repaid

-


-




Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of year

(43,016

)

(49,469

)




The loans from directors are interest free and repayable on demand.



Dividends totalling £456,425 were paid to the directors in the year (2022: £428,160) .



I-MEX (M&E) Holdings Limited (Registered number: 10791647)



Notes to the Consolidated Financial Statements - continued

For The Year Ended 31 December 2023


21.

Reconciliation of profit for the financial year to cash generated from operations


2023


2022


as restated


£   

£   



Profit for the financial year

669,826


1,501,017




Depreciation charges

112,202


139,360




Loss on disposal of fixed assets

6,221


858




Loss/(gain) on revaluation of fixed assets

55,000


(52,440

)



Government grants

-


(1,433

)



Finance costs

683


3,970




Finance income

(26,412

)

(1,095

)



Taxation

248,243


329,867



1,065,763


1,920,104




Decrease/(increase) in trade and other debtors

344,588


(1,776,293

)



(Decrease)/increase in trade and other creditors

(839,435

)

1,035,580




Cash generated from operations

570,916


1,179,391




22.

Cash and cash equivalents



The amounts disclosed on the Cash flow statement in respect of cash and cash equivalents are in respect of these Balance sheet amounts:



Year ended 31 December 2023


31.12.23


1.1.23

£   

£   



Cash and cash equivalents

2,709,092


2,946,640




Year ended 31 December 2022


31.12.22


1.1.22


as restated


£   

£   



Cash and cash equivalents

2,946,640


2,793,193





23.

Analysis of changes in net funds



At 1.1.23

Cash flow

At 31.12.23

£   

£   

£   



Net cash



Cash at bank

2,946,640


(237,548

)

2,709,092



2,946,640


(237,548

)

2,709,092




Debt


Finance leases

(7,853

)

3,771


(4,082

)


(7,853

)

3,771


(4,082

)



Total

2,938,787


(233,777

)

2,705,010