IMSERV EUROPE LIMITED

Company Registration Number:
02749624 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 1 January 2023

End date: 31 December 2023

IMSERV EUROPE LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

IMSERV EUROPE LIMITED

Directors' report period ended 31 December 2023

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

Principal activities of the company

Turnover is all attributable to the same class of business, being: i. The operation of data collection systems to gather metering information for use by utility suppliers, distribution businesses and end-user customers; ii. The provision of central settlement Services to the electricity market in Britain (Balancing and Settlement Code Operating Services- 38008); iii. The maintenance and installation of energy recording and controlling devices; iv. Energy management data services for utility suppliers and end-user customers; and v. Carbon and energy management consulting services.

Company policy on disabled employees

Information concerning employees and their remuneration is given in Note 7. Information concerning engagement with employees is set out in the Strategic Report on page 2. The Company seeks to ensure that fair consideration is given to applications for employment received from disabled persons and to ensure continued employment, training and advancement where possible of employees who are or become temporarily or permanently disabled. The Company also recognises the need to provide information on matters of concern to employees. To satisfy that need, the Company provides employees with published financial and economic information through its consultative procedure including at town halls and as part of the bonus plan process.



Directors

The director shown below has held office during the whole of the period from
1 January 2023 to 31 December 2023

S P Brown


The director shown below has held office during the period of
1 February 2023 to 31 December 2023

R P Bhogaita


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
21 August 2024

And signed on behalf of the board by:
Name: R P Bhogaita
Status: Director

IMSERV EUROPE LIMITED

Profit And Loss Account

for the Period Ended 31 December 2023

2023 2022


£

£
Turnover: 65,251,000 57,937,000
Cost of sales: ( 47,866,000 ) ( 41,352,000 )
Gross profit(or loss): 17,385,000 16,585,000
Administrative expenses: ( 7,169,000 ) ( 5,519,000 )
Other operating income: 100,000
Operating profit(or loss): 10,316,000 11,066,000
Interest receivable and similar income: 10,000 8,000
Interest payable and similar charges: ( 64,000 ) ( 30,000 )
Profit(or loss) before tax: 10,262,000 11,044,000
Tax: ( 690,000 ) ( 711,000 )
Profit(or loss) for the financial year: 9,572,000 10,333,000

IMSERV EUROPE LIMITED

Balance sheet

As at 31 December 2023

Notes 2023 2022


£

£
Fixed assets
Intangible assets: 3 5,288,000 2,855,000
Tangible assets: 4 1,448,000 1,560,000
Investments: 5 2,659,000 0
Total fixed assets: 9,395,000 4,415,000
Current assets
Stocks: 6 3,125,000 3,556,000
Debtors: 7 31,861,000 25,116,000
Cash at bank and in hand: 5,965,000 7,784,000
Total current assets: 40,951,000 36,456,000
Creditors: amounts falling due within one year: 8 ( 15,810,000 ) ( 15,778,000 )
Net current assets (liabilities): 25,141,000 20,678,000
Total assets less current liabilities: 34,536,000 25,093,000
Provision for liabilities: ( 1,015,000 ) ( 1,105,000 )
Total net assets (liabilities): 33,521,000 23,988,000
Capital and reserves
Called up share capital: 8,850,000 8,850,000
Profit and loss account: 24,671,000 15,138,000
Total Shareholders' funds: 33,521,000 23,988,000

The notes form part of these financial statements

IMSERV EUROPE LIMITED

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 21 August 2024
and signed on behalf of the board by:

Name: R P Bhogaita
Status: Director

The notes form part of these financial statements

IMSERV EUROPE LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Metering - Installation Revenues earned from metering installations are recognised on installation on the basis that the risks and rewards of ownership have transferred. Where the Company performance obligation has been satisfied in advance of amounts being invoiced, revenue is appropriately held within accrued income. Metering - Maintenance Revenues earned from maintenance of meters is recognised in the period in which the services are provided. Revenue is recognised over time, over the relevant contract term, on the basis that the customer simultaneously receives and consumes the benefits provided by the Company's performance of the services over the contract term. Amounts received in advance of the performance of this service are recognised in deferred income and released to revenue as the Company performs the services under the contract. Data Collection Revenues earned from data collection services is recognise contract term, on the basis that the customer simultaneously receives and consumes the benefits provided by the Company's performance of the services over the contract term in the period in which the services are provided. Revenue is recognised over time, over the relevant. Amounts received in advance of the performance of this service are recognised in deferred income and released to revenue as the Company performs the services under the contract.

    Tangible fixed assets depreciation policy

    Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis: Plant and machinery 17% - 25% per annum Computer equipment 17% - 25% per annum The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

    Intangible fixed assets amortisation policy

    Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows: Development expenditure - 20% - 33% per annum Trademarks - 33% per annum

IMSERV EUROPE LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 588 437

IMSERV EUROPE LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 January 2023 11,469,000 11,469,000
Additions 2,789,000 2,789,000
Disposals
Revaluations
Transfers
At 31 December 2023 14,258,000 14,258,000
Amortisation
At 1 January 2023 8,614,000 8,614,000
Charge for year 356,000 356,000
On disposals
Other adjustments
At 31 December 2023 8,970,000 8,970,000
Net book value
At 31 December 2023 5,288,000 5,288,000
At 31 December 2022 2,855,000 2,855,000

IMSERV EUROPE LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2023 9,872,000 9,872,000
Additions 699,000 699,000
Disposals
Revaluations
Transfers
At 31 December 2023 10,571,000 10,571,000
Depreciation
At 1 January 2023 8,312,000 8,312,000
Charge for year 811,000 811,000
On disposals
Other adjustments
At 31 December 2023 9,123,000 9,123,000
Net book value
At 31 December 2023 1,448,000 1,448,000
At 31 December 2022 1,560,000 1,560,000

IMSERV EUROPE LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Fixed assets investments note

Fixed asset investments Investments in subsidiary undertaking Cost or valuation Additions 2659000 At 31 December 2023 2659000

IMSERV EUROPE LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

6. Stocks

2023 2022
£ £
Stocks 3,125,000 3,556,000
Total 3,125,000 3,556,000

IMSERV EUROPE LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

7. Debtors

2023 2022
£ £
Trade debtors 6,628,000 7,293,000
Prepayments and accrued income 7,343,000 6,810,000
Other debtors 17,890,000 11,013,000
Total 31,861,000 25,116,000

IMSERV EUROPE LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

8. Creditors: amounts falling due within one year note

2023 2022
£ £
Trade creditors 2,572,000 3,712,000
Taxation and social security 1,755,000 2,402,000
Accruals and deferred income 10,073,000 9,524,000
Other creditors 1,410,000 140,000
Total 15,810,000 15,778,000