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REGISTERED NUMBER: 07368870 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Brookvex IMS Limited

Brookvex IMS Limited (Registered number: 07368870)






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Brookvex IMS Limited

Company Information
for the year ended 31 December 2023







DIRECTORS: M Davidson
GD Dillon





REGISTERED OFFICE: Unit 4
Tramlink Park
24 Deer Park Road
Merton
London
SW19 3UA





REGISTERED NUMBER: 07368870 (England and Wales)





ACCOUNTANTS: Bennett Brooks & Co Limited
Chartered Accountants
St George's Court
Winnington Avenue
Northwich
Cheshire
CW8 4EE

Brookvex IMS Limited (Registered number: 07368870)

Balance Sheet
31 December 2023

2023 2022
as restated
Notes £ £
FIXED ASSETS
Intangible assets 4 900,000 -
Tangible assets 5 969,884 973,466
1,869,884 973,466

CURRENT ASSETS
Debtors 6 4,787,325 4,076,253
Cash at bank and in hand 167,065 188,805
4,954,390 4,265,058
CREDITORS
Amounts falling due within one year 7 (4,658,145 ) (3,650,224 )
NET CURRENT ASSETS 296,245 614,834
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,166,129

1,588,300

CREDITORS
Amounts falling due after more than one year 8 (860,504 ) (881,353 )

PROVISIONS FOR LIABILITIES (199,778 ) (115,130 )
NET ASSETS 1,105,847 591,817

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,105,747 591,717
SHAREHOLDERS' FUNDS 1,105,847 591,817

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Brookvex IMS Limited (Registered number: 07368870)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:





M Davidson - Director


Brookvex IMS Limited (Registered number: 07368870)

Notes to the Financial Statements
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Brookvex IMS 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery- 25% on reducing balance
Fixtures and fittings- 10% on cost
Motor vehicles- 33% on cost
Computer equipment- 33% on cost
Improvements to property- 10% 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.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Brookvex IMS Limited (Registered number: 07368870)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Invoice financing
Short term advances are available against sales invoices raised. Of the amounts advanced, a short term liability is recognised in the balance sheet and trade debts are reported in full. Both the trade debt and invoice finance is reported separately in the balance sheet as there is right to recourse in respect of amounts advanced.

Share capital
Ordinary shares are classed as equity.

Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Distributions to equity holders
Dividends are recognised as a liability in the financial statements in the period in which the dividends are approved by the company's shareholders. These amounts are recognised in the statement of changes in equity.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, cash held with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2022 - 29 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
Additions 1,080,000
At 31 December 2023 1,080,000
AMORTISATION
Charge for year 180,000
At 31 December 2023 180,000
NET BOOK VALUE
At 31 December 2023 900,000

During the year, an impairment review was undertaken and the director deemed the goodwill to be fully impaired.

Brookvex IMS Limited (Registered number: 07368870)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 January 2023 1,211,516
Additions 139,162
At 31 December 2023 1,350,678
DEPRECIATION
At 1 January 2023 238,050
Charge for year 142,744
At 31 December 2023 380,794
NET BOOK VALUE
At 31 December 2023 969,884
At 31 December 2022 973,466

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£
COST
At 1 January 2023 769,324
Additions 33,994
At 31 December 2023 803,318
DEPRECIATION
At 1 January 2023 96,174
Charge for year 73,997
At 31 December 2023 170,171
NET BOOK VALUE
At 31 December 2023 633,147
At 31 December 2022 673,150

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£ £
Trade debtors 2,045,222 654,305
Other debtors 2,742,103 3,421,948
4,787,325 4,076,253

Amounts owed by related parties are interest free and repayable on demand.

Brookvex IMS Limited (Registered number: 07368870)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£ £
Bank loans and overdrafts 303,813 231,702
Hire purchase contracts 212,617 197,605
Trade creditors 1,342,980 1,300,095
Taxation and social security 276,507 102,138
Other creditors 2,522,228 1,818,684
4,658,145 3,650,224

Amounts owed to related parties are interest free and repayable on demand.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
as restated
£ £
Bank loans 291,812 404,834
Hire purchase contracts 265,914 423,556
Other creditors 302,778 52,963
860,504 881,353

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
as restated
£ £
Hire purchase contracts 478,531 621,161
Invoice finance 1,709,731 1,150,922
Other loans 36,111 69,444
2,224,373 1,841,527

Included in other creditors are amounts owing in respect of invoice financing which are secured by way of a fixed and floating charge over the assets of the company.

Hire purchase contracts are secured against the assets to which they relate.

10. OTHER FINANCIAL COMMITMENTS

At the balance sheet date the company has non cancellable operating lease commitments totalling £598,675 (2022: £707,525).

Brookvex IMS Limited (Registered number: 07368870)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
as restated
£ £
M Davidson
Balance outstanding at start of year 175,599 -
Amounts advanced 812,680 175,599
Amounts repaid (175,599 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 812,680 175,599

Monies owed by directors are repayable on demand and attract no interest.

12. ULTIMATE CONTROLLING PARTY

The controlling party is M Davidson.

The ultimate parent company is Technical Services Innovation Group Limited.