Registered number:
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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INTEGRAL MEMORY PLC
COMPANY INFORMATION
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INTEGRAL MEMORY PLC
CONTENTS
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INTEGRAL MEMORY PLC
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The directors present their strategic report for the year.
In 2023, the business purchased a freehold warehouse and offices in Nottingham on a 5-acre site. The facility has 78,000 square feet of warehouse and offices and 2.5 acres of land for future expansion.
Our commitment to quality is evident in the significant costs we incurred in stripping out, renovating and modernising the old buildings and refitting the interiors and warehouse racking to bring them up to a higher standard. The warehouse was fitted with our new range of high-efficiency lighting and controls, ensuring the lowest possible power usage. We continue to improve our systems by implementing a PIM system and a new CRM, and we hired a data manager to implement better reporting and information in the building. Our LED Product range continues to grow and add further sales. The year was marked by a significant drop in the prices of LED products, leading to the need to increase volumes and attract value-added markets to improve margins and maintain revenue. This process is well underway. The memory products are well-established. Several high-end products were introduced, and our server product sales increased. We have ordered solar panels and a battery system for the Nottingham facility to achieve a shallow carbon footprint. We have also ordered further expansion of our solar panels and batteries to reduce carbon emissions significantly at the head office.
The increase in outbound and inbound freight costs during the year affected costs, as did the increase in staff costs.
The drop in the ASP of LED products is making the market more challenging, though we expect to counteract this increasing margin through more value-added products in the future. The business is improving operational efficiencies and, therefore, reducing costs, which will increase profits in the future. The economic situation is uncertain, with higher interest rates impacting construction related to government spending and consumer spending on housing refurbishment.
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INTEGRAL MEMORY PLC
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The financial highlights for the year are as follows:
Turnover £39,345,847 (2022 - £39,621,081) Gross profit £10,905,673 (2022 - £10,586,852) Loss before taxation £725,053 (2022 - profit before taxation £1,529,091) The normalisation of business activity following COVID restrictions resulted in an increase in administrative expenses relative to last year.
The directors confirm that, as required under Section 172(1) Companies Act 2006, they have acted in the way that they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have had regard to the specific matters set out in the above Section.
This report was approved by the board and signed on its behalf.
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INTEGRAL MEMORY PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The directors present their report and the financial statements for the year ended 30 September 2023.
The directors are responsible for preparing the group strategic report, the directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group 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 the group and to 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.
The loss for the year, after taxation and minority interests, amounted to £547,386 (2022 - profit £1,304,049).
The directors do not recommend the payment of a final dividend.
The directors who served during the year were:
Future developments in respect of the expansion at the new site in Nottingham, as well as the plans to reduce the carbon footprint of the business, are detailed in the strategic report.
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INTEGRAL MEMORY PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The group enters into forward contracts to purchase and sell foreign currencies as part of its strategy to mitigate the financial risks associated with trading in foreign currencies.
Greenhouse Gas emissions have been calculated in accordance with the GHG Protocol Corporate Standard. This involved using data from invoices showing metered electricity and gas consumption, fuel purchase records and business mileage expense claims. The emissions calculations have been based on the UK government’s conversion factors for greenhouse gas reporting for 2023 and 2022.
The change in energy usage and emissions is due to an increase in transport activity for business purposes following COVID restrictions, which was greater in the prior year than in the current year.
The company's high-efficiency LED lighting at 180 lm/W has significantly reduced the power requirement for the site, demonstrating our commitment to energy efficiency. The reduction in carbon emissions is significant, and for the spring and summer months, there will be a low requirement for electricity from the grid.
The measurement of total CO2 emissions per full time equivalent employee for the year ended 30 September 2023 was 0.95 tCO2e/employee (2022 - 0.96 tCO2e/employee). This does not include some optional items which would fall under Scope 3 reporting.
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INTEGRAL MEMORY PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
There have been no significant events affecting the group since the year end.
The auditor, Barnes Roffe LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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INTEGRAL MEMORY PLC
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTEGRAL MEMORY PLC
We have audited the financial statements of Integral Memory Plc (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2023, which comprise the consolidated statement of income and retained earnings, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of 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).
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 in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 or the 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.
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INTEGRAL MEMORY PLC
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTEGRAL MEMORY PLC (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the group 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 group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' report.
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INTEGRAL MEMORY PLC
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTEGRAL MEMORY PLC (CONTINUED)
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 Group 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 engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sector; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and ISO standards; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. We also assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias, and investigated the rationale behind significant or unusual transactions. The areas that we identified as being susceptible to misstatement through fraud were: - Management bias in the estimates and judgements made; and - Management override of controls.
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INTEGRAL MEMORY PLC
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTEGRAL MEMORY PLC (CONTINUED)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Leytonstone House
Leytonstone
E11 1GA
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INTEGRAL MEMORY PLC
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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INTEGRAL MEMORY PLC
REGISTERED NUMBER: 02480354
CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 31 form part of these financial statements.
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INTEGRAL MEMORY PLC
REGISTERED NUMBER: 02480354
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 31 form part of these financial statements.
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INTEGRAL MEMORY PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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INTEGRAL MEMORY PLC
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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INTEGRAL MEMORY PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Integral Memory Plc is a public company limited by shares, incorporated in England and Wales. Its registered office is Unit 6 Iron Bridge Close, Iron Bridge Business Park, London, NW10 0UF.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
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 (see note 3).
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of income and retained earnings in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
The financial statements have been prepared on a going concern basis.
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INTEGRAL MEMORY PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
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 annual bases:
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 profit or loss.
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INTEGRAL MEMORY PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate
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INTEGRAL MEMORY PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
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INTEGRAL MEMORY PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.
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INTEGRAL MEMORY PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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INTEGRAL MEMORY PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
a) Significant judgements in applying the company's accounting policies There are no significant judgements in applying the company's accounting policies. b) Critical accounting estimates and assumptions Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate.
The whole of the turnover is attributable to the principal activities of the group.
Analysis of turnover by country of destination:
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INTEGRAL MEMORY PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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INTEGRAL MEMORY PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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INTEGRAL MEMORY PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
11.Taxation (continued)
There were no factors that may affect future tax charges.
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INTEGRAL MEMORY PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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INTEGRAL MEMORY PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
12.Tangible fixed assets (continued)
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INTEGRAL MEMORY PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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INTEGRAL MEMORY PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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INTEGRAL MEMORY PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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INTEGRAL MEMORY PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Profit and loss account
The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £132,496 (2022 - £127,249).
During the prior year, one director, Sunil Kotecha, was advanced £3,511 by the group. This amount was repaid within the prior year. No directors' advances or repayments took place during the current year and no interest was charged on such amounts in either the current or the prior year.
There were no balances owed from directors in respect of amounts advanced to them at either balance sheet date.
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INTEGRAL MEMORY PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The ultimate parent undertaking is Linden Investments Limited, a company incorporated in Guernsey, Channel Islands. Its registered office is Avenue House, St Julian's Avenue, St Peter Port, GW1 1WA. The largest group for which consolidated accounts are available is headed by Integral Memory Plc.
The group is under the control of Mr Sunil Kotecha by virtue of his beneficial interest in the shares held by the ultimate parent company, Linden Investments Limited. Linden Investments Limited holds 127,500 Ordinary shares of £1 each in the company.
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