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Registered number: 00770038












I.M.O. PRECISION CONTROLS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

 

I.M.O. PRECISION CONTROLS LIMITED

CONTENTS



Page
Company information
 
1
Group strategic report
 
2 - 3
Directors' report
 
4
Directors' responsibilities statement
 
5
Independent auditor's report
 
6 - 9
Consolidated profit and loss account
 
10
Consolidated statement of comprehensive income
 
11
Consolidated balance sheet
 
12 - 13
Company balance sheet
 
14 - 15
Consolidated statement of changes in equity
 
16
Company statement of changes in equity
 
17
Consolidated statement of cash flows
 
18
Notes to the financial statements
 
19 - 43


 

I.M.O. PRECISION CONTROLS LIMITED
 
COMPANY INFORMATION


Directors
F U Furlotti 
R M Hatter 




Registered number
00770038



Registered office
The Interchange
Frobisher Way

Hatfield

Hertfordshire

AL10 9TG




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1

 

I.M.O. PRECISION CONTROLS LIMITED
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The directors present their strategic report of the company for the year ended 30 April 2024. The principal activity of the group during the year continued to be the manufacture, import, export and marketing of electronic and electrical engineering products and systems through its operations in the UK, France, Italy, North America, Australia, South Africa and other parts of the world, together with overseas property investment and rental activity. 

Business review and key performance indicators
 
The group sets KPIs for each financial year which are designed to ensure continuous improvement in all of its financial and operational activities. For financial purposes the key KPIs are revenue, profit after tax and debtor days and these are discussed below
Group turnover decreased by 19% from £32.5m in the year ended 30 April 2023 to £26.3m in the year ended 30 April 2024 due to a reduction in sales to the UK and rest of the world. This was driven by a slow-down in some of the greentech industries in which the group operates and instances of over-stocking by some key customers.
Gross profit increased slightly from 37% to 39% due to a change in sales mix.
Due to relatively fixed costs, operating profit decreased from £4.3m in the year ended 30 April 2023 to £2.4m in the year ended 30 April 2024, due to the reduction in turnover noted above. The overhead structure continues to be managed in a manner consistent with the resources required to provide a high level of customer service and enable business growth.
The group maintains two listed investment portfolios. Due to positive revaluations during the year, the year end listed investment value increased to £4.4m (2023: £3.9m).
Stock levels reduced from £9.3m at 30 April 2023 to £6.1m at 30 April 2024 due to a planned reduction in stock held as supply chain issues previously faced eased. The group's stock control policy and stock procurement processes remain robust.
Due to the reduced turnover and effective credit control, trade debtors decreased from £6.9m at 30 April 2023 to £4.8m at 30 April 2024. Debtor day decreased from 78 days to 67 days.
The group's cash balance increased from £6.4m at 30 April 2023 to £8.4m at 30 April 2024.
Due to the profit incurred in the year and a distribution under the corporate gift aid scheme in the year of £4m (2023: £nil), at the year end the group net assets were £24.2m (2023: £24.9m)
The group continues to focus investment on product development and overseas expansion and management remains committed to investment in this area. 
Whilst the environment in which the group operates remains challenging, management maintains a high degree of confidence that the group is well positioned to continue to exploit opportunities for group in the future.

Page 2

 

I.M.O. PRECISION CONTROLS LIMITED

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Principal risks and uncertainties
 
The principal risk and uncertainties faced by the group and parent company include:
Competitive risk
Price competition and manufacturing cost inflation is putting pressure on margins. Competition remains high in all geographical areas.
Legislative risk
Legislation continues to pose ongoing obligations to the business, existing legislation that is being updated is being managed in accordance to company procedures. The group works within the following standards and regulations: ISO9001:2008; ROHS; REACH; WEEE; Health and Safety; European Packaging Directives.
Foreign currency risk
The group has exposure to currency fluctuations due to its overseas purchasing activities. The directors seek to limit this exposure by entering into forward purchase agreements where appropriate to do so. Risks are balanced across three core currencies, being the Euro, US Dollar and Japanese Yen.
Credit risk
The group continues to implement robust policies to mitigate credit risk, which include appropriate credit checks on potential customers before sales are made, and credit limits and payment terms. The collection of sales ledger debt is formly enforced.
Liquidity risk
The group has sufficient cash to ensure that it has sufficient funds for planned operations expansion.
Commodity pricing
The group's products are manufactured using certain key commodity materials such as copper, steel aluminium and plastics. Substantial rises in the price of these commodities can have an adverse direct impact on the business.

Future developments
 
The directors maintain the group wide management policy of continued development of the group's presence in its domestic and overseas markets.


This report was approved by the board and signed on its behalf.



F U Furlotti
Director

Date: 15 January 2025

Page 3

 

I.M.O. PRECISION CONTROLS LIMITED

DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Results and dividends

The profit for the year, after taxation, amounted to £3,214,181 (2023: £3,610,044).

The company made a payment of £4,000,000 (2023: £nil) under the gift aid scheme to its parent, The Maurice Hatter Foundation.

Directors

The directors who served during the year were:

F U Furlotti 
R M Hatter 

Qualifying third party indemnity provisions

The group has granted an indemnity to one or more of its directors against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third party indemnity provision remains in force as at the date of approving the directors' report.

Matters covered in the group strategic report

As permitted by Section 414(c) of the Companies Act 2006, the directors have elected to disclose information, required to be in the directors' report by Schedule 7 of the "Large and Medium Size Companies and Groups (Accounts and Reports) Regulations 20088", in the strategic report.

Disclosure of information to auditor

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company and the group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the group's auditor is aware of that information.

This report was approved by the board and signed on its behalf.
 





F U Furlotti
Director

Date: 15 January 2025

Page 4

 

I.M.O. PRECISION CONTROLS LIMITED
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

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.

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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the group's financial statements and then apply them consistently;

make judgments 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 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 2006They 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.

Page 5

 

I.M.O. PRECISION CONTROLS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF I.M.O. PRECISION CONTROLS LIMITED
 FOR THE YEAR ENDED 30 APRIL 2024

Opinion


We have audited the financial statements of I.M.O. Precision Controls Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024, which comprise the consolidated profit and loss account, the consolidated statement of comprehensive Iincome, the consolidated balance sheet, the company balance sheet, the consolidated statement of cash flows, the consolidated statement of changes in equity, the company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 of the parent company's affairs as at 30 April 2024 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 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.


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 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.


Page 6

 

I.M.O. PRECISION CONTROLS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF I.M.O. PRECISION CONTROLS LIMITED (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

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 reportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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.


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 its environment obtained in the course of the audit, we have not identified material misstatements in the group 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.


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 5, 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 group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.


Page 7

 

I.M.O. PRECISION CONTROLS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF I.M.O. PRECISION CONTROLS LIMITED (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

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 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 group's 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 group, including the Companies Act 2006, taxation legislation, employment legislation and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting 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 group’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.

To address the risk of fraud through management bias and override of controls, we:
 
performed analytical procedures to identify any unusual or unexpected relationships;
tested a sample of journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
 
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance; and
enquiring of management as to actual and potential litigation and claims.




 
Page 8

 

I.M.O. PRECISION CONTROLS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF I.M.O. PRECISION CONTROLS LIMITED (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Auditor's responsibilities for the audit of the financial statements (continued)
Our risk assessment findings for both non-compliance with laws and regulations and the susceptibility of the group's financial statements to material misstatement from fraud were communicated with component auditors so that they could include them within their own risk assessment procedures and include, where appropriate, audit procedures in response to such risks in their work. We reviewed the responses from component auditors to the instructions provided by us and reviewed working papers where it was considered appropriate to reach our conclusions.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.


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.


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 2006Our 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.





Mark Hart (senior statutory auditor)
  
for and on behalf of
Blick Rothenberg Audit LLP
 
Chartered Accountants
Statutory Auditor
  
16 Great Queen Street
Covent Garden
London
WC2B 5AH

16 January 2025
Page 9

 

I.M.O. PRECISION CONTROLS LIMITED
 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
26,319,761
32,502,097

Cost of sales
  
(16,145,222)
(20,459,447)

Gross profit
  
10,174,539
12,042,650

Distribution costs
  
(4,321,456)
(4,297,900)

Administrative expenses
  
(3,515,119)
(3,484,816)

Other operating income
  
100,000
-

Operating profit
 5 
2,437,964
4,259,934

Income from other fixed asset investments
  
68,278
61,782

Amounts written off and loss on disposal of investments
  
(180,051)
-

Interest receivable and similar income
  
54,727
205,840

Interest payable and similar expenses
  
(152)
-

Fair value movements
  
380,462
(123,712)

Profit before tax
  
2,761,228
4,403,844

Tax on profit
 8 
452,953
(793,800)

Profit for the financial year
  
3,214,181
3,610,044

Profit for the year attributable to:
  

Owners of the parent
  
3,214,181
3,610,044

  
3,214,181
3,610,044

Page 10

 

I.M.O. PRECISION CONTROLS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£


Profit for the financial year

  

3,214,181
3,610,044

Other comprehensive income
  


Foreign exchange reserve
  
37,609
(68,426)

Total comprehensive income for the year
  
3,251,790
3,541,618

Profit for the year attributable to:
  


Owners of the parent company
  
3,214,181
3,610,044

  
3,214,181
3,610,044

Total comprehensive income attributable to:
  


Owners of the parent company
  
3,251,790
3,541,618

  
3,251,790
3,541,618

Page 11


 
REGISTERED NUMBER:00770038
I.M.O. PRECISION CONTROLS LIMITED

CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
As restated
Note
£
£

Fixed assets
  

Tangible assets
 11 
651,499
935,044

Investments
 12 
4,964,520
4,953,728

Investment property
 13 
3,218,579
3,218,579

  
8,834,598
9,107,351

Current assets
  

Stocks
 14 
6,087,935
9,335,731

Debtors: amounts falling due within one year
 15 
6,199,745
7,226,905

Cash at bank and in hand
 16 
8,417,755
6,418,765

  
20,705,435
22,981,401

Creditors: amounts falling due within one year
 17 
(3,636,374)
(5,431,321)

Net current assets
  
 
 
17,069,061
 
 
17,550,080

Total assets less current liabilities
  
25,903,659
26,657,431

Creditors: amounts falling due after more than one year
 18 
(696,840)
(696,840)

Provisions for liabilities
  

Deferred taxation
 19 
(216,978)
(222,540)

Other provisions
 20 
(794,966)
(794,966)

  
 
 
(1,011,944)
 
 
(1,017,506)

Net assets
  
24,194,875
24,943,085

Page 12


 
REGISTERED NUMBER:00770038
I.M.O. PRECISION CONTROLS LIMITED
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 21 
115,680
115,680

Revaluation reserve
 22 
285,737
285,737

Foreign exchange reserve
 22 
943,212
905,603

Profit and loss account
 22 
22,850,246
23,636,065

Equity attributable to owners of the parent company
  
24,194,875
24,943,085


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




F U Furlotti
R M Hatter
Director
Director


Date: 15 January 2025

Page 13


 
REGISTERED NUMBER:00770038
I.M.O. PRECISION CONTROLS LIMITED

COMPANY BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
As restated
Note
£
£

Fixed assets
  

Tangible assets
 11 
627,046
920,324

Investments
 12 
6,619,646
6,608,854

  
7,246,692
7,529,178

Current assets
  

Stocks
 14 
5,078,612
8,281,368

Debtors: amounts falling due within one year
 15 
5,319,959
5,903,196

Cash at bank and in hand
 16 
6,484,478
5,335,008

  
16,883,049
19,519,572

Creditors: amounts falling due within one year
 17 
(3,448,787)
(4,821,699)

Net current assets
  
 
 
13,434,262
 
 
14,697,873

Total assets less current liabilities
  
20,680,954
22,227,051

  

Provisions for liabilities
  

Deferred taxation
 19 
(89,073)
(89,073)

Other provisions
 20 
(794,966)
(794,966)

  
 
 
(884,039)
 
 
(884,039)

Net assets
  
19,796,915
21,343,012

Page 14


 
REGISTERED NUMBER:00770038
I.M.O. PRECISION CONTROLS LIMITED
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

2024
2023
Note
£
£


Capital and reserves
  

Called up share capital 
 21 
115,680
115,680

Profit and loss account brought forward
  
21,227,332
18,535,531

Profit for the year
  
2,453,903
2,691,801

Other changes in the profit and loss account

  

(4,000,000)
-

Profit and loss account carried forward
  
19,681,235
21,227,332

Total equity
  
19,796,915
21,343,012


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


F U Furlotti
R M Hatter
Director
Director


Date: 15 January 2025

Page 15

 

I.M.O. PRECISION CONTROLS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Revaluation reserve
Foreign exchange reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 May 2022
115,680
285,737
974,029
20,026,021
21,401,467


Comprehensive income for the year

Profit for the financial year
-
-
-
3,610,044
3,610,044

Unrealised movement on foreign exchange of subsidiaries
-
-
(68,426)
-
(68,426)



At 30 April 2023 and 1 May 2023
115,680
285,737
905,603
23,636,065
24,943,085


Comprehensive income for the year

Profit for the financial year
-
-
-
3,214,181
3,214,181

Unrealised movement on foreign exchange of subsidiaries
-
-
37,609
-
37,609


Contributions by and distributions to owners

Gift aid payment to parent
-
-
-
(4,000,000)
(4,000,000)


At 30 April 2024
115,680
285,737
943,212
22,850,246
24,194,875


Page 16

 

I.M.O. PRECISION CONTROLS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 May 2022
115,680
18,535,531
18,651,211


Comprehensive income for the year

Profit for the financial year
-
2,691,801
2,691,801



At 30 April 2023 and 1 May 2023
115,680
21,227,332
21,343,012


Comprehensive income for the year

Profit for the financial year
-
2,453,903
2,453,903


Contributions by and distributions to owners

Gift aid payment to parent
-
(4,000,000)
(4,000,000)


At 30 April 2024
115,680
19,681,235
19,796,915


Page 17

 

I.M.O. PRECISION CONTROLS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Profit before tax
2,761,228
4,403,844

Adjustments for:

Amortisation of intangible assets
-
10,704

Depreciation of tangible assets
347,729
380,480

Amounts written off and loss on disposal of investments
180,051
-

Interest and investment income received
(123,005)
(267,622)

Decrease/(increase) in stocks
3,247,796
(3,738,107)

Decrease/(increase) in debtors
1,946,114
(1,652,615)

(Decrease)/increase in creditors
(1,755,613)
1,593,523

Increase in provisions
-
96,950

Net fair value (gains)/losses
(380,462)
123,712

Corporation tax paid
(512,236)
(910,376)

Net cash generated from operating activities

5,711,602
40,493


Cash flows from investing activities

Purchase of tangible fixed assets
(64,184)
(169,259)

Purchase of listed investments
(1,304,491)
(1,125,713)

Sale of listed investments
1,195,449
1,306,253

Purchase of unlisted and other investments
(200,000)
-

Sale of unlisted and other investments
500,000
675,000

Interest received
54,727
143,669

Dividends received
68,278
61,782

Net cash from investing activities

249,779
891,732

Cash flows from financing activities

Gift aid payment to parent
(4,000,000)
-

Net cash used in financing activities
(4,000,000)
-

Net increase in cash and cash equivalents
1,961,381
932,225

Cash and cash equivalents at beginning of year
6,418,765
5,446,540

Foreign exchange gains and losses
37,609
40,000

Cash and cash equivalents at the end of year
8,417,755
6,418,765


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
8,417,755
6,418,765


Page 18

 

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

The principal activity of the group during the year continued to be the manufacture, import, export and marketing of electronic and electrical engineering products and systems through its operations in the UK, France, Italy, North America, Australia, South Africa and other parts of the world, together with overseas property investment and rental activity. 
The company is a private company limited by shares incorporated in England and Wales. The address of its registered office and principal place of business is The Interchange, Frobisher Way, Hatfield, Hertfordshire, England, AL10 9TG.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 judgment 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 profit and loss account in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

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 profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

After making enquiries, the directors have a reasonable expectation that the company and group have adequate resources to continue in operational existence and meet their liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. 

Page 19

 

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is Sterling (£).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the consolidated profit and loss account within 'interest receivable and similar income' or 'interest payable and similar expenses'. All other foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the group has transferred the significant risks and rewards of ownership to the buyer;
the group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 20

 

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

Operating leases: the group as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.7

Operating leases: the group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.8

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Pensions

Defined contribution pension plan

The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the group in independently administered funds.

Page 21

 

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.13

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the profit or loss over its useful economic life and is recognised within 'administrative expenses'.
Other intangible assets

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. Amortisation is recognised within 'administrative expenses'.

Page 22

 

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.14

Tangible fixed assets

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.

At each reporting date the group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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:

Short-term leasehold property
-
over the term of the lease
Motor vehicles
-
33%
Fixtures and fittings
-
10%
Computer equipment
-
33%

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.

 
2.15

Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the consolidated profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. In assessing whether any impairment arises on unlisted investments, the directors review correspondence with the counter party and other factors in determining whether any provision arises.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 23

 

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.17

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

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.

 
2.18

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the group's cash management.

 
2.19

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


2.21

Financial instruments

The group has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the group becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities. 
 
The group’s policies for its major classes of financial assets and financial liabilities are set out below. 

Page 24

 

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)




Financial instruments (continued)

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing, are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the group would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Page 25

 

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)




Financial instruments (continued)

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.22

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

  
2.23

Prior year reclassification

in the company financial statements, an amount of £2,935,066 has been reclassified from creditors due within one year to debtors due within one year to offset a provision against the balance it relates to. There is no impact to the profit for the year ended 30 April 2023 or the net assets at 30 April 2023 as a result of this reanalysis.
In the consolidated financial statements, an amount of £696,840 has been reclassified from investment property to creditors due within one year to gross up recognition of a liability. There is no impact to the profit for the year ended 30 April 2023 or the net assets at 30 April 2023 as a result of this reanalysis.

Page 26

 

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the group’s accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
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 following are critical judgements and estimations that the directors have made in the process of applying the group's accounting policies and that have the most significant effect on the amounts reocognised in the financial statements.
Investment property
The valuation of the group's investment property is determined annually by the directors based on their knowledge of relevant market information, which includes informally consulting third parties within the industry. The valuation prepared by the directors at 30 April 2024 is £3,218,579 (2023: £3,218,579).
Stock provision
The group's products are subject to changing consumer demands and technological developments. As a result, it is necessary to consider the recoverability of the cost of stock and the associated provision required. The directors determine the appropriate level of provision with reference to the average monthly consumption of each stock item. A provision against stock of £567,731 (2023: £599,862) has been recognised in the financial statements.
Warranty provision
The amount recognised for warranties for which customers are covered for the cost of returns is estimated based on management's past experience. As at 30 April 2024 the provision was £344,966 (2023: £344,966).
Dilapidations provisions
The group has entered into various operating leases which include dilapidations conditions. These may involve an outflow of resources at the termination of the lease. The directors have recognised a provision of £450,000 (2023: £450,000) based on the expected outflow required.

Page 27

 

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Manufacture, import, export and marketing of electronic and electrical engineering products
26,319,761
32,502,097


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
10,997,311
13,789,575

Rest of Europe
7,122,089
7,164,728

Rest of the world
8,200,361
11,547,794

26,319,761
32,502,097



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Research & development charged as an expense
7,895
5,449

Exchange differences
(1,357)
(11,825)

Other operating lease rentals
573,784
474,965

Fees payable to the company's auditor for the audit of the financial statements
35,500
51,597

Fees payable to the company's auditor for other non-audit services
7,500
16,844

Page 28

 

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
3,745,538
4,108,866
2,743,510
3,293,167

Social security costs
525,641
425,083
349,811
291,917

Cost of defined contribution scheme
228,876
157,259
169,970
106,959

4,500,055
4,691,208
3,263,291
3,692,043


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Selling and distribution
58
54
41
38



Administration
10
11
10
11

68
65
51
49


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
551,250
732,108

Group contributions to defined contribution pension schemes
11,725
11,200

562,975
743,308


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £522,500 (2023 - £712,108).

The value of the group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,000 (2023 - £10,000).

The directors are deemed to be the key management personnel of the company and group.

Page 29

 

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
637,899

Adjustments in respect of previous periods
(491,511)
(306)


Double taxation relief
-
(38,431)

Foreign tax


Foreign tax on income for the year
38,558
215,653

Total current tax
(452,953)
814,815

Deferred tax


Origination and reversal of timing differences
-
(21,015)

Total deferred tax
-
(21,015)


Tax on profit
(452,953)
793,800
Page 30

 

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
8.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 24.5% (2023 - 19.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,761,228
4,403,844


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 24.5% (2023 - 19.5%)
676,501
858,750

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
48,596
34,628

Capital allowances for year in excess of depreciation
-
(2,718)

Adjustments to tax charge in respect of prior periods
(491,511)
(306)

Other timing differences leading to an decrease in taxation
12,638
(81,701)

Non-taxable income
(109,941)
(12,043)

Adjustment in research and development tax credit leading to an decrease in the tax charge
-
(52,199)

Chargeable gains
-
45,092

Movement in deferred tax not recognised
-
51

Foreign tax adjustment
-
8,886

Remeasurement of deferred tax
-
(4,640)

Group relief
(157,441)
-

Relief for gift aid payment to parent
(431,795)
-

Total tax charge for the year
(452,953)
793,800


Factors that may affect future tax charges

The group has carried forward losses of £1,155,318 (2023: £1,553,377) in its overseas subsidiaries. No deferred tax asset has been recognised in the financial statements as the material utilisation of the losses in future periods is not considered more likely that not.
The main rate of corporation tax in the UK increased to 25% from 1 April 2023.


9.


Distributions to parent

2024
2023
£
£


Payments under gift aid
4,000,000
-

Page 31

 

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Intangible assets

Group





Patents
Goodwill
Total

£
£
£



Cost


At 1 May 2023
75,534
121,278
196,812



At 30 April 2024

75,534
121,278
196,812



Amortisation


At 1 May 2023
75,534
121,278
196,812



At 30 April 2024

75,534
121,278
196,812



Net book value



At 30 April 2024
-
-
-



At 30 April 2023
-
-
-



Company




Patents

£



Cost


At 1 May 2023
75,534



At 30 April 2024

75,534



Amortisation


At 1 May 2023
75,534



At 30 April 2024

75,534



Net book value



At 30 April 2024
-



At 30 April 2023
-

Page 32

 

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Tangible fixed assets

Group






Short-term leasehold property
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
1,129,489
24,021
398,230
1,542,570
3,094,310


Additions
-
-
36,455
27,729
64,184


Disposals
-
-
(53,622)
(1,074,458)
(1,128,080)



At 30 April 2024

1,129,489
24,021
381,063
495,841
2,030,414



Depreciation


At 1 May 2023
715,478
24,021
120,290
1,299,477
2,159,266


Charge for the year
113,887
-
69,127
164,715
347,729


Disposals
-
-
(53,622)
(1,074,458)
(1,128,080)



At 30 April 2024

829,365
24,021
135,795
389,734
1,378,915



Net book value



At 30 April 2024
300,124
-
245,268
106,107
651,499



At 30 April 2023
414,011
-
277,940
243,093
935,044

Page 33

 

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

           11.Tangible fixed assets (continued)


Company






Short-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£

Cost or valuation


At 1 May 2023
1,129,489
383,800
1,535,601
3,048,890


Additions
-
22,011
23,690
45,701


Disposals
-
(53,622)
(1,074,458)
(1,128,080)



At 30 April 2024

1,129,489
352,189
484,833
1,966,511



Depreciation


At 1 May 2023
715,478
115,373
1,297,715
2,128,566


Charge for the year
113,887
63,901
161,191
338,979


Disposals
-
(53,622)
(1,074,458)
(1,128,080)



At 30 April 2024

829,365
125,652
384,448
1,339,465



Net book value



At 30 April 2024
300,124
226,537
100,385
627,046



At 30 April 2023
414,011
268,427
237,886
920,324






Page 34

 

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Fixed asset investments

Group





Listed investments
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 May 2023
3,940,849
1,012,879
4,953,728


Additions
1,304,491
200,000
1,504,491


Disposals
(1,200,500)
(500,000)
(1,700,500)


Revaluations
381,801
-
381,801



At 30 April 2024

4,426,641
712,879
5,139,520



Impairment


Charge for the period
-
175,000
175,000



At 30 April 2024

-
175,000
175,000



Net book value



At 30 April 2024
4,426,641
537,879
4,964,520



At 30 April 2023
3,940,849
1,012,879
4,953,728

Page 35

 

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Company





Investments in subsidiary companies
Listed investments
Unlisted investments
Total

£
£
£
£



Cost or valuation


At 1 May 2023
1,655,126
3,940,849
1,012,879
6,608,854


Additions
-
1,304,491
200,000
1,504,491


Disposals
-
(1,200,500)
(500,000)
(1,700,500)


Revaluations
-
381,801
-
381,801



At 30 April 2024
1,655,126
4,426,641
712,879
6,794,646



Impairment


Charge for the period
-
-
175,000
175,000



At 30 April 2024

-
-
175,000
175,000



Net book value



At 30 April 2024
1,655,126
4,426,641
537,879
6,619,646



At 30 April 2023
1,655,126
3,940,849
1,012,879
6,608,854

Page 36

 

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Registered office

Class of shares

Holding

IMO Jeambrun Automation SAS
30 Rue de Rocroy, 94100 St Maur Des Fosses, France
Ordinary
100%
IMO Automation LLC
Steeplechase Industrial Park, Suite E, 6845 Steeplechase Blvd, Cummin, CA 30040, United States of America
Ordinary
100%
SCI La Plaine Brunette
Avenue du Mistral, Zi Athelia IV, 13705 La Ciotat Cedex, France
Ordinary
100%
Stag Electrical Limited
The Interchange, Frobisher Way, Hatfield, Hertfordshire, England, AL10 9TG
Ordinary
100%
I.M.O. Electronics Limited
The Interchange, Frobisher Way, Hatfield, Hertfordshire, England, AL10 9TG
Ordinary
100%
IMO Management Limited
The Interchange, Frobisher Way, Hatfield, Hertfordshire, England, AL10 9TG
Ordinary
100%
IMO Automation Limited
The Interchange, Frobisher Way, Hatfield, Hertfordshire, England, AL10 9TG
Ordinary
100%
IMO Group of Companies Limited
The Interchange, Frobisher Way, Hatfield, Hertfordshire, England, AL10 9TG
Ordinary
100%
IMO South Africa (PTY) Limited
 Unit 5, Osdam Business Park, Columbus Crescent, Rivergate, Parklands Cape Town 7441, South Africa
Ordinary
15%
IMO Pacific PTY Limired
9 Dillington Pass, Landsdale, Perth, WA 6065, Australia
Ordinary
15%

Page 37

 

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Investment property

Group


Freehold investment property

£



Valuation


At 1 May 2023 (as restated)
3,218,579



At 30 April 2024
3,218,579

The 2024 valuations were made by the directors, on an open market value for existing use basis.



If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
2,268,293
2,268,293


14.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Finished goods and goods for resale
6,087,935
9,335,731
5,078,612
8,281,368


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 38

 

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


Debtors

Group
Group
Company
Company
2024
2023
As restated
2024
2023
As restated
£
£
£
£


Trade debtors
4,804,210
6,934,291
3,455,711
4,783,932

Amounts owed by group undertakings
-
-
703,958
845,638

Other debtors
78,928
36,953
66,398
24,670

Prepayments and accrued income
390,752
255,661
324,970
248,248

Tax recoverable
925,855
-
768,922
708

6,199,745
7,226,905
5,319,959
5,903,196


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


16.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
8,417,755
6,418,765
6,484,478
5,335,008



17.


Creditors: amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
1,155,192
2,736,636
1,012,149
2,189,215

Amounts owed to group undertakings
-
-
439,077
537,359

Corporation tax
-
39,334
-
-

Other taxation and social security
490,949
719,444
217,483
517,302

Other creditors
765,293
1,260,997
675,322
1,116,574

Accruals and deferred income
1,224,940
674,910
1,104,756
461,249

3,636,374
5,431,321
3,448,787
4,821,699


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

Page 39

 

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

18.


Creditors: amounts falling due after more than one year

Group
Group
2024
2023
£
£

Corporation tax
696,840
696,840





19.


Deferred taxation


Group



2024


£






At beginning of year
(222,540)


Charged to profit or loss
5,562



At end of year
(216,978)

Company


2024


£






At beginning of year
(89,073)



At end of year
(89,073)

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(98,782)
(98,782)
(98,782)
(98,782)

Short term timing differences
9,709
9,709
9,709
9,709

Unrealised capital gains
(127,905)
(133,467)
-
-

(216,978)
(222,540)
(89,073)
(89,073)

Page 40

 

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

20.


Provisions


Group



Dilapidation provision
Warranty provision
Total

£
£
£





At 1 May 2023
450,000
344,966
794,966


Charged to profit or loss
-
46,679
46,679


Utilised in year
-
(46,679)
(46,679)



At 30 April 2024
450,000
344,966
794,966

Company


Dilapidation provision
Warranty provision
Total

£
£
£





At 1 May 2023
450,000
344,966
794,966


Charged to profit or loss
-
46,679
46,679


Utilised in year
-
(46,679)
(46,679)



At 30 April 2024
450,000
344,966
794,966

The dilapidation provision relates to the contractual obligations of the parent company on the surrender of certain operating leases in respect of land and buildings to reinstate the premises to the same state and condition as before occupancy.
The warranty provision relates to the estimated cost of the return of electronic and engineering products sold.


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



115,680 (2023 - 115,680) Ordinary shares of £1.00 each
115,680
115,680


Page 41

 

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

22.


Reserves

Revaluation reserve

The revaluation reserve relates to the cumulative unrealised gain recognised on the group's investment properties net of any deferred tax.

Foreign exchange reserve

The foreign exchange reserve relates to the translation differences arising on retranslation from the local currency of the overseas subsidiaries.

Profit and loss account

The profit and loss account relates to the cumulative retained earnings less amounts distributed to shareholders. 

23.


Analysis of net debt





At 1 May 2023
Cash flows
Other non-cash changes
At 30 April 2024
£

£

£

£

Cash at bank and in hand

6,418,765

1,961,381

37,609

8,417,755


6,418,765
1,961,381
37,609
8,417,755

Page 42

 

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

24.


Commitments under operating leases

At 30 April 2024 the group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
400,803
444,962
356,700
347,361

Later than 1 year and not later than 5 years
643,770
1,196,564
643,700
1,103,444

1,044,573
1,641,526
1,000,400
1,450,805

At 30 April 2024 the future aggregate minimum rentals receivable under non-cancellable operating leases are as follows:


Group
Group
2024
2023
£
£

Not later than 1 year
217,019
209,912

Later than 1 year and not later than 5 years
613,485
669,922

Later than 5 years
266,086
390,502

1,096,590
1,270,336


25.


Related party transactions

The company has taken advantage of the exemption in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.


26.


Controlling party

The trustees of The Maurice Hatter Foundation CIO are the ultimate controlling party.

 
Page 43