REGISTERED NUMBER: |
I.M.S. Management Services Limited |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
I.M.S. Management Services Limited |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
I.M.S. Management Services Limited (Registered number: 02999441) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company information | 1 |
Chartered accountants' report | 2 |
Statement of financial position | 3 |
Notes to the financial statements | 5 |
I.M.S. Management Services Limited |
Company Information |
for the Year Ended 31 December 2023 |
Director: |
Registered office: |
Business address: |
Registered number: |
Accountants: |
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
I.M.S. Management Services Limited |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Director's report are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of I.M.S. Management Services Limited for the year ended 31 December 2023 which comprise the Income statement, Statement of financial position, Statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of I.M.S. Management Services Limited in accordance with the terms of our engagement letter dated 28 June 2018. Our work has been undertaken solely to prepare for your approval the financial statements of I.M.S. Management Services Limited and state those matters that we have agreed to state to the director of I.M.S. Management Services Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than I.M.S. Management Services Limited and its director for our work or for this report. |
It is your duty to ensure that I.M.S. Management Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of I.M.S. Management Services Limited. You consider that I.M.S. Management Services Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of I.M.S. Management Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
I.M.S. Management Services Limited (Registered number: 02999441) |
Statement of Financial Position |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 5 |
Investments | 6 |
Current assets |
Stocks |
Debtors | 7 |
Cash at bank |
Creditors |
Amounts falling due within one year | 8 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
Net assets |
Capital and reserves |
Called up share capital | 10 |
Fair value reserve |
Retained earnings |
Shareholders' funds |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
I.M.S. Management Services Limited (Registered number: 02999441) |
Statement of Financial Position - continued |
31 December 2023 |
The financial statements were approved by the director and authorised for issue on |
I.M.S. Management Services Limited (Registered number: 02999441) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | Statutory information |
I.M.S. Management Services Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about I.M.S. Management Services Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost as adjusted for exchange rate movements at each statement of financial position date. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
I.M.S. Management Services Limited (Registered number: 02999441) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Provisions |
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. |
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. |
Financial instruments |
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 entity after deducting all of its financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial |
liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
Financial liabilities are initially recognised at fair value, unless repayment of the loan is deferred beyond normal commercial terms or the rate of interest charged on the loan is not a market rate, in which case the liability is measured at the present value of the future repayments discounted at a market rate of interest for a similar debt instrument. |
4. | Employees and directors |
The average number of employees during the year was |
I.M.S. Management Services Limited (Registered number: 02999441) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | Tangible fixed assets |
Plant and |
machinery |
£ |
Cost |
At 1 January 2023 |
and 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
6. | Fixed asset investments |
Shares in |
group | Unlisted |
undertakings | investments | Totals |
£ | £ | £ |
Cost or valuation |
At 1 January 2023 | 850 |
Additions | 97 |
Revaluations | ( |
) | 47 |
At 31 December 2023 | 994 |
Net book value |
At 31 December 2023 | 994 |
At 31 December 2022 | 850 |
Cost or valuation at 31 December 2023 is represented by: |
Shares in |
group | Unlisted |
undertakings | investments | Totals |
£ | £ | £ |
Valuation in 2019 | - | 211 | 211 |
Valuation in 2020 | - | (20 | ) | (20 | ) |
Valuation in 2021 | - | (59 | ) | (59 | ) |
Valuation in 2022 | - | 25 | 25 |
Valuation in 2023 | (2 | ) | 49 | 47 |
Cost | 97 | 693 | 790 |
95 | 899 | 994 |
The cost of investments in group undertakings represents 100% of the issued share capital of Secura Electronic A.G. which is incorporated in Luxembourg. |
I.M.S. Management Services Limited (Registered number: 02999441) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
7. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Section 455 tax recoverable |
VAT |
Deferred tax asset | 16,168 | 25,825 |
Included in other debtors is £186,152 (2022: £1,310,229) receivable after more than one year. |
8. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Other creditors |
Net wages creditors |
Directors' current accounts |
Accrued expenses |
9. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Amounts owed to participating interests |
Amounts owed to group |
undertakings |
Included within amounts owed to group undertakings (2022 - participating interest) is £1,156,219 (2022 £nil) which is due, other than by instalments, after more than five years. |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary shares | £1 | 100 | 100 |
I.M.S. Management Services Limited (Registered number: 02999441) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | Director's advances, credits and guarantees |
The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
12. | Related party disclosures |
Included within creditors: amounts falling due after one year is an amount of £1,156,219 (2022: £1,111,749) in respect of a liability previously due for repayment on 28 February 2024 which has been rolled over on 1 March 2024 for a further seven years and is unsecured and non-interest bearing. The loan has been discounted at a commercial rate of interest. The undiscounted loan amount due to be repaid on 28 February 2024 amounted to £1,163,678 (2022: £1,163,678). |