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Registered number: 05286492









IMAGING BUSINESS MACHINES LIMITED









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
IMAGING BUSINESS MACHINES LIMITED
REGISTERED NUMBER: 05286492

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
21,675
32,572

Current assets
  

Debtors: amounts falling due within one year
 5 
727,766
493,953

Cash at bank and in hand
 6 
89,826
171,831

  
817,592
665,784

Creditors: amounts falling due within one year
 7 
(206,151)
(124,680)

Net current assets
  
 
 
611,441
 
 
541,104

Total assets less current liabilities
  
633,116
573,676

Provisions for liabilities
  

Deferred tax
  
(3,563)
(7,646)

Net assets
  
629,553
566,030


Capital and reserves
  

Called up share capital 
  
3
3

Other reserves
 8 
417,915
417,915

Profit and loss account
 8 
211,635
148,112

  
629,553
566,030


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

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

................................................
Martin Birch
Director
Date: 20 March 2025

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
IMAGING BUSINESS MACHINES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Imaging Business Machines Limited (the Company) is a company incorporated in the United Kingdom under the Companies Act.  
The principal activity of the Company in the year under review was that of consulting, development and sale of document handling and sorting equipment and related software.
The Company is a private company limited by shares and is registered in England and Wales. The address of the Company's registered office is Building 3 Bridge Court, Wrecclesham, Farnham, Surrey, England, GU10 4QE.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The director of the Company has received confirmation of continued financial support for the foreseeable future from the parent company, Imaging Business Machines LLC. 
After making enquiries, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, and rounded to the nearest £.

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.

 
2.4

Turnover

Turnover represents amounts charged to the parent entity under a services agreement exclusive of valued added tax.  Turnover is recognised when chargeable expenses are incurred. 

Page 2

 
IMAGING BUSINESS MACHINES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Operating leases: the Company as lessee

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

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

 
2.7

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.


Page 3

 
IMAGING BUSINESS MACHINES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

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.

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.

The estimated useful lives range as follows:

Leasehold improvements
-
5
years
Plant and machinery
-
7
years
Fixtures and fittings
-
5
years
Computer equipment
-
3
years

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.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

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.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 15 (2023 - 12).

Page 4

 
IMAGING BUSINESS MACHINES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Leasehold improve-  ments
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
51,233
1,586
5,893
8,717
67,429


Additions
1,450
-
-
-
1,450



At 31 March 2024

52,683
1,586
5,893
8,717
68,879



Depreciation


At 1 April 2023
24,662
57
3,582
6,556
34,857


Charge for the year on owned assets
10,440
226
895
786
12,347



At 31 March 2024

35,102
283
4,477
7,342
47,204



Net book value



At 31 March 2024
17,581
1,303
1,416
1,375
21,675



At 31 March 2023
26,571
1,529
2,311
2,161
32,572

Page 5

 
IMAGING BUSINESS MACHINES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
696,154
461,493

Other debtors
19,202
20,795

Prepayments and accrued income
12,410
11,665

727,766
493,953



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
89,826
171,831



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
4,072
6,852

Corporation tax
19,291
13,813

Other taxation and social security
105,863
45,292

Accruals and deferred income
76,925
58,723

206,151
124,680



8.


Reserves

Other reserves

The other reserves account represents additional paid in capital by the immediate parent undertaking.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.

Page 6

 
IMAGING BUSINESS MACHINES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund.  The pension cost charge represents contributions payable by the Company to the fund and amounted to £29,055 (2023 - £23,015).  Contributions totaling £9,921 (2023 - £3,614) were payable to the fund at the balance sheet date. 


10.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
36,000
36,000

Later than 1 year and not later than 5 years
18,000
54,000

54,000
90,000


11.


Controlling party

The Company's immediate parent undertaking is Imaging Business Machines LLC, a privately owned company incorporated in the United States of America. Imaging Business Machines LLC is the smallest undertaking into which the results of Imaging Business Machines Limited are consolidated.
The Company's ultimate parent company is Ares Capital Corporation, a publicly owned company listed on the NASDAQ and incorporated in the United States of America.
Copies of the group financial statements of Ares Capital Corporation, the largest undertaking into which the results of Imaging Business Machines Limited are consolidated, are available from Ares Capital Corporation, 245 Park Avenue, 44th Floor, New York, NY10167.

12.


Auditor's information

The auditor's report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 21 March 2025 by Karen Cairns (Senior statutory auditor) on behalf of Nortons Assurance Limited.

 
Page 7