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Registration number: 03686185

Interactive Management Solutions Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2024

 

Interactive Management Solutions Limited

Contents

Strategic Report

1 to 2

Director's Report

3

Statement of Director's Responsibilities

4

Independent Auditor's Report

5 to 9

Profit and Loss Account

10

Balance Sheet

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Financial Statements

14 to 22

 

Interactive Management Solutions Limited

Strategic Report for the Year Ended 31 March 2024

The director presents his strategic report for the year ended 31 March 2024.

Principal activity

The principal activity of the company is management consultancy activities other than financial management.

Fair review of the business

2024 was a challenging year in the sector. Turnover in the year ended 31 March 2024 has reduced to £12.3 million from £13.6m. However, the director remains pleased with the performance in a challenging period. Key accounts have been maintained and whilst turnover has reduced profit before tax has increased.

Net assets at the balance sheet date have increased to £2 million from £1.6 million.

The director remains pleased with the results in a challenging economic environment and believes the
company has developed a good package of services to offer customers moving forward.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£000

12,297

13,630

Gross profit

£000

1,020

1,327

Gross profit margin

%

8

10

 

Interactive Management Solutions Limited

Strategic Report for the Year Ended 31 March 2024

Principal risks and uncertainties

As with any business, the company faces risks and uncertainties in the course of its day to day operations. The successful management of risk is essential to enable the company to deliver its strategic objectives.

Noted below is a summary of the company’s principal risks and uncertainties. Control of each of these is critical to the ongoing success of the company. As such, their management is primarily the responsibility of the director who is supported by management.

Financial risk:

The company’s operations expose it to a variety of financial risks, principally liquidity risk. Liquidity risk is managed by monitoring the cash flow position and minimising working capital exposure where possible through prompt billing to ensure that sufficient funds are available to meet amounts due for current and future operations.

Workforce risk:

If the availability of skilled workers is insufficient to meet demand, this could lead to poor customer outcomes and reduced repeat business, thereby reducing profitability and return on capital employed. Continued investment is made in the company workforce in their training and development.

Market risk:

In order to minimise exposure to market risk we undertake contracts with a variety of clients. We recognise the risk of not focusing on completing our contractual obligations and therefore strive to fulfil these to a good quality, time scale and budget. Our success in this area generates repeat custom and protects the position in the market place.

Health and safety risk:

The company has procedures and policies in place to minimise health and safety risks. The director takes this responsibility seriously and in order to manage this risk procedures and policies are constantly being reviewed.

Approved and authorised by the director on 27 March 2025
 


Mr S D Foster
Director

 

Interactive Management Solutions Limited

Director's Report for the Year Ended 31 March 2024

The director presents his report and the financial statements for the year ended 31 March 2024.

Director of the company

The director who held office during the year was as follows:

Mr S D Foster

Financial instruments

Objectives and policies

The directors take the management of risk very seriously and as such have policies and procedures in place which have been authorised by the board. Managing risk is seen as a key attribute of the company and the company's debt position is closely scrutinised on a regular basis to ensure that it remains serviceable in conjunction with the long term goals of growth and profitability.

Price risk, credit risk, liquidity risk and cash flow risk

The business' principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to finance the business' operations. In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility. All of the business' cash balances are held in such a way that achieves a competitive rate of interest. Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Disclosure of information to the auditors

The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.

Approved by the Board on 27 March 2025 and signed on its behalf by:


Mr S D Foster
Director

 

Interactive Management Solutions Limited

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Interactive Management Solutions Limited

Independent Auditor's Report to the Members of Interactive Management Solutions Limited

Qualified opinion

We have audited the financial statements of Interactive Management Solutions Limited (the 'company') for the year ended 31 March 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its 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 qualified opinion on financial statements

We were not appointed as auditor of the company until after 31 March 2022 and thus did not record
adequate testing on the work in progress balance at the end of that year. We were unable to satisfy
ourselves by alternative means concerning the provision for days worked but not invoiced at 31 March
2022, which is included in the balance sheet for that year at £1,417,377, by using other audit
procedures. Consequently we were unable to determine whether any adjustment to this amount was
necessary. Our audit opinion on the financial statements for the year ended 31 March 2023 was modified accordingly. Our opinion on the current period’s financial statements is also modified because of the possible effect of this matter on the comparability of the current period’s figures and the corresponding figures.

As part of the audit of the financial statements for the year ended 31 March 2024, we were not able to obtain sufficient appropriate audit evidence in respect of the expenses paid to employees. Through our testing, we could not obtain sufficient audit evidence in respect of the validity of the underlying expenses, as the company records were inadequate in this regard.

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 in accordance with the ethical requirements that are relevant to our
audit of the financial statements in the UK, including the FRC’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 qualified opinion.

Key audit matters

Except for the matters described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report.

 

Interactive Management Solutions Limited

Independent Auditor's Report to the Members of Interactive Management Solutions Limited

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

As described in the basis for qualified opinion section of our report, we were unable to satisfy
ourselves concerning the work in progress provision at 31 March 2022. We have concluded that in respect of the comparative other information only, where that other information refers to the work in progress balance or related balances such as sales, it may be materially misstated for the same reason.

Opinion on other matter prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

Except for the matter described in the basis for qualified opinion section of our report, in the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report.

The Companies Act 2006 requires us to report to you, if, in our opinion adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us.

In our opinion:
• in respect of evidence to support employee expenses, adequate accounting records have not been kept.

 

Interactive Management Solutions Limited

Independent Auditor's Report to the Members of Interactive Management Solutions Limited

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of director's remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the Statement of Director's Responsibilities [set out on page 4], the director is 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 director determines 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 director is responsible for assessing the 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

the nature of the industry and sector, control environment and business performance including the design of remuneration policies;

the company’s own assessment of the risks that irregularities may occur either as a result of fraud or error;

results of our enquiries of management about their own identification and assessment of the risks of irregularities;

the key laws and regulations under which the business operates and whether management were aware of any instances of noncompliance;

whether the management have knowledge of any actual, suspected or alleged fraud;

the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and

the matters discussed among the audit engagement team, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

 

Interactive Management Solutions Limited

Independent Auditor's Report to the Members of Interactive Management Solutions Limited

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: Laws and regulations applicable to the company specifically relating to employment law, valuation of work in progress and revenue recognition.

 

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Tax legislation, and Regulations
established by regulators in the key markets in which the company operates specifically employment law.

 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These included the operating and environmental regulations relevant to the company.

 

In addition to the above, our procedures to respond to risks identified included the following:

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described above as having a direct effect on the financial statements;

in addressing the risk of material misstatement through the work in progress provision, we have reviewed post year end sales invoices for any work related to the year ended 31 March 2024 but invoiced in the following years accounts;

enquiring of management, concerning any actual and potential litigation and claims;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

in addressing the risk of fraud in revenue recognition, in addition to our testing described above we have performed focussed testing on work completed close to the year-end combined with analytical review procedures to assess accuracy and completeness of revenue recognised;

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with
regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become
aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Interactive Management Solutions Limited

Independent Auditor's Report to the Members of Interactive Management Solutions Limited

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 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.





John Heeney BA FCA (Senior Statutory Auditor)
For and on behalf of RNS Chartered Accountants, Statutory Auditor

50-54 Oswald Road
Scunthorpe
North Lincolnshire
DN15 7PQ

27 March 2025

 

Interactive Management Solutions Limited

Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

3

12,296,682

13,630,201

Cost of sales

 

(11,276,553)

(12,303,068)

Gross profit

 

1,020,129

1,327,133

Administrative expenses

 

(149,724)

(201,634)

Operating profit

4

870,405

1,125,499

Other interest receivable and similar income

5

4,045

21

Amounts written off investments

 

-

(168,379)

Interest payable and similar expenses

6

96,297

(30,293)

   

100,342

(198,651)

Profit before tax

 

970,747

926,848

Tax on profit

9

(247,040)

(209,854)

Profit for the financial year

 

723,707

716,994

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Interactive Management Solutions Limited

(Registration number: 03686185)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

10

313

1,165

Other financial assets

11

61,501

-

 

61,814

1,165

Current assets

 

Stocks

12

936,084

1,120,353

Debtors

13

3,027,316

2,324,259

Cash at bank and in hand

14

789,301

944,141

 

4,752,701

4,388,753

Creditors: Amounts falling due within one year

15

(2,812,829)

(2,806,777)

Net current assets

 

1,939,872

1,581,976

Total assets less current liabilities

 

2,001,686

1,583,141

Provisions for liabilities

16

(60)

(222)

Net assets

 

2,001,626

1,582,919

Capital and reserves

 

Called up share capital

17

100

100

Retained earnings

2,001,526

1,582,819

Shareholders' funds

 

2,001,626

1,582,919

Approved and authorised by the director on 27 March 2025
 


Mr S D Foster
Director

   
 

Interactive Management Solutions Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Retained earnings
£

Total
£

At 1 April 2023

100

1,582,819

1,582,919

Profit for the year

-

723,707

723,707

Dividends

-

(305,000)

(305,000)

At 31 March 2024

100

2,001,526

2,001,626

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

100

865,825

865,925

Profit for the year

-

716,994

716,994

At 31 March 2023

100

1,582,819

1,582,919

 

Interactive Management Solutions Limited

Statement of Cash Flows for the Year Ended 31 March 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

723,707

716,994

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

852

852

Finance income

5

(4,045)

(21)

Finance costs

6

9,742

8,179

Corporation tax expense

9

247,040

209,854

Amounts written off investments

-

168,379

 

977,296

1,104,237

Working capital adjustments

 

Decrease in stocks

12

184,269

297,024

Increase in trade and other debtors

13

(703,057)

(975,669)

Decrease in trade and other creditors

15

(49,109)

(767,425)

Cash generated from operations

 

409,399

(341,833)

Corporation tax paid

9

(192,041)

-

Net cash flow from operating activities

 

217,358

(341,833)

Cash flows from investing activities

 

Interest received

5

4,045

21

Acquisitions of tangible assets

10

-

(103)

Acquisition of other financial assets

11

(61,501)

(168,379)

Net cash flows from investing activities

 

(57,456)

(168,461)

Cash flows from financing activities

 

Interest paid

6

(9,742)

(8,179)

Dividends paid

(305,000)

-

Net cash flows from financing activities

 

(314,742)

(8,179)

Net decrease in cash and cash equivalents

 

(154,840)

(518,473)

Cash and cash equivalents at 1 April

 

944,141

1,462,614

Cash and cash equivalents at 31 March

14

789,301

944,141

 

Interactive Management Solutions Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The principal place of business is:
Unit 4B, Warren Hill
Hulfords Lane
Hartley Wintney
Hook
RG27 8AG

The address of its registered office is:
50-54 Oswald Road
Scunthorpe
North Lincolnshire
DN15 7PQ

The company registered number is: 03686185

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The
Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the
Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when; the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Government grants

Grant income relating to revenue is recognised on an accruals basis. Income is recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. A grant that becomes receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support with no future related costs, is recognised as income in the period in which it becomes receivable.

 

Interactive Management Solutions Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Interactive Management Solutions Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

The cost of work in progress comprises direct labour costs that have been incurred in bringing the work in progress to their present location and condition. At each reporting date, work in progress is assessed for impairment.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.Trade creditors are recognised at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Interactive Management Solutions Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Defined benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.

The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Provision of services

12,296,682

13,630,201

4

Operating profit

Arrived at after charging:

2024
£

2023
£

Depreciation expense

852

852

5

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

11

21

Other finance income

4,034

-

4,045

21

6

Interest payable and similar expenses

2024
£

2023
£

Interest expense on other finance liabilities

9,742

8,179

Foreign exchange (losses)/gains

(106,039)

22,114

(96,297)

30,293

 

Interactive Management Solutions Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

7

Staff costs

The aggregate payroll costs (including director's remuneration) were as follows:

2024
£

2023
£

Wages and salaries

4,218,848

3,960,135

Social security costs

442,436

419,912

Pension costs, defined contribution scheme

162,374

97,592

4,823,658

4,477,639

The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:

2024
No.

2023
No.

Production

126

158

126

158

8

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

8,850

5,500


 

9

Taxation

Tax charged/(credited) in the profit and loss account:

2024
£

2023
£

Current taxation

UK corporation tax

247,202

209,996

Deferred taxation

Arising from origination and reversal of timing differences

(162)

(142)

Tax expense in the profit and loss account

247,040

209,854

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

 

Interactive Management Solutions Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

2024
£

2023
£

Profit before tax

970,747

926,848

Corporation tax at standard rate

242,687

176,101

Tax increase from effect of capital allowances and depreciation

213

142

Effect of expense not deductible in determining taxable profit

4,302

33,753

Deferred tax credit from unrecognised temporary difference from a prior period

(162)

(142)

Total tax charge

247,040

209,854

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

60

60

2023

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

222

222

10

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

52,392

52,392

At 31 March 2024

52,392

52,392

Depreciation

At 1 April 2023

51,227

51,227

Charge for the year

852

852

At 31 March 2024

52,079

52,079

Carrying amount

At 31 March 2024

313

313

At 31 March 2023

1,165

1,165

 

Interactive Management Solutions Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

11

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

Additions

61,501

61,501

At 31 March 2024

61,501

61,501

Carrying amount

At 31 March 2024

61,501

61,501

At 31 March 2023

-

-

12

Stocks

2024
£

2023
£

Work in progress

936,084

1,120,353

13

Debtors

2024
£

2023
£

Trade debtors

412,239

201,259

Amounts owed by related parties

2,500,000

2,085,000

Other debtors

115,077

38,000

3,027,316

2,324,259

14

Cash and cash equivalents

2024
£

2023
£

Cash at bank

789,301

944,141

 

Interactive Management Solutions Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

15

Creditors

2024
£

2023
£

Due within one year

Trade creditors

1,771,827

1,836,133

Social security and other taxes

568,577

544,901

Pension contributions

-

299

Accrued expenses

5,849

14,029

Corporation tax liability

466,576

411,415

2,812,829

2,806,777

16

Provisions for liabilities

Deferred tax
£

Total
£

At 1 April 2023

222

222

Decrease in existing provisions

(162)

(162)

At 31 March 2024

60

60

17

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

18

Related party transactions

Transactions with the director

2024

At 1 April 2023
£

Advances to director
£

At 31 March 2024
£

Mr S D Foster

Director's loan account - interest has been charged on this loan at 2.25%

38,000

76,482

114,482

 

Interactive Management Solutions Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr S D Foster

Director's loan account - interest has been charged on this loan at 2.25%

873,000

578,000

1,413,000

38,000

19

Parent and ultimate parent undertaking

The company's immediate parent is Interactive Management Group Limited, incorporated in the UK.

 The parent of the largest group in which these financial statements are to be consolidated is Interactive Management Group Limited, incorporated in the UK.

The address of Interactive Management Group Limited is:
Unit 4B Warren Hill
Hullfords Lane
Hartly Wintney
Hook
Hampshire
RG27 8AG