Registration number:
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IMC (UK) Learning Ltd
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Brebners
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IMC (UK) Learning Ltd
Statement of Financial Position as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
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( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
7,500 |
7,500 |
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Retained earnings |
(298,814) |
(319,829) |
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Shareholders' deficit |
(291,314) |
(312,329) |
Approved and authorised by the
.........................................
R Donders
Director
Company registration number: 05973043
IMC (UK) Learning Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of the provision of e-learning & management solutions.
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Audit Report |
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Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
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.
Going concern
The company made a profit for the year ended 31 December 2024 but the statement of financial position showed a deficiency of assets amounting to £291,314 at that date.
The company has no formal bank facilities and working capital is provided by the parent undertaking who has confirmed that it will continue to support the company in the forthcoming period with additional working capital if required. At 31 December 2024 an amount of £141,519 was due to the parent company, which has confirmed that it will not call for repayment until such time as the company has sufficient working capital.
The directors have prepared forecasts which show that the company has sufficient working capital. The directors have a reasonable expectation that the company has adequate resources to remain in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing its financial statements.
IMC (UK) Learning Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
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 sales/value added tax, returns, rebates and discounts.
The company recognises revenue based upon the contracted stage of completion once it is probable future economic benefit will flow and the amounts invoked can be reliably measured.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tangible assets
Tangible assets are stated in the statement of financial position 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, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Furniture, Fittings and equipment |
3-10yr straight line |
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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
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.
IMC (UK) Learning Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
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.
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Staff numbers |
The average number of persons employed by the company during the year was
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Tangible assets |
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Furniture, fittings and equipment |
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Cost or valuation |
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At 1 January 2024 |
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Additions |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Stocks |
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2024 |
2023 |
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Work in progress |
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IMC (UK) Learning Ltd
Notes to the Financial Statements for the Year Ended 31 December 2024
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Debtors |
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2024 |
2023 |
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Trade debtors |
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Other debtors |
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Other debtors includes an amount of £16,200 (2023: £7,528) recoverable in greater than 12 months which is secured in respect of future rental obligations.
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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Financial commitments, guarantees and contingencies |
Operating leases
The total amount of financial commitments under non-cancellable operating leases not included in the statement of financial position is £
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Related party transactions |
Exemption has been taken under FRS 102 paragraph 1AC.35 not to disclose transactions or amounts due with companies which are wholly owned within the group.
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Parent and ultimate parent undertaking |