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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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IFM ELECTRONIC LIMITED
CONTENTS
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IFM ELECTRONIC LIMITED
COMPANY INFORMATION
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IFM ELECTRONIC LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their strategic report on the company for the year ended 31 December 2024. The principal activity of the company during the year continued to be that of importing and selling electronic equipment.
During the year, the company has seen a decrease in turnover, however the gross profit margin and operating profit margin has increased with the results for the year and the financial position at the year end being considered satisfactory by the directors.
The company's key performance indicators are turnover and profitability. The value of turnover decreased 6.2% to £36,893,045. This was as a result of a decrease in demand for the company's products, as certain customers were lost whilst others continued to destock following a return to a normalised supply chain. During 2025, the directors plan to develop its market position and increase its market share by strengthening customer loyalty. The gross profit margin has increased in the year from 24.5% to 27.4%. This increase has come from operating efficiencies and changes in the customer profile. The operating profit margin has increased in the year from 3.7% to 4.5%. This was after administrative expenses of £7,749,453 (2023 - £7,871,172). Overall employee levels have decreased and there was a reduction in staff costs of £366,919. Management continues to monitor the company's working capital cycle.Stock levels are monitored to meet customer demand while taking a strategic decision to hold fewer items through fulfilling directly, the number of stock lines held has increased through decreasing volume held for each item. This allows immediate fulfilment to meet customer demand with larger orders being shipped directly from Germany. We opened our customer experience and training center in Derby to provide exceptional training and support for our customers, ensuring they have the best possible experience with our products and service.
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IFM ELECTRONIC LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors address both the strategic and specific business risks facing the company including, but not restricted to market and product risk as well as environmental and social responsibility risks. The directors consider all aspects of the business: the market sectors in which the company operates, the nature and quality of its customers, and suppliers.
An immediate short term risk arises from the general economic uncertainty as a result of high inflation and the impact that recession could have on investment in the economy more broadly. Customer base The company sells components and solutions for the manufacturing sector and traditional markets have included the automotive sector. The company continues to diversify into other markets in order to reduce its reliance on one sector. Liquidity risk The company has sufficient liquid resources to meet the operating needs of its business. The directors monitor working capital requirements to ensure the company's obligations can be met. Foreign currency risk The company's parent invoices the company in Sterling thereby bearing the exchange risk itself. The exchange loss for the year is £141,715 (2023 - £63,675) and is the result of the above arrangements limiting the risk for the company to sales to fellow group companies and balances in the euro bank account. Credit risk Receivable balances are monitored on an ongoing basis and provision is made for doubtful debts where necessary. Credit risk is minimised through the ongoing monitoring of those credit limits. Stop notices are put in place on those customers above their credit limit and can only be released through the authority of senior management.
The directors continue to develop the business by bringing on new products and service lines and growing the customer base. The directors are aware of the challenges the business faces in an uncertain economic environment. The directors will continue to monitor and respond to developments as they arise.
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IFM ELECTRONIC LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
As directors of ifm electronic Limited, we take our statutory duties seriously, particularly those outlined in Section 172 of the Companies Act 2006. This section stipulates that directors must act in the way they consider, in good faith, to promote the success of the company for the benefit of its stakeholders as a whole. Ensuring that our decisions and actions are made with the best interests of its stakeholders in mind.
Section 172 (1)(a) to (f) Companies Act 2006 requires the directors to act in the way they consider would be most likely to promote the success of the company for the benefit of its stakeholders, as a whole, with regard to the following matters: a) The likely consequences of any decision in the long-term We, the directors, affirm our commitment to considering the likely consequences of any decision in the medium and long-term. As guardians of the company, we recognise the importance of assessing the potential impact of our decisions beyond immediate outcomes, ensuring the sustainable growth and prosperity of the business. In fulfilling this duty, we undertake comprehensive evaluations of proposed actions, analysing factors such as market trends, financial implications, brand reputation, stakeholder interests, regulatory compliance, and the overall alignment with our corporate values and objectives. Through this process, we aim to make informed decisions that contribute positively to the well-being of all stakeholders and the broader communities in which we operate. b) The interests of the company's employees We recognise that our employees are essential to the success and sustainability of the company, and we are committed to maintaining a workplace environment that promotes their well-being, professional development, and engagement. In making decisions, we consider the impact on our employees, including their job security, working conditions, opportunities for advancement, and fair treatment. We strive to create a culture of inclusion and respect, where all employees feel valued and empowered to contribute to the company's objectives. Through effective communication, consultation, and collaboration with our colleagues, we aim to create a supportive and fulfilling workplace that attracts and retains top talent, drives innovation, and ultimately enhances shareholder value following the ifm philosophy and code of conduct. c) The need to foster the company's business relationships with suppliers, customers and others We understand the importance of maintaining positive and mutually beneficial relationships with customers and suppliers to ensure the long-term success and sustainability of the business following the company motto “ifm close to you”. To fulfil this duty, we are committed to:
Cultivating Strong Supplier Relationships:
∙Engaging in fair and transparent dealings with our suppliers.
∙Establishing open lines of communication and collaboration to ensure the timely delivery of quality goods and services.
∙Recognising the contributions of our suppliers and maintaining a partnership approach based on trust and respect.
Enhancing Customer Satisfaction:
∙Understanding the evolving needs and preferences of our customers.
∙Providing excellent products, services, and support to meet and exceed customer expectations.
∙Building long-lasting relationships with our customers based on reliability, integrity, and responsiveness.
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IFM ELECTRONIC LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Directors' statement of compliance with duty to promote the success of the company (continued)
c)The need to foster the company's business relationships with suppliers, customers and others (continued)
Engaging with Other Stakeholders:
∙Recognising the importance of other stakeholders beyond our immediate suppliers and customers, including employees, shareholders, regulators, and the local community.
∙Communicating openly and transparently with all stakeholders and addressing their concerns and interests to the best of our ability.
∙Seeking opportunities for collaboration and partnership with stakeholders to create shared value and promote mutual benefit.
d) The impact of the company's operations on the community and environment
We recognise the importance of considering the broader social and environmental impacts of our company's operations. We are committed to conducting our business in a manner that not only generates value for our shareholders but also contributes positively to the communities in which we operate and minimises our environmental footprint. Improving our environmental performance by implementing sustainable practices throughout our value chain. This includes reducing our carbon emissions, conserving natural resources, minimising waste generation, and promoting eco-friendly products and services.
e) The desirability of the company maintaining a reputation for high standards of business conduct
We acknowledge the importance of upholding and promoting a reputation for high standards of business conduct. Maintaining the trust and confidence of all of our stakeholders and the wider community, is fundamental to the long-term success and sustainability of the company.
We are committed to conducting our business affairs with integrity, honesty, and transparency at all times. We believe that ethical conduct is not only a legal obligation but also a core value that emphasises our corporate culture and guides our decision-making processes.
We are committed to upholding principles of fairness, equity, and transparency in our decision-making processes, ensuring that the interests of all stakeholders are considered and respected. We recognise that acting in the best interests of the company involves balancing the diverse interests of its employees, and we are committed to fostering a culture of fairness and inclusivity that promotes trust, collaboration, and long-term value creation for all stakeholders.
Furthermore, we understand that a positive reputation for ethical behaviour increases our competitiveness, customer loyalty, attracts top talent, and strengthens relationships with key stakeholders. It also mitigates risks associated with potential legal, financial, and reputational harm that may arise from unethical conduct.
f) The need to act fairly as between members of the company
The company is a wholly owned subsidiary of ifm electronic GmbH, and the directors have regular and open dialogue with its representatives.
This report was approved by the board and signed on its behalf.
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IFM ELECTRONIC LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The profit for the year, after taxation, amounted to £1,221,556 (2023 - £1,134,977).
A final dividend for the year ended 31 December 2024 amounting to £1,170,000 (2023 - £1,300,000) was declared in the financial year.
The directors who served during the year and up to the date of this report were:
As permitted by s414c(11) of the Companies Act 2006, the directors have elected to disclose information, as required to be in the directors' report by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008', in the strategic report
This report was approved by the board and signed on its behalf.
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IFM ELECTRONIC LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors are responsible for preparing the strategic report, the directors' report and the 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 of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.
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IFM ELECTRONIC LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF IFM ELECTRONIC LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2024
We have audited the financial statements of ifm electronic Limited (the 'company') for the year ended 31 December 2024, which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the related notes, 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).
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 company 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.
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 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.
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 report. 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. 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.
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IFM ELECTRONIC LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF IFM ELECTRONIC LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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 strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In the light of the 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 or the directors' report.
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IFM ELECTRONIC LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF IFM ELECTRONIC LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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 electrical component importing and supply 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 company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental 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 legal 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 company’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 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;
∙enquiring of management as to actual and potential litigation and claims;
∙confirming with management that all enquiries made into the company's tax affairs by HMRC have been addressed; and
∙reviewing correspondence with HM Revenue and Customs.
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IFM ELECTRONIC LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF IFM ELECTRONIC LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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.
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.
for and on behalf of
Chartered Accountants
Statutory Auditor
16 Great Queen Street
Covent Garden
WC2B 5AH
Date:
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IFM ELECTRONIC LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
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IFM ELECTRONIC LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 27 form part of these financial statements.
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IFM ELECTRONIC LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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IFM ELECTRONIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The principal activity of the company during the year continued to be that of importing and selling electronic equipment.
The company is a private company limited by shares and is incorporated in England and Wales. Its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH, and its principal place of business is Kingsway Business Park, Oldfield Road, Hampton, Middlesex, TW12 2HD. 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
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 management to exercise judgement in applying the company's accounting policies. The directors do not consider there to be any key estimates or judgements.
The company was, at the end of the year, a wholly-owned subsidiary of ifm electronic GmbH, a company incorporated in Germany, the registered office of which is Friedrichstraße 1, 45128, Essen, Germany. Ifm electronic GmbH prepares consolidated financial statements, in which the company is included, that are equivalent to UK requirements.
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102:
∙Section 3 Financial Statement Presentation paragraph 3.17(d) (inclusion of statement of cash flows);
∙Section 7 Statement of Cash Flows (inclusion of statement of cash flows); and
∙Section 11 Financial Instruments paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c) (disclosures relating to financial instruments).
The following principal accounting policies have been applied:
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its 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.
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IFM ELECTRONIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Revenue from the sale of perpetual software licences is recognised when the software is installed as it is then that the company has transferred the significant risks and rewards of ownership to the buyer. Revenue from software maintenance and support subscriptions is recognised on a straight-line basis over the term of the contract. Income received in advance of the subscription period is classified as deferred income on the balance sheet and recognised as revenue in the period in which the service is provided. Other revenue Other operating income comprises management fees receivable, in the year. Income is recognised in line with costs incurred to provide the service.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
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.
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IFM ELECTRONIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The company 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 company 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 company after deducting all of its liabilities.
The company’s policies for its major classes of financial assets and financial liabilities are set out below.
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.
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IFM ELECTRONIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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 company 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.
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.
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
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IFM ELECTRONIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Page 19
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IFM ELECTRONIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions for dilapidations are made where a legal obligation exists and the amount can be quantified with reasonable certainty.
An estimation of the obligation is made at the inception of the lease and the obligation and corresponding asset is recognised on the balance sheet. The obligation is recognised in the profit and loss account over the term of the lease.
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IFM ELECTRONIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
Page 21
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IFM ELECTRONIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 22
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IFM ELECTRONIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
There were no factors that may affect future tax charges.
Page 23
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IFM ELECTRONIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 24
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IFM ELECTRONIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 25
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IFM ELECTRONIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 26
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IFM ELECTRONIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
As at the balance sheet date, the company had a capital commitment in respect of refurbishment costs totalling £nil (2023 - £285,749l).
The company operates a defined contributions 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 £430,367 (2023 - £397,266). Contributions totalling £24,734 (2023 - £65,811) were payable to the fund at the balance sheet date and are included in creditors.
The parent undertaking of the smallest group of undertakings for which group financial statements are drawn up and of which the company is a member is that headed by
The ultimate parent company is In the opinion of the directors there is no ultimate controlling party.
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