Registration number: 02909757

Impcross Limited

Contents

Company Information	1
Directors' Report	2
Strategic Report	3
Statement of Directors' Responsibilities	4
Independent Auditor's Report	5 to 7
Profit and Loss Account	8
Balance Sheet	9
Statement of Changes in Equity	10
Statement of Cash Flows	11 to 12
Notes to the Financial Statements	13 to 23

Impcross Limited

Company Information

Directors

R L Arnold S R Arnold J E T Cook R J Gyde I D Humphries A E Weaver K C Judd

Company secretary

R L Arnold

Registered office

Staverton Court Staverton Cheltenham GL51 OUX

Auditors

Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT

Impcross Limited

Directors' Report for the Year Ended 30 June 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors of the company

The directors who held office during the year were as follows:

R L Arnold

S R Arnold

J E T Cook

R J Gyde

I D Humphries

J Kemper (ceased 31 January 2024)

A E Weaver

K C Judd (appointed 1 February 2024)

Going concern

The directors have considered the company's ability to trade as a going concern. Please refer to note 2 of the these financial statements for the relevant disclosures.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

Hazlewoods LLP have expressed their willingness to continue in office.

Approved by the Board on 24 September 2025 and signed on its behalf by:

A E Weaver
Director

Impcross Limited

Strategic Report for the Year Ended 30 June 2024

The directors present their strategic report for the year ended 30 June 2024.

Principal activity

The principal activity of the company is that of precision engineering.

Fair review of the business

The company reported turnover of £7,173,144 (2023 - £7,745,819) and gross profit of £XXXXXX (2023 - £2,031,924), but suffered a loss before tax of £XXXXXX (2023 - £465,216). Despite these very challenging conditions, the company has managed its resources carefully and continued to provide a valuable service to its customers, who in turn provide important parts to large aerospace, defence and other manufacturers. The company continues to win orders due to its position as a highly skilled engineering business and is now generating positive EBITDA.

Principal risks and uncertainties

The principal risks and uncertainties relating to the business are the management of working capital through the manufacturing process, and the timely collection of debts from customers. The company is highly experienced in the industry and continues to maintain strong relationships with its customers. The directors closely monitor the performance of the business, including working capital and credit control management, and therefore consider these risks to be well mitigated.

The directors do not believe there are additional key performance indicators that would assist in the understanding of the business.

In accordance with the Financial Reporting Council's 'Going Concern and Liquidity Risk : Guidance for Directors of UK Companies 2009' the directors of all companies are now required to provide disclosures regarding the adoption of the going concern basis of accounting.

The directors have carefully considered the level of trading and forecasts at the date of approval of these financial statements. Further details can be found in note 2 under 'Going concern'.

Approved by the Board on 24 September 2025 and signed on its behalf by:

A E Weaver
Director

Impcross Limited

Statement of Directors' Responsibilities

The directors are responsible for preparing the Directors Report, Strategic 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and apply them consistently;
•	make judgements and accounting estimates that are reasonable and prudent;
•	state whether applicable UK Accounting Standards has 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 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 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.

Impcross Limited

Independent Auditor's Report to the Members of Impcross Limited

Qualified opinion arising from disagreement over accounting treatment

We have audited the financial statements of Impcross Limited (the 'company') for the year ended 30 June 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 30 June 2024 and of its loss 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

Included within revenue and debtors is £1,462,497 in relation to sales of items that were despatched after the balance sheet date. The company's directors believe that these sales should be recognised in the year ended 30 June 2024 due to the fact that they were produced to customers' schedules and the directors consider that performance obligations were satisfied at that date as disclosed in note 2. However, FRS 102 requires that, in order to recognise revenue, the risk and rewards of ownership must have transferred to the customer. In our opinion, this condition was not met at the balance sheet date and it was therefore not appropriate to recognise the revenue at that date. The non-inclusion of these sales would have resulted in a reduction in revenue or £1,462,497, a reduction in debtors of £1,736,274 and a reduction in the tax and social security creditor (relating to VAT) of £273,777. There would also have been a corresponding adjustment to reinstate stock and reduce cost of sales that we are unable to quantify.

Basis for opinion

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 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 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.

Other information

The directors are 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.

We have nothing to report in this regard.

Impcross Limited

Independent Auditor's Report to the Members of Impcross Limited

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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and Directors' 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 Directors' Report.

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:

•	adequate accounting records have not been kept, or 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 directors' remuneration specified by law are not made; or
•	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are 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 directors determine 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 directors are 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 directors either intend 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.

Extent to which the audit was capable of detecting irregularities, including fraud

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:

We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those 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.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

Impcross Limited

Independent Auditor's Report to the Members of Impcross Limited

In common with all audits conducted in accordance with ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

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

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

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

•	enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

•	reading minutes of meetings of those charged with governance.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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.

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.

Martin Howard (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Windsor House
Bayshill Road
Cheltenham
GL50 3AT

24 September 2025

Impcross Limited

Profit and Loss Account for the Year Ended 30 June 2024

	Note	2024  £	2023  £
Turnover	3	7,103,210	7,745,819
Cost of sales		(4,532,944)	(5,713,895)
Gross profit		2,570,266	2,031,924
Distribution costs		(13,050)	(18,462)
Administrative expenses		(2,863,862)	(2,191,454)
Other operating income		6,229	6,229
Operating loss	4	(300,417)	(171,763)
Interest payable and similar charges	7	(456,151)	(293,453)
Loss before tax		(756,568)	(465,216)
Taxation	9	600,752	139,461
Loss for the financial year		(155,816)	(325,755)

The above results were derived from continuing operations.

Impcross Limited

(Registration number: 02909757)
Balance Sheet as at 30 June 2024

	Note	2024  £	2023  £
Fixed assets
Tangible assets	10	2,261,107	2,884,890
Current assets
Stocks	11	2,575,978	2,393,146
Debtors	12	2,889,352	2,123,097
		5,465,330	4,516,243
Creditors: Amounts falling due within one year	13	(6,884,860)	(5,867,466)
Net current liabilities		(1,419,530)	(1,351,223)
Total assets less current liabilities		841,577	1,533,667
Creditors: Amounts falling due after more than one year	13	(515,169)	(964,206)
Provisions for liabilities	9	(27,643)	(114,880)
Net assets		298,765	454,581
Capital and reserves
Called up share capital	16	922,660	922,660
Retained earnings		(623,895)	(468,079)
Total equity		298,765	454,581

Approved and authorised by the Board on 24 September 2025 and signed on its behalf by:
 

A E Weaver
Director

Impcross Limited

Statement of Changes in Equity for the Year Ended 30 June 2024

	Share capital £	Retained earnings £	Total £
At 1 July 2022	922,660	(142,324)	780,336
Loss for the year	-	(325,755)	(325,755)
At 30 June 2023	922,660	(468,079)	454,581