REGISTERED NUMBER: 09474773 (England and Wales)

I-Mist Ltd

Financial Statements for the Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A J Pollard

A S Sims

REGISTERED OFFICE:

4 Abbey Wood Road

Kings Hill

West Malling

Kent

ME19 4AB

REGISTERED NUMBER:

09474773 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

FIXED ASSETS

Intangible assets

4

5,678,691

5,300,952

Tangible assets

5

73,455

89,854

5,752,146

5,390,806

CURRENT ASSETS

Stocks

197,219

271,553

Debtors

6

957,691

749,870

Cash at bank

386,645

411,987

1,541,555

1,433,410

CREDITORS

Amounts falling due within one year

7

4,835,137

4,176,467

NET CURRENT LIABILITIES

(3,293,582

)

(2,743,057

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,458,564

2,647,749

CREDITORS

Amounts falling due after more than one year

8

(51,332

)

(259,673

)

PROVISIONS FOR LIABILITIES

11

(640,664

)

(491,568

)

NET ASSETS

1,766,568

1,896,508

CAPITAL AND RESERVES

Called up share capital

12

150

150

Retained earnings

1,766,418

1,896,358

SHAREHOLDERS' FUNDS

1,766,568

1,896,508

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 November 2025 and were signed on its behalf by:

A J Pollard - Director

A S Sims - Director

1.	STATUTORY INFORMATION

I-Mist Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements are prepared on a going concern basis, supported by detailed forecasts, cashflow projections, and continued shareholder and investor support. The directors believe that these factors indicate the company has sufficient resources to continue operations for at least twelve months.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of twenty years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc - 25% on reducing balance and 20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Debtors

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

Creditors

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 38 ).

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

6,316,211

Additions

861,031

At 31 December 2024

7,177,242

AMORTISATION

At 1 January 2024

1,015,259

Charge for year

483,292

At 31 December 2024

1,498,551

NET BOOK VALUE

At 31 December 2024

5,678,691

At 31 December 2023

5,300,952

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

61,733

218,003

279,736

Additions

-

26,671

26,671

At 31 December 2024

61,733

244,674

306,407

DEPRECIATION

At 1 January 2024

25,745

164,137

189,882

Charge for year

10,280

32,790

43,070

At 31 December 2024

36,025

196,927

232,952

NET BOOK VALUE

At 31 December 2024

25,708

47,747

73,455

At 31 December 2023

35,988

53,866

89,854

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

as restated

(Unaudited)

£

£

Trade debtors

364,266

81,314

Other debtors

593,425

668,556

957,691

749,870

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

as restated

(Unaudited)

£

£

Bank loans and overdrafts

50,000

50,000

Trade creditors

150,316

28,307

Amounts owed to group undertakings

4,212,888

3,623,251

Taxation and social security

43,983

95,501

Other creditors

377,950

379,408

4,835,137

4,176,467

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

as restated

(Unaudited)

£

£

Bank loans

16,666

66,667

Other creditors

34,666

193,006

51,332

259,673

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

as restated

(Unaudited)

£

£

Within one year

281,077

233,285

Between one and five years

362,375

476,587

643,452

709,872

10.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

as restated

(Unaudited)

£

£

Bank loans

66,666

116,667

The company's bank, National Westminster Bank PLC, hold fixed and floating charges over the company's assets as security for the company's overdraft and credit card limits.

11.	PROVISIONS FOR LIABILITIES

2024

2023

as restated

(Unaudited)

£

£

Deferred tax

640,664

491,568

Deferred

tax

£

Balance at 1 January 2024

491,568

Provided during year

149,096

Balance at 31 December 2024

640,664

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

150

Ordinary

£1

150

150

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion

The company was exempt from audit in the year ended 31 December 2023 and consequently we did not observe the counting of physical stocks at the end of that financial period. We were unable to satisfy ourselves by alternative means concerning the stock quantities held at 31 December 2023, which are included in the balance sheet at £271,553, by using other audit procedures. Consequently, we were unable to determine whether any adjustment to this amount was necessary.

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 Auditors' 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.

William Cowell FCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

14.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

15.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is i Mist Group Limited.