REGISTERED NUMBER: SC594769 (Scotland)

I-Mist Scotland 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:

4th Floor

115 George Street

Edinburgh

EH2 4JN

REGISTERED NUMBER:

SC594769 (Scotland)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

FIXED ASSETS

Tangible assets

4

1,227

2,008

CURRENT ASSETS

Stocks

145,542

88,351

Debtors

5

2,069,150

1,090,765

Cash at bank

422,157

307,294

2,636,849

1,486,410

CREDITORS

Amounts falling due within one year

6

62,568

137,635

NET CURRENT ASSETS

2,574,281

1,348,775

TOTAL ASSETS LESS CURRENT LIABILITIES

2,575,508

1,350,783

CREDITORS

Amounts falling due after more than one year

7

4,158

15,661

NET ASSETS

2,571,350

1,335,122

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

2,571,250

1,335,022

SHAREHOLDERS' FUNDS

2,571,350

1,335,122

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 Scotland Ltd is a private company, limited by shares , registered in Scotland. 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. This assessment is supported by detailed forecasts, cashflow projections, and ongoing support from shareholders and investors. Based on these factors, the directors believe the company has adequate resources to continue operations for at least twelve months from the date of approval of the financial statements.

Turnover

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

Tangible fixed assets

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

Office Equipment - 50% on cost

Plant and Machinery - 25% - 50% on cost

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 23 (2023 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

and 31 December 2024

9,361

DEPRECIATION

At 1 January 2024

7,353

Charge for year

781

At 31 December 2024

8,134

NET BOOK VALUE

At 31 December 2024

1,227

At 31 December 2023

2,008

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

(Unaudited)

£

£

Trade debtors

355,173

626,220

Amounts owed by group undertakings

1,397,586

55,896

Other debtors

316,391

408,649

2,069,150

1,090,765

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

(Unaudited)

£

£

Bank loans and overdrafts

10,648

10,119

Trade creditors

3,369

3,196

Taxation and social security

15,584

30,445

Other creditors

32,967

93,875

62,568

137,635

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

(Unaudited)

£

£

Bank loans

4,158

15,661

8.	LEASING AGREEMENTS

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

2024

2023

(Unaudited)

£

£

Within one year

109,464

90,447

Between one and five years

71,457

116,142

180,921

206,589

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

£1

100

100

10.	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 £88,351, 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

11.	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.

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is I Mist Group Limited.