ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 00770038

I.M.O. PRECISION CONTROLS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

I.M.O. PRECISION CONTROLS LIMITED

CONTENTS

	Page
Company information	1
Group strategic report	2 - 3
Directors' report	4
Directors' responsibilities statement	5
Independent auditor's report	6 - 9
Consolidated profit and loss account	10
Consolidated statement of comprehensive income	11
Consolidated balance sheet	12 - 13
Company balance sheet	14 - 15
Consolidated statement of changes in equity	16
Company statement of changes in equity	17
Consolidated statement of cash flows	18
Notes to the financial statements	19 - 43

I.M.O. PRECISION CONTROLS LIMITED

COMPANY INFORMATION

Directors	F U Furlotti
	R M Hatter


Registered number	00770038


Registered office	The Interchange
	Frobisher Way
	Hatfield
	Hertfordshire
	AL10 9TG


Independent auditor	Blick Rothenberg Audit LLP
	Chartered Accountants & Statutory Auditor
	16 Great Queen Street
	Covent Garden
	London
	WC2B 5AH

Page 1

I.M.O. PRECISION CONTROLS LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 APRIL 2025

Introduction

The directors present their strategic report of the company for the year ended 30 April 2025. The principal activity of the group during the year continued to be the manufacture, import, export and marketing of electronic and electrical engineering products and systems through its operations in the UK, France, Italy, North America, Australia, South Africa and other parts of the world, together with overseas property investment and rental activity.

Business review and key performance indicators

The group sets KPIs for each financial year which are designed to ensure continuous improvement in all of its financial and operational activities. For financial purposes the key KPIs are revenue, profit after tax and debtor days and these are discussed below.

Group turnover decreased by 6% from £26.3m in the year ended 30 April 2024 to £24.5m in the year ended 30 April 2025 due to a reduction in sales to the UK and rest of the world. This was driven by a slow-down in some of the greentech industries in which the group operates and instances of over-stocking by some key customers.

Gross profit increased slightly from 39% to 42% due to a change in sales mix.

Due to relatively fixed costs, operating profit slight increased from £2.4m in the year ended 30 April 2024 to £2.7m in the year ended 30 April 2025, as a result of the increase in gross profit noted above. The overhead structure continues to be managed in a manner consistent with the resources required to provide a high level of customer service and enable business growth.

The group maintains two listed investment portfolios. Due to donations made to the parent charity in the form of investments during the year, the year end listed investment value decreased to £3.1m (2024: £4.4m).

Stock levels increased from £6.1m at 30 April 2024 to £6.4m at 30 April 2025. The group's stock control policy and stock procurement processes remain robust.

Due to the timing of sales in the year ended 30 April 2025, trade debtors increased from £4.8m at 30 April 2024 to £4.9m at 30 April 2025. Debtor days increased from 67 days to 72 days.

The group's cash balance increased from £8.4m at 30 April 2024 to £9.8m at 30 April 2025.

Due to the profit incurred in the year and a distribution under the corporate gift aid scheme in the year of £2.7m (2024: £4m), at the year end the group net assets were £24.3m (2024: £24.2m)

The group continues to focus investment on product development and overseas expansion and management remains committed to investment in this area.

Whilst the environment in which the group operates remains challenging, management maintains a high degree of confidence that the group is well positioned to continue to exploit opportunities for group in the future.

Page 2

I.M.O. PRECISION CONTROLS LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2025

Principal risks and uncertainties

The principal risk and uncertainties faced by the group and parent company include:

Competitive risk

Price competition and manufacturing cost inflation is putting pressure on margins. Competition remains high in all geographical areas.

Legislative risk

Legislation continues to pose ongoing obligations to the business, existing legislation that is being updated is being managed in accordance to company procedures. The group works within the following standards and regulations: ISO9001:2008; ROHS; REACH; WEEE; Health and Safety; European Packaging Directives.

Foreign currency risk

The group has exposure to currency fluctuations due to its overseas purchasing activities. The directors seek to limit this exposure by entering into forward purchase agreements where appropriate to do so. Risks are balanced across three core currencies, being the Euro, US Dollar and Japanese Yen.

Credit risk

The group continues to implement robust policies to mitigate credit risk, which include appropriate credit checks on potential customers before sales are made, and credit limits and payment terms. The collection of sales ledger debt is formly enforced.

Liquidity risk

The group has sufficient cash to ensure that it has sufficient funds for planned operations expansion.

Commodity pricing

The group's products are manufactured using certain key commodity materials such as copper, steel aluminium and plastics. Substantial rises in the price of these commodities can have an adverse direct impact on the business.

Future developments

The directors maintain the group wide management policy of continued development of the group's presence in its domestic and overseas markets.

This report was approved by the board and signed on its behalf.

F U Furlotti

Director

Date: 11 December 2025

Page 3

I.M.O. PRECISION CONTROLS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 30 APRIL 2025

The directors present their report and the financial statements for the year ended 30 April 2025.

Results and dividends

The profit for the year, after taxation, amounted to £2,889,498 (2024 - £3,214,181).

The company made a payment of £2,693,625 (2024: £4,000,000) under the gift aid scheme to its parent, The Maurice Hatter Foundation.

Directors

The directors who served during the year were:

F U Furlotti

R M Hatter

Qualifying third party indemnity provisions

The group has granted an indemnity to one or more of its directors against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third party indemnity provision remains in force as at the date of approving the directors' report.

Matters covered in the group strategic report

As permitted by Section 414(c) of the Companies Act 2006, the directors have elected to disclose information, required to be in the directors' report by Schedule 7 of the "Large and Medium Size Companies and Groups (Accounts and Reports) Regulations 20088", in the strategic report.

Disclosure of information to auditor

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the company and the group's auditor is unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the group's auditor is aware of that information.

Post balance sheet events

Subsequent to the year end, the company entered into a loan agreement to advance another company up to €2,500,000. The loan bears interest at 3-month-Euribor plus 1% and is due for repayment by 31 May 2028.

This report was approved by the board and signed on its behalf.

F U Furlotti

Director

Date: 11 December 2025

Page 4

I.M.O. PRECISION CONTROLS LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 30 APRIL 2025

The directors are responsible for preparing the group strategic report, the directors' report and the consolidated 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 the group and of the profit or loss of the group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the group's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group 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 the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 5

I.M.O. PRECISION CONTROLS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF I.M.O. PRECISION CONTROLS LIMITED

FOR THE YEAR ENDED 30 APRIL 2025

Opinion

We have audited the financial statements of I.M.O. Precision Controls Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2025, which comprise the consolidated profit and loss account, the consolidated statement of comprehensive income, the consolidated balance sheet, the company balance sheet, the consolidated statement of cash flows, the consolidated statement of changes in equity, the company 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).

In our opinion the financial statements:

∙give a true and fair view of the state of the group's and of the parent company's affairs as at 30 April 2025 and of the group's profit 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 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's responsibilities for the audit of the financial statements section of our report. We are independent of the group 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.

Conclusions relating to going concern

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 group's or the parent 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.

Page 6

I.M.O. PRECISION CONTROLS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF I.M.O. PRECISION CONTROLS LIMITED (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2025

Other information

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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the group 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 group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the parent company 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 directors' responsibilities statement set out on page 5, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Page 7

I.M.O. PRECISION CONTROLS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF I.M.O. PRECISION CONTROLS LIMITED (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2025

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 Group 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 group's 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 group, including the Companies Act 2006, taxation legislation, employment legislation 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 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 group’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 set out in note 3 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;

∙reading the minutes of meetings of those charged with governance; and

∙enquiring of management as to actual and potential litigation and claims.

Page 8

I.M.O. PRECISION CONTROLS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF I.M.O. PRECISION CONTROLS LIMITED (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2025

Auditor's responsibilities for the audit of the financial statements (continued)

Our risk assessment findings for both non-compliance with laws and regulations and the susceptibility of the group's financial statements to material misstatement from fraud were communicated with component auditors so that they could include them within their own risk assessment procedures and include, where appropriate, audit procedures in response to such risks in their work. We reviewed the responses from component auditors to the instructions provided by us and reviewed working papers where it was considered appropriate to reach our conclusions.

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.

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.

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.

Hayley Loft (senior statutory auditor)

for and on behalf of

Blick Rothenberg Audit LLP

Chartered Accountants

Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH

15 December 2025

Page 9

I.M.O. PRECISION CONTROLS LIMITED

CONSOLIDATED PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 30 APRIL 2025

	2025	2024
Note	£	£


Turnover	4	24,467,088	26,319,761
Cost of sales		(14,178,960)	(16,145,222)
Gross profit		10,288,128	10,174,539
Distribution costs		(4,343,766)	(4,321,456)
Administrative expenses		(3,257,428)	(3,515,119)
Other operating income		-	100,000
Operating profit	5	2,686,934	2,437,964
Income from other fixed asset investments		70,695	68,278
Amounts written off and loss on disposal of investments		114,242	(180,051)
Interest receivable and similar income		171,854	54,727
Interest payable and similar charges		-	(152)
Fair value movements		(35,343)	380,462
Profit before taxation		3,008,382	2,761,228
Tax on profit	8	(118,884)	452,953
Profit for the financial year		2,889,498	3,214,181

Profit for the year attributable to:
Owners of the parent	2,889,498	3,214,181
	2,889,498	3,214,181

Page 10

I.M.O. PRECISION CONTROLS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 APRIL 2025

				2025	2024
				£	£

Profit for the financial year	2,889,498	3,214,181
Other comprehensive income
Foreign exchange reserve	(127,627)	37,609
Total comprehensive income for the year	2,761,871	3,251,790

Profit for the year attributable to:
Owners of the parent company	2,889,498	3,214,181
	2,889,498	3,214,181

Total comprehensive income attributable to:
Owners of the parent company	2,761,871	3,251,790
	2,761,871	3,251,790

Page 11

REGISTERED NUMBER:00770038

I.M.O. PRECISION CONTROLS LIMITED

CONSOLIDATED BALANCE SHEET

AS AT 30 APRIL 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	11		403,205		651,499
Investments	12		3,657,906		4,964,520
Investment property	13		3,218,579		3,218,579
			7,279,690		8,834,598
Current assets
Stocks	14	6,360,070		6,087,935
Debtors: amounts falling due within one year	15	6,072,403		6,199,745
Cash at bank and in hand	16	9,800,794		8,417,755
		22,233,267		20,705,435
Creditors: amounts falling due within one year	17	(3,660,479)		(3,636,374)
Net current assets			18,572,788		17,069,061
Total assets less current liabilities			25,852,478		25,903,659
Creditors: amounts falling due after more than one year	18		(696,840)		(696,840)
Provisions for liabilities
Deferred taxation	19	(233,104)		(216,978)
Other provisions	20	(659,413)		(794,966)
			(892,517)		(1,011,944)
Net assets			24,263,121		24,194,875

Page 12

REGISTERED NUMBER:00770038

I.M.O. PRECISION CONTROLS LIMITED

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 30 APRIL 2025

		2025		2024
Note		£		£

Capital and reserves
Called up share capital	21	115,680	115,680
Revaluation reserve	22	285,737	285,737
Foreign exchange reserve	22	815,585	943,212
Profit and loss account	22	23,046,119	22,850,246
Equity attributable to owners of the parent company		24,263,121	24,194,875

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

F U Furlotti	R M Hatter
Director	Director

Date: 11 December 2025

Page 13

REGISTERED NUMBER:00770038

I.M.O. PRECISION CONTROLS LIMITED

COMPANY BALANCE SHEET

AS AT 30 APRIL 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	11		375,494		627,046
Investments	12		5,313,032		6,619,646
			5,688,526		7,246,692
Current assets
Stocks	14	5,185,696		5,078,612
Debtors: amounts falling due within one year	15	5,133,630		5,319,959
Cash at bank and in hand	16	7,714,529		6,484,478
		18,033,855		16,883,049
Creditors: amounts falling due within one year	17	(2,842,095)		(3,448,787)
Net current assets			15,191,760		13,434,262
Total assets less current liabilities			20,880,286		20,680,954

Provisions for liabilities
Deferred taxation	19	(89,073)		(89,073)
Other provisions	20	(659,413)		(794,966)
			(748,486)		(884,039)
Net assets			20,131,800		19,796,915

Page 14

REGISTERED NUMBER:00770038

I.M.O. PRECISION CONTROLS LIMITED

COMPANY BALANCE SHEET (CONTINUED)

AS AT 30 APRIL 2025

	2025	2024
Note	£	£

Capital and reserves
Called up share capital	21		115,680		115,680
Profit and loss account brought forward		19,681,235		21,227,332
Profit for the year		3,028,510		2,453,903
Other changes in the profit and loss account		(2,693,625)		(4,000,000)
Profit and loss account carried forward			20,016,120		19,681,235
Total equity			20,131,800		19,796,915

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

F U Furlotti	R M Hatter
Director	Director

Date: 11 December 2025

Page 15

I.M.O. PRECISION CONTROLS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2025

	Called up share capital	Revaluation reserve	Foreign exchange reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 May 2023	115,680	285,737	905,603	23,636,065	24,943,085
Comprehensive income for the year
Profit for the financial year	-	-	-	3,214,181	3,214,181
Unrealised movement on foreign exchange of subsidiaries	-	-	37,609	-	37,609
Contributions by and distributions to owners
Gift aid payment to parent	-	-	-	(4,000,000)	(4,000,000)

At 30 April 2024 and 1 May 2024	115,680	285,737	943,212	22,850,246	24,194,875
Comprehensive income for the year
Profit for the financial year	-	-	-	2,889,498	2,889,498
Unrealised movement on foreign exchange of subsidiaries	-	-	(127,627)	-	(127,627)
Contributions by and distributions to owners
Gift aid payment to parent	-	-	-	(2,693,625)	(2,693,625)
At 30 April 2025	115,680	285,737	815,585	23,046,119	24,263,121

Page 16

I.M.O. PRECISION CONTROLS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 APRIL 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 May 2023	115,680	21,227,332	21,343,012
Comprehensive income for the year
Profit for the financial year	-	2,453,903	2,453,903
Contributions by and distributions to owners
Gift aid payment to parent	-	(4,000,000)	(4,000,000)

At 30 April 2024 and 1 May 2024	115,680	19,681,235	19,796,915
Comprehensive income for the year
Profit for the financial year	-	3,028,510	3,028,510
Contributions by and distributions to owners
Gift aid payment to parent	-	(2,693,625)	(2,693,625)
At 30 April 2025	115,680	20,016,120	20,131,800

Page 17

I.M.O. PRECISION CONTROLS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 APRIL 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	3,008,382	2,761,228
Adjustments for:
Depreciation of tangible assets	269,082	347,729
Amounts written off and profit or loss on disposal of investments	(114,242)	180,051
Interest and investment income received	(242,549)	(123,005)
(Increase)/decrease in stocks	(272,135)	3,247,796
(Increase)/decrease in debtors	(93,992)	1,946,114
Decrease in creditors	(7,376)	(1,755,613)
Decrease in provisions	(119,427)	-
Net fair value losses/(gains)	48,923	(380,462)
Corporation tax (refunded)/paid	133,931	(512,236)
Net cash generated from operating activities	2,610,597	5,711,602

Cash flows from investing activities
Purchase of tangible fixed assets	(20,788)	(64,184)
Purchase of listed investments	(1,291,937)	(1,304,491)
Sale of listed investments	2,663,870	1,195,449
Purchase of unlisted and other investments	-	(200,000)
Sale of unlisted and other investments	-	500,000
Interest received	171,854	54,727
Dividends received	70,695	68,278
Net cash from investing activities	1,593,694	249,779
Cash flows from financing activities
Gift aid payment to parent	(2,693,625)	(4,000,000)
Net cash used in financing activities	(2,693,625)	(4,000,000)
Net increase in cash and cash equivalents	1,510,666	1,961,381
Cash and cash equivalents at beginning of year	8,417,755	6,418,765
Foreign exchange gains and losses	(127,627)	37,609
Cash and cash equivalents at the end of year	9,800,794	8,417,755

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	9,800,794	8,417,755
	9,800,794	8,417,755

Page 18

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

1.	General information

The principal activity of the group during the year continued to be the manufacture, import, export and marketing of electronic and electrical engineering products and systems through its operations in the UK, France, Italy, North America, Australia, South Africa and other parts of the world, together with overseas property investment and rental activity.

The company is a private company limited by shares incorporated in England and Wales. The address of its registered office and principal place of business is The Interchange, Frobisher Way, Hatfield, Hertfordshire, England, AL10 9TG.

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

2.1

Basis of preparation of financial statements

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 group management to exercise judgment in applying the group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.

2.3

Going concern

After making enquiries, the directors have a reasonable expectation that the company and group have adequate resources to continue in operational existence and meet their 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.

Page 19

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is Sterling (£).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses are presented in the consolidated profit and loss account within ''administrative expenses'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the group has transferred the significant risks and rewards of ownership to the buyer;

∙the group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the group will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 20

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

2.6

Operating leases: the group as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

2.7

Operating leases: the group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.8

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.11

Pensions

Defined contribution pension plan

The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the group in independently administered funds.

Page 21

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.13

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the profit or loss over its useful economic life and is recognised within 'administrative expenses'.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Amortisation is recognised within 'administrative expenses'.

Page 22

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property	-	over the term of the lease
Motor vehicles	-	33%
Fixtures and fittings	-	10%
Computer equipment	-	33%

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.

2.15

Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the consolidated profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. In assessing whether any impairment arises on unlisted investments, the directors review correspondence with the counter party and other factors in determining whether any provision arises.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 23

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

2.17

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

2.18

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the group's cash management.

2.19

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.21

Financial instruments

The group 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 group 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 group after deducting all of its liabilities.

The group’s policies for its major classes of financial assets and financial liabilities are set out below.

Page 24

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

Financial instruments (continued)

Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances, and amounts owed by group undertakings, 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 amounts owed to group undertakings, 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.

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 group 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.

Page 25

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

2.Accounting policies (continued)

Financial instruments (continued)

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.

2.22

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 26

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the group’s accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The following are critical judgements and estimations that the directors have made in the process of applying the group's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Investment property

The valuation of the group's investment property is determined annually by the directors based on their knowledge of relevant market information, which includes informally consulting third parties within the industry. The valuation prepared by the directors at 30 April 2025 is £3,218,579 (2024: £3,218,579).

Stock provision

The group's products are subject to changing consumer demands and technological developments. As a result, it is necessary to consider the recoverability of the cost of stock and the associated provision required. The directors determine the appropriate level of provision with reference to the average monthly consumption of each stock item. A provision against stock of £730,019 (2024: £567,731) has been recognised in the financial statements.

Warranty provision

The amount recognised for warranties for which customers are covered for the cost of returns is estimated based on management's past experience. As at 30 April 2025 the provision was £209,413 (2024: £344,966).

Dilapidations provisions

The group has entered into various operating leases which include dilapidations conditions. These may involve an outflow of resources at the termination of the lease. The directors have recognised a provision of £450,000 (2024: £450,000) based on the expected outflow required.

Page 27

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

	Manufacture, import, export and marketing of electronic and electrical engineering products	24,467,088	26,319,761

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	10,049,243	10,997,311
Rest of Europe	5,752,829	7,122,089
Rest of the world	8,665,016	8,200,361
	24,467,088	26,319,761

Research & development charged as an expense	21,144	7,895
Exchange differences	-	(1,357)
Other operating lease rentals	534,732	573,784
Fees payable to the company's auditor for the audit of the financial statements	35,500	35,500
Fees payable to the company's auditor for other non-audit services	8,472	7,500

Page 28

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

6.	Employees
	Staff costs, including directors' remuneration, were as follows:

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Wages and salaries	3,947,507	3,745,538	2,761,541	2,743,510
Social security costs	470,993	525,641	286,179	349,811
Cost of defined contribution scheme	188,163	228,876	129,102	169,970
	4,606,663	4,500,055	3,176,822	3,263,291

The average monthly number of employees, including the directors, during the year was as follows:

	Group	Group	Company	Company
	2025	2024	2025	2024
	No.	No.	No.	No.

Selling and distribution	55	58	39	41
Administration	10	10	10	10

	65	68	49	51

7.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	614,000	551,250
Group contributions to defined contribution pension schemes	12,100	11,725
	626,100	562,975

	During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £579,000 (2024 - £522,500).
	The value of the group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,000 (2024 - £10,000).

The directors are deemed to be the key management personnel of the company and group.

Page 29

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Corporation tax
Current tax on profits for the year	73,068	-
Adjustments in respect of previous periods	-	(491,511)
Foreign tax
Foreign tax on income for the year	45,816	38,558
Total current tax	118,884	(452,953)

	Deferred tax
	Total deferred tax	-	-


	Tax on profit	118,884	(452,953)

Profit on ordinary activities before tax

3,008,382

2,761,228

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 24.5%)	752,096	676,501
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	4,726	48,596
Adjustments to tax charge in respect of prior periods	-	(491,511)
Other timing differences leading to an decrease in taxation	19,501	12,638
Non-taxable income	(37,399)	(109,941)
Group relief	-	(157,441)
Relief for gift aid payment to parent	(620,040)	(431,795)
Total tax charge for the year	118,884	(452,953)

Factors that may affect future tax charges

The group has unrecognised corporation tax losses carried forward of £749,593 (2024: £1,155,318) in its overseas subsidiaries.

Page 30

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

9.	Distributions to parent
		2025	2024
		£	£

Payments under gift aid

2,693,625

4,000,000

10.	Intangible assets
	Group

	Patents	Goodwill	Total
	£	£	£
Cost
At 1 May 2024	75,534	121,278	196,812
At 30 April 2025	75,534	121,278	196,812
Amortisation
At 1 May 2024	75,534	121,278	196,812
At 30 April 2025	75,534	121,278	196,812
Net book value
At 30 April 2025	-	-	-
At 30 April 2024	-	-	-

Page 31

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

10.Intangible assets (continued)

	Company

		Patents
		£
	Cost
	At 1 May 2024	75,534
	At 30 April 2025	75,534
	Amortisation
	At 1 May 2024	75,534
	At 30 April 2025	75,534
	Net book value
	At 30 April 2025	-
	At 30 April 2024	-

Page 32

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

11.	Tangible fixed assets
	Group

	Short-term leasehold property	Motor vehicles	Fixtures and fittings	Computer equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 May 2024	1,129,489	24,021	381,063	495,841	2,030,414
Additions	-	-	14,247	6,541	20,788
At 30 April 2025	1,129,489	24,021	395,310	502,382	2,051,202
Depreciation
At 1 May 2024	829,365	24,021	135,795	389,734	1,378,915
Charge for the year	113,888	-	69,831	85,363	269,082
At 30 April 2025	943,253	24,021	205,626	475,097	1,647,997
Net book value
At 30 April 2025	186,236	-	189,684	27,285	403,205
At 30 April 2024	300,124	-	245,268	106,107	651,499

Page 33

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

11.Tangible fixed assets (continued)

	Company

	Short-term leasehold property	Fixtures and fittings	Computer equipment	Total
	£	£	£	£
Cost or valuation
At 1 May 2024	1,129,489	352,189	484,833	1,966,511
Additions	-	2,786	5,850	8,636
At 30 April 2025	1,129,489	354,975	490,683	1,975,147
Depreciation
At 1 May 2024	829,365	125,652	384,448	1,339,465
Charge for the year	113,888	63,875	82,425	260,188
At 30 April 2025	943,253	189,527	466,873	1,599,653
Net book value
At 30 April 2025	186,236	165,448	23,810	375,494
At 30 April 2024	300,124	226,537	100,385	627,046

Page 34

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

12.	Fixed asset investments
	Group

	Listed investments	Unlisted investments	Total
	£	£	£
Cost or valuation
At 1 May 2024	4,426,641	712,879	5,139,520
Additions	1,291,937	-	1,291,937
Disposals	(2,549,628)	-	(2,549,628)
Revaluations	(48,923)	-	(48,923)
At 30 April 2025	3,120,027	712,879	3,832,906
Impairment
At 1 May 2024	-	175,000	175,000
At 30 April 2025	-	175,000	175,000
Net book value
At 30 April 2025	3,120,027	537,879	3,657,906
At 30 April 2024	4,426,641	537,879	4,964,520

Page 35

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

	Company

	Investments in subsidiary companies	Listed investments	Unlisted investments	Total
	£	£	£	£
Cost or valuation
At 1 May 2024	1,655,126	4,426,641	712,879	6,794,646
Additions	-	1,291,937	-	1,291,937
Disposals	-	(2,549,628)	-	(2,549,628)
Revaluations	-	(48,923)	-	(48,923)
At 30 April 2025	1,655,126	3,120,027	712,879	5,488,032
Impairment
At 1 May 2024	-	-	175,000	175,000
At 30 April 2025	-	-	175,000	175,000
Net book value
At 30 April 2025	1,655,126	3,120,027	537,879	5,313,032
At 30 April 2024	1,655,126	4,426,641	537,879	6,619,646

Page 36

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Subsidiary undertakings
The following were subsidiary undertakings of the company:
Name	Registered office	Class of shares	Holding

IMO Jeambrun Automation SAS	30 Rue de Rocroy, 94100 St Maur Des Fosses, France	Ordinary	100%
IMO Automation LLC	Steeplechase Industrial Park, Suite E, 6845 Steeplechase Blvd, Cummin, CA 30040, United States of America	Ordinary	100%
SCI La Plaine Brunette	Avenue du Mistral, Zi Athelia IV, 13705 La Ciotat Cedex, France	Ordinary	100%
Stag Electrical Limited	The Interchange, Frobisher Way, Hatfield, Hertfordshire, England, AL10 9TG	Ordinary	100%
I.M.O. Electronics Limited	The Interchange, Frobisher Way, Hatfield, Hertfordshire, England, AL10 9TG	Ordinary	100%
IMO Management Limited	The Interchange, Frobisher Way, Hatfield, Hertfordshire, England, AL10 9TG	Ordinary	100%
IMO Automation Limited	The Interchange, Frobisher Way, Hatfield, Hertfordshire, England, AL10 9TG	Ordinary	100%
IMO Group of Companies Limited	The Interchange, Frobisher Way, Hatfield, Hertfordshire, England, AL10 9TG	Ordinary	100%
IMO South Africa (PTY) Limited	Unit 5, Osdam Business Park, Columbus Crescent, Rivergate, Parklands Cape Town 7441, South Africa	Ordinary	15%
IMO Pacific PTY Limired	9 Dillington Pass, Landsdale, Perth, WA 6065, Australia	Ordinary	15%

Page 37

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

13.	Investment property
	Group

		Freehold investment property
		£
	Valuation
	At 1 May 2024	3,218,579
	At 30 April 2025	3,218,579

The 2025 valuations were made by the directors, on an open market value for existing use basis.

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
	2025	2024
	£	£

Historic cost

2,268,293

14.	Stocks
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

	Finished goods and goods for resale	6,360,070	6,087,935	5,185,696	5,078,612

The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 38

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

15.

Debtors

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Trade debtors	4,878,627	4,804,210	3,360,381	3,455,711
Amounts owed by group undertakings	-	-	686,728	703,958
Other debtors	41,101	78,928	15,152	66,398
Prepayments and accrued income	448,154	390,752	366,848	324,970
Tax recoverable	704,521	925,855	704,521	768,922
	6,072,403	6,199,745	5,133,630	5,319,959

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

16.	Cash and cash equivalents
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

	Cash at bank and in hand	9,800,794	8,417,755	7,714,529	6,484,478

17.	Creditors: amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Trade creditors	1,781,312	1,155,192	1,482,511	1,012,149
Amounts owed to group undertakings	-	-	100,000	439,077
Corporation tax	31,481	-	-	-
Other taxation and social security	655,726	490,949	405,821	217,483
Other creditors	822,837	765,293	697,060	675,322
Accruals and deferred income	369,123	1,224,940	156,703	1,104,756
	3,660,479	3,636,374	2,842,095	3,448,787

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

Page 39

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

18.	Creditors: amounts falling due after more than one year
		Group	Group
		2025	2024
		£	£

	Corporation tax	696,840	696,840

19.	Deferred taxation
	Group

		2025
		£

	At beginning of year	(216,978)
	Charged to profit or loss	(16,126)
	At end of year	(233,104)

Company

		2025
		£

	At beginning of year	(89,073)
	At end of year	(89,073)

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£

Accelerated capital allowances	(98,782)	(98,782)	(98,782)	(98,782)
Short term timing differences	9,709	9,709	9,709	9,709
Unrealised capital gains	(144,031)	(127,905)	-	-
	(233,104)	(216,978)	(89,073)	(89,073)

Page 40

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

20.	Provisions
	Group

	Dilapidation provision	Warranty provision	Total
	£	£	£

At 1 May 2024	450,000	344,966	794,966
Charged to profit or loss	-	28,863	28,863
Utilised in year	-	(164,416)	(164,416)
At 30 April 2025	450,000	209,413	659,413

Company

	Dilapidation provision	Warranty provision	Total
	£	£	£

At 1 May 2024	450,000	344,966	794,966
Charged to profit or loss	-	28,863	28,863
Utilised in year	-	(164,416)	(164,416)
At 30 April 2025	450,000	209,413	659,413

The dilapidation provision relates to the contractual obligations of the parent company on the surrender of certain operating leases in respect of land and buildings to reinstate the premises to the same state and condition as before occupancy.

The warranty provision relates to the estimated cost of the return of electronic and engineering products sold.

21.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

115,680 (2023 - 115,680) Ordinary shares of £1.00 each	115,680	115,680

Page 41

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

22.

Reserves

Revaluation reserve

The revaluation reserve relates to the cumulative unrealised gain recognised on the group's investment properties net of any deferred tax.

Foreign exchange reserve

The foreign exchange reserve relates to the translation differences arising on retranslation from the local currency of the overseas subsidiaries.

Profit and loss account

The profit and loss account relates to the cumulative retained earnings less amounts distributed to shareholders.

23.	Analysis of net debt

		At 1 May 2024	Cash flows	Other non-cash changes	At 30 April 2025
		£	£	£	£

	Cash at bank and in hand	8,417,755	1,510,666	(127,627)	9,800,794
		8,417,755	1,510,666	(127,627)	9,800,794

Page 42

I.M.O. PRECISION CONTROLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

24.	Commitments under operating leases
	At 30 April 2025 the group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Not later than 1 year	399,881	400,803	356,700	356,700
Later than 1 year and not later than 5 years	377,363	643,770	287,070	643,700
	777,244	1,044,573	643,770	1,000,400

At 30 April 2025 the future aggregate minimum rentals receivable under non-cancellable operating leases are as follows:
	Group	Group
	2025	2024
	£	£

Not later than 1 year	208,439	217,019
Later than 1 year and not later than 5 years	569,687	613,485
Later than 5 years	161,302	266,086
	939,428	1,096,590

25.	Related party transactions
	The company has taken advantage of the exemption in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.

26.	Post balance sheet events

27.	Controlling party

The trustees of The Maurice Hatter Foundation CIO are the ultimate controlling party.

Page 43