REGISTERED NUMBER: 08076698 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

IM Axle Specialists Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R I Shipman

M I Shipman

REGISTERED OFFICE:

Cawley House

149-155 Canal Street

Nottingham

Nottinghamshire

NG1 7HR

REGISTERED NUMBER:

08076698 (England and Wales)

AUDITORS:

Clayton & Brewill

Statutory Auditors and

Chartered Accountants

Cawley House

149-155 Canal Street

Nottingham

Nottinghamshire

NG1 7HR

FIXED ASSETS

Intangible assets

4

-

-

Property, plant and equipment

5

341,119

169,476

341,119

169,476

CURRENT ASSETS

Inventories

3,424,951

3,325,719

Debtors

6

3,480,315

3,321,442

Cash at bank

128,192

169,471

7,033,458

6,816,632

CREDITORS

Amounts falling due within one year

7

4,203,547

3,653,399

NET CURRENT ASSETS

2,829,911

3,163,233

TOTAL ASSETS LESS CURRENT LIABILITIES

3,171,030

3,332,709

CREDITORS

Amounts falling due after more than one year

8

(189,534

)

(238,787

)

PROVISIONS FOR LIABILITIES

11

(81,013

)

(36,843

)

NET ASSETS

2,900,483

3,057,079

CAPITAL AND RESERVES

Called up share capital

12

125

125

Share premium

400,025

400,025

Retained earnings

2,500,333

2,656,929

SHAREHOLDERS' FUNDS

2,900,483

3,057,079

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 22 December 2025 and were signed on its behalf by:

M I Shipman - Director

1.	STATUTORY INFORMATION

IM Axle Specialists Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

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

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer (when the goods are dispatched to the buyer), the company retains no continuing involvement or controls over the goods, the amount of revenue can be measured reliably and it is probably future economic benefits will flow to the entity.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years.

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.

Tangible fixed assets

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

Improvements to property

-

equally over remaining term of lease

Plant and equipment

-

25% reducing balance

Motor vehicles

-

33% on reducing balance

Computer equipment

-

33% on cost

Stocks

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

Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price, including transaction costs. Financial assets classified as debtors within one year are not amortised and are therefore measured at transaction price plus transaction costs. Assets receivable after more than one year are subsequently carried at amortised cost using the effective interest rate method unless the arrangement constitues a financing transaction. In this latter case, the transaction is measured at the present value of future receipts discounted at a market rate of interest.

We derecongise financial assets are in three scenarios. Firstly, when the contractual rights to the cash flows from the assets expire or are settled. Secondly, when all the risks and rewards of the ownership of the asset substantially transfer to another party. Thirdly, when control of the asset transfers to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities, including trade and other payables, bank loans and intercompany loans, are initially recognised at transaction price. If the arrangement constitutes a financing transaction, the debt instrument is measured at the present value of future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probably that some or all of the facility will be drawn down. In this case, the fees is deferred until the draw-down occurs. To the extent that there is no evidence that it is probably that some or all of the facility will be drawn down, th fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. We classify trade creditors are current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments.

Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in the profit or loss in finance costs or income as appropriate.

The company does not apply hedge accounting for interest rate and foreign exchange derivatives.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or has expired.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a seperate entity. Once the contributions have been made, the company has no further payment obligations. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Amounts not paid are shown under the social security and other taxes creditor on the balance sheet.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and en expense, unless the costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Expenses

Expenses are included in the financial statements as they become receivable or due. They exclude value added tax as the company can reclaim it.

Provisions

When the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation and the amount of the obligation can be estimated reliably, a provision is recognised.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recongised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2023 - 26 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

114,000

AMORTISATION

At 1 January 2024

and 31 December 2024

114,000

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

The goodwill relates to the acquisition of a business combination in 2012.

5.	PROPERTY, PLANT AND EQUIPMENT

Improvements

to

Plant and

Motor

Computer

property

equipment

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

14,058

240,952

132,876

5,664

393,550

Additions

-

140,702

88,323

-

229,025

At 31 December 2024

14,058

381,654

221,199

5,664

622,575

DEPRECIATION

At 1 January 2024

14,058

135,763

72,778

1,475

224,074

Charge for year

-

32,546

23,140

1,696

57,382

At 31 December 2024

14,058

168,309

95,918

3,171

281,456

NET BOOK VALUE

At 31 December 2024

-

213,345

125,281

2,493

341,119

At 31 December 2023

-

105,189

60,098

4,189

169,476

The NBV of assets held under HP contracts is £104,168 (2023 £38,872)

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

1,841,224

1,082,676

Amounts owed by group undertakings

1,408,587

2,114,214

Other debtors

65,062

10,000

Prepayments and accrued income

165,442

114,552

3,480,315

3,321,442

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts (see note 9)

100,000

100,000

Other loans (see note 9)

28,273

23,321

Hire purchase contracts

25,652

10,372

Trade creditors

2,534,243

2,344,480

Factoring account

583,749

414,236

Tax

502,778

339,072

Social security and other taxes

174,428

212,534

Other creditors

142,832

149,341

Directors' current accounts

36,912

33,993

Accrued expenses

74,680

26,050

4,203,547

3,653,399

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans (see note 9)

100,000

200,000

Hire purchase contracts

89,534

38,787

189,534

238,787

9.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

£

Amounts falling due within one year or on demand:

Bank loans

100,000

100,000

Other loans

28,273

23,321

128,273

123,321

Amounts falling due between one and two years:

Bank loans - 1-2 years

100,000

100,000

Amounts falling due between two and five years:

Bank loans

-

100,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

200,000

300,000

Hire purchase contracts

115,186

49,159

Factoring account

583,749

414,236

898,935

763,395

The hire purchase is secured on the assets concerned. The bank loan is secured by a debenture dated 6/5/2014. The factoring accounts is secured by a debenture dated 25/10/19

11.	PROVISIONS FOR LIABILITIES

Provision for liabilities relates to deferred tax liabilities.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

125

Ordinary

£1

125

125

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

The Report of the Auditors was unqualified.

Yvonne Jackson BSc FCA (Senior Statutory Auditor)

for and on behalf of Clayton & Brewill

14.	OTHER FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet amount to £968,145 (2023 £1,153,981). These commitments are related to operational leases held on property and equipment.

15.	ULTIMATE CONTROLLING PARTY

The controlling party is IM Global Group Holdings Limited. Registered office address - Cawley House, 149-155 Canal Street, Nottingham, NG1 7HR.