1.
General Information
Associated Interim Management Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
03997992
. The registered office is The Base Dartford Business Park, Victoria Road, Dartford, Kent, DA1 5FS.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
Presentational Currency
The accounts are presented in and rounded to the nearest £1 sterling.
2.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3.
Turnover
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
2.4.
Tangible Fixed Assets and Depreciation
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of income and retained earnings.
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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
| Motor Vehicles |
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| Fixtures & Fittings |
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| Computer Equipment |
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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 the statement of income and retained earnings.
2.5.
Investments
Unlisted investments, 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 other comprehensive income via the revaluation reserve. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the statement of income and retained earnings.
Associated Interim Management Limited
Notes to the Financial Statements (continued)
For The Year Ended 5 April 2025
2.6.
Financial Instruments
Financial assets that are 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 statement of income and retained earnings.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
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.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are 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 statement of income and retained earnings.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
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.
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.
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.
2.7.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.8.
Pensions
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 separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.
Defined contribution pension plan
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 separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.
Associated Interim Management Limited
Notes to the Financial Statements (continued)
For The Year Ended 5 April 2025
2.9.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
2.10.
Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
2.11.
Interest income
Interest income is recognised in the statement of income and retained earnings using the effective interest method.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 23 (2024: 23)
4.
Tangible Assets
| Motor Vehicles | Fixtures & Fittings | Computer Equipment | Total | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Cost | ||||
| As at 6 April 2024 |
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| As at 5 April 2025 |
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| Depreciation | ||||
| As at 6 April 2024 |
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| Provided during the period |
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| As at 5 April 2025 |
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| Net Book Value | ||||
| As at 5 April 2025 |
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| As at 6 April 2024 |
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5.
Investments
Both listed and unlisted investments are held as fixed asset investments in the financial statements because the intention of management is to hold the investments for a period of more than one year.
The revaluation reserve at the year end represents cumulative revaluations on unlisted investments. Fair value movements on listed investments have been recorded in the statement of comprehensive income.
Current asset investments comprise of listed securities and are measured at mid-market values at the year-end date.
An unrealised gain on listed investments of £1,792 (2024 - £1,943) have been recognised in the profit and loss account during the year.
An unrealised gain on gold bullion of £19,432 (2024 - £5,167) have been recognised in the statement of other comprehensive income.
| Listed | Unlisted | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost or Valuation | |||
| As at 6 April 2024 |
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| Additions |
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| Disposals |
( |
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( |
| Revaluations |
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| As at 5 April 2025 |
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| Provision | |||
| As at 6 April 2024 |
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- |
| As at 5 April 2025 |
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- |
| Net Book Value | |||
| As at 5 April 2025 |
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| As at 6 April 2024 |
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Associated Interim Management Limited
Notes to the Financial Statements (continued)
For The Year Ended 5 April 2025
Unlisted investments relate to invetment in gold bullion.
Both listed and unlisted investments are held as fixed asset investments in the financial statements because the intention of management is to hold the investments for a period of more than one year.
The revaluation reserve at the year end represents cumulative revaluations on unlisted investments. Fair value movements on listed investments have been recorded in the statement of comprehensive income.
Current asset investments comprise of listed securities and are measured at mid-market values at the year-end date.
An unrealised gain on listed investments of £1,792 (2024 - £1,943) have been recognised in the profit and loss account during the year.
An unrealised gain on gold bullion of £19,432 (2024 - £5,167) have been recognised in the statement of other comprehensive income.
6.
Debtors
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| Corporation tax recoverable assets |
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7.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
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| Other taxes and social security |
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| VAT |
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| Other creditors |
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| Accruals and deferred income |
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| Directors' loan accounts |
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8.
Deferred Taxation
The provision for deferred tax is made up as follows:
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2025
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2024
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£
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£
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Deferred taxation on Accelerated Capital Allowances
|
1,701
|
2,299
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Deferred taxation on Investment
|
12,832
|
8,108
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|
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14,533
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|
10,407
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| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Other timing differences | 14,533 | 10,407 | |
Associated Interim Management Limited
Notes to the Financial Statements (continued)
For The Year Ended 5 April 2025
10.
Other Commitments
At 5 April 2024 the company had the following future minimum lease payments under noncancellable operating leases for each of the following periods:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Not later than one year | - |
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| - |
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11.
Related Party Disclosures
During the year the directors lent £624 (2024 - £624) to the Company and were repaid £10,700 (2024 - £10,000). The balance at the year-end due to the directors totalled £106,575 (2024 - £95,251). The loan is interest free and repayable on demand.