Company No: 01398170 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	4	735		1,259
Investments	5	234,432		234,432
		235,167		235,691
Current assets
Stocks		458,000		341,000
Debtors	6	2,122,949		1,402,717
Cash at bank and in hand		2,652,707		3,138,702
		5,233,656		4,882,419
Creditors: amounts falling due within one year	7	( 5,394,546)		( 5,043,507)
Net current liabilities		(160,890)		(161,088)
Total assets less current liabilities		74,277		74,603
Net assets		74,277		74,603
Capital and reserves
Called-up share capital	8	29		29
Capital redemption reserve		11,493		11,493
Profit and loss account		62,755		63,081
Total shareholders' funds		74,277		74,603

For the financial year ending 31 December 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Independent Motor Trade Factors Associated Limited (registered number: 01398170) were approved and authorised for issue by the Board of Directors on 27 August 2026. They were signed on its behalf by:

E S D Murray Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Independent Motor Trade Factors Associated Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Website costs

5 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings	3 years straight line
Fixtures and fittings	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a 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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Agency activities

Services carried out by the Company for members of the entity whereby it acts as a central invoicing and collection agency in respect of sales made by individual members to certain national chains involved in the supply of motor parts and accessories are not considered to be trading transactions of the company and accordingly are not reflected in the profit and loss account.

Purchase rebates

Rebates and other payments received by the company in respect of purchases made by the members of the entity from third party suppliers are passed on in their entirety to the members concerned and therefore not reflected in the profit and loss account.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	6		5

3. Intangible assets

	Website costs		Total
	£		£
Cost
At 01 January 2025	4,840		4,840
At 31 December 2025	4,840		4,840
Accumulated amortisation
At 01 January 2025	4,840		4,840
At 31 December 2025	4,840		4,840
Net book value
At 31 December 2025	0		0
At 31 December 2024	0		0

4. Tangible assets

	Land and buildings		Fixtures and fittings		Total
	£		£		£
Cost
At 01 January 2025	16,335		6,986		23,321
At 31 December 2025	16,335		6,986		23,321
Accumulated depreciation
At 01 January 2025	16,335		5,727		22,062
Charge for the financial year	0		524		524
At 31 December 2025	16,335		6,251		22,586
Net book value
At 31 December 2025	0		735		735
At 31 December 2024	0		1,259		1,259

5. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 January 2025	1
At 31 December 2025	1
Carrying value at 31 December 2025	1
Carrying value at 31 December 2024	1

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 January 2025	234,431		234,431
At 31 December 2025	234,431		234,431
Carrying value at 31 December 2025	234,431		234,431
Carrying value at 31 December 2024	234,431		234,431

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Investments in shares

Name of entity	Registered office	Principal activity	Class of shares	Ownership 31.12.2025	Ownership 31.12.2024
IMTFA Events Limited	Lowin house, Tregolls Road, Truro, Cornwall, United Kingdom, TR1 2NA, England and Wales	Events management	Ordinary	100.00%	100.00%

6. Debtors

	2025		2024
	£		£
Trade debtors	1,154,623		1,061,882
Prepayments and accrued income	14,524		21,944
VAT recoverable	746,348		0
Corporation tax	210		0
Other debtors	207,244		318,891
	2,122,949		1,402,717

After the year end, a debtor of the company entered administration. As recovery of the outstanding balance is considered unlikely, a provision of £168,852 has been recognised in the accounts.

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	334,972		75,132
Accruals	3,874		4,846
Taxation and social security	12,895		48,245
Other creditors	5,042,805		4,915,284
	5,394,546		5,043,507

Included in other creditors and accruals are rebates and penalty charges received or receivable by the company from suppliers due to members and are payable to members after the year end amounting to £5,018,824 (2024: £4,877,216).

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
29 Ordinary shares of £ 1.00 each	29		29