The Industrial Maintenance Group Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02305188 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2018

FOR

THE INDUSTRIAL MAINTENANCE GROUP LIMITED

Page

Statement of Financial Position

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

5

67,155

76,958

Investments

6

488

488

67,643

77,446

CURRENT ASSETS

Stocks

895,960

788,607

Debtors

7

3,449,351

3,051,909

Cash at bank and in hand

630,639

929,843

4,975,950

4,770,359

CREDITORS

Amounts falling due within one year

8

1,865,402

1,806,199

NET CURRENT ASSETS

3,110,548

2,964,160

TOTAL ASSETS LESS CURRENT LIABILITIES

3,178,191

3,041,606

CREDITORS

Amounts falling due after more than one year

9

(335,885

)

-

PROVISIONS FOR LIABILITIES

(7,232

)

(6,209

)

NET ASSETS

2,835,074

3,035,397

CAPITAL AND RESERVES

Called up share capital

100

100

Capital redemption reserve

4,872

4,872

Retained earnings

2,830,102

3,030,425

SHAREHOLDERS' FUNDS

2,835,074

3,035,397

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved and authorised for issued by the Board of Directors on 12 June 2019 and were signed on its behalf by:

R J K Gundry - Director

1.	STATUTORY INFORMATION

The Industrial Maintenance Group Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address are as below:

Registered number:

02305188

Registered office:

Unit M, Riverside Industrial Estate

Atherstone Street

Fazeley

Tamworth

Staffordshire

B78 3RW

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

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The directors have considered the company's operating financial requirements for the forthcoming year and

expect that the company will have sufficient cash reserves to meet those requirements and as a result they have

prepared the accounts on the going concern basis.

Preparation of consolidated financial statements

The financial statements contain information about The Industrial Maintenance Group Limited as an individual

company and do not contain consolidated financial information as the parent of a group. The company is exempt

under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial

statements.

Significant judgements and estimates

In preparing these financial statements, the directors have made the following judgements:

- Determine whether leases entered into by the company either as a lessor or a lessee are operating lease or

finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have

been transferred from the lessor to the lessee on a lease by lease basis.

- Determine whether there are indicators of impairment of the company's tangible and intangible assets,

including goodwill. Factors taken into consideration in reaching such a decision include the economic viability

and expected future financial performance of the asset and where it is a component of a larger cash-generating

unit, the viability and expected future performance of that unit. At each reporting period date, the company

reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets

have suffered an impairment loss.

Other key sources of estimation uncertainty

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where

appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on

a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and

maintenance programmes are taken into account. Residual value assessments consider issues such as future

market conditions, the remaining life of the asset and projected disposal values.

Turnover

Turnover represents the total invoice value, excluding value added tax, of goods sold and services rendered

during the year. Revenue is recognised when the company fulfils its contractual obligations to customers by

supplying goods and services.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance and Over the term of the lease

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and

accumulated impairment losses.

Stocks

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Financial instruments

Basic financial assets, which include trade debtors, other debtors, loans to directors, and cash and bank balances,

are initially measured at the transaction price including transaction costs and are subsequently recognised at

amortised cost.

Basic financial liabilities, including trade creditors and other creditors are initially recognised at transaction price

and are subsequently recognised at amortised cost.

Classification of financial liabilities

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 entity after deducting all of its financial liabilities.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive

income, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

statement of financial position 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

The company operates a money purchase pension scheme. Contributions payable to this scheme are charged to

the profit and loss account on a straight line basis. These contributions are invested separately from the

company's assets.

Investments

Investments held as fixed assets are stated at cost less provision for permanent diminution in value.

Factoring

Where debts are factored, the gross amount of the debt is included in trade debtors and advances secured under

the factoring arrangement are included within bank loans and overdrafts.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which has 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 46 (2017 - 47 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2017

292,629

Additions

24,316

Disposals

(35,369

)

At 31 October 2018

281,576

DEPRECIATION

At 1 November 2017

215,671

Charge for year

26,550

Eliminated on disposal

(27,800

)

At 31 October 2018

214,421

NET BOOK VALUE

At 31 October 2018

67,155

At 31 October 2017

76,958

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 November 2017

and 31 October 2018

488

NET BOOK VALUE

At 31 October 2018

488

At 31 October 2017

488

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

796,184

1,053,741

Other debtors

2,653,167

1,998,168

3,449,351

3,051,909

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

618,026

562,170

Taxation and social security

168,183

301,438

Other creditors

1,079,193

942,591

1,865,402

1,806,199

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Other creditors

335,885

-

10.	LEASING AGREEMENTS

At the balance sheet date, the company had total commitments under non-cancellable operating leases over the

remaining life of those leases of £125,144 (2017: £201,219).

11.	SECURED DEBTS

Included within other creditors is £nil (2017: £nil) of advances received under an invoice discounting

arrangement which is secured by a legal assignment, a fixed charge and a floating charge over the undertaking of

the company and its assets.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the period the company advanced a total of £201,198 to the directors. Interest is charged at a rate of 2.5%

per annum and the balance is repayable on demand. During the period the company charged interest of £37,466

(2017: £33,604) to the directors.

At the balance sheet date the company was owed £1,634,508 (2017: £1,395,844) by the directors.