IGM Robotic Systems Limited - Period Ending 2020-12-31

IGM Robotic Systems Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 8

IGM Robotic Systems Limited

Company Information

Directors

M Merstallinger W Jones

Company secretary

S Westley

Registered office

Unit 4 Littleton Drive Huntington Cannock Staffordshire WS12 4TR

Auditors

CBSL Accountants Limited Chartered Accountants & Statutory Auditor Rowan House North 1 The Professional Quarter Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG

IGM Robotic Systems Limited

(Registration number: 02292447)
Balance Sheet as at 31 December 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	134,599	106,699
Current assets
Stocks	5	3,510	7,820
Debtors	6	872,121	729,138
Cash at bank and in hand		707,269	555,510
		1,582,900	1,292,468
Creditors: Amounts falling due within one year	7	(454,031)	(393,298)
Net current assets		1,128,869	899,170
Total assets less current liabilities		1,263,468	1,005,869
Provisions for liabilities		(23,940)	(9,118)
Net assets		1,239,528	996,751
Capital and reserves
Called up share capital	8	1,053,909	1,053,909
Profit and loss account		185,619	(57,158)
Shareholders' funds		1,239,528	996,751

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 8 April 2021 and signed on its behalf by:
 

M Merstallinger Director

W Jones Director

IGM Robotic Systems Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 4
Littleton Drive
Huntington
Cannock
Staffordshire
WS12 4TR

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 12 April 2021 was Adrian Barker BA FCA, who signed for and on behalf of CBSL Accountants Limited.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

IGM Robotic Systems Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

Tax

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold property	Fully depreciated
Plant and machinery	33% reducing balance
Fixtures and fittings	20% straight line
Motor vehicles	33% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

IGM Robotic Systems Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2019 - 12).

IGM Robotic Systems Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

5

Stocks

	2020 £	2019 £
Work in progress	-	2,700
Other inventories	3,510	5,120
	3,510	7,820

6

Debtors

	Note	2020 £	2019 £
Trade debtors		715,472	54,854
Amounts owed by group undertakings and undertakings in which the company has a participating interest	10	58,207	657,722
Prepayments		14,525	14,562
Other debtors		83,917	2,000
		872,121	729,138

7

Creditors

Creditors: amounts falling due within one year

	2020 £	2019 £
Due within one year
Trade creditors	39,405	23,434
Taxation and social security	122,332	26,760
Accruals and deferred income	179,124	341,304
Other creditors	31,096	-
Amounts due to group undertakings	82,074	1,800
	454,031	393,298

IGM Robotic Systems Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

8	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary of £1 each	1,053,909	1,053,909	1,053,909	1,053,909

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £24,828 (2019 - £34,759).

As at the year end there are R&D claims in progress relating to the years ending 2018 and 2019 generating a net reclaim of £47,564.

10	Related party transactions

Summary of transactions with other related parties

The company had the following transactions with group undertakings during the year :-

Sales of goods and services £28,696 (2019 - £48,569)
Purchase of goods and services £1,984,843 (2019 - £418,285)
Recharges received for wages and overheads £190,141 (2019 - £269,515)
Administration charges and commissions received £81,578 (2019 - £114,298)
Monies due to group companies at the year end £23,867 (2019 - (£655,922))
 

11	Parent and ultimate parent undertaking

The company's immediate parent is IGM Robotersysteme AG, incorporated in Austria.