ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number:
FOR THE YEAR ENDED 31 MARCH 2018
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I.M.C.S. (UK) PLC
COMPANY INFORMATION
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I.M.C.S. (UK) PLC
CONTENTS
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I.M.C.S. (UK) PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2018
The principal activity of the company continued to be that of management centre for a consortium of motor vehicle body repair inspection engineers and as providers of a similar inspection service in its own right. The company is managed on behalf and in the interest of the consortium members.
The directors consider the loss on ordinary activities before taxation to be in accordance with their expectations, after taking into account the general trading conditions prevailing during the year under review.
The turnover figure shown in the accounts does not reflect charges made to clients of the consortium where that charge has been raised by a member of the consortium and charged directly to that client, in accordance with special arrangements relating to the consortium's services. The turnover reduction with same gross margin has resulted in a loss of £14,708 (2017 - Loss of £11,669). The overheads have been consistent for 2018 and 2017. Management accounts post year end indicate the company has returned to profitability. Post year end the number of inspections have increased 12% on a like for like basis and margins have improved to 19% as a result of the engineers reducing their charges. Having regard to Section 417 of the Companies Act 2006 the results of the company have been confirmed with the members and the board of the company.
The directors regularly review issues, risks and uncertainties that face the company in order to plan ways to mitigate risk.
The company operates in a competitive market so the directors are actively looking at new lines of operation to supplement revenue streams from existing activities. The directors also continue to maintain IT systems so the company can offer a real-time claims tracker service. Financial risk is mitigated by ensuring stringent credit control procedures are in place and costs are continually reviewed to ensure the company remains competitive. The company offers a nationwide service to its clients. As members retire new members are difficult to recruit.
The gross profit of the company has remained the same at 16% in comparison to 2017. The current ratio is at 1.01 compared to 1.16 in the prior year. Debtor days have reduced to 42 days from 70 days in 2017.
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I.M.C.S. (UK) PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
This report was approved by the board on 7 September 2018 and signed on its behalf.
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I.M.C.S. (UK) PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2018
The directors present their report and the financial statements for the year ended 31 March 2018.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £14,765 (2017 -loss £11,638).
The directors do not recommend the payment of a dividend (2017 - £Nil).
The directors who served during the year and their interests in the company's issued share capital were:
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I.M.C.S. (UK) PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
The directors are not aware of any future developments which would have a significant effect on the company.
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
There have been no significant events affecting the company since the year end.
Under section 487(2) of the Companies Act 2006, Clay Ratnage Daffin & Co Limited will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board on
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I.M.C.S. (UK) PLC
INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDERS OF I.M.C.S. (UK) PLC
We have audited the financial statements of I.M.C.S. (UK) PLC (the 'company') for the year ended 31 March 2018, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
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I.M.C.S. (UK) PLC
INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDERS OF I.M.C.S. (UK) PLC (CONTINUED)
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
As explained more fully in the Directors' responsibilities statement on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
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I.M.C.S. (UK) PLC
INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDERS OF I.M.C.S. (UK) PLC (CONTINUED)
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Suite D, The Business Centre
Faringdon Avenue
Essex
RM3 8EN
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I.M.C.S. (UK) PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2018
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I.M.C.S. (UK) PLC
REGISTERED NUMBER: 03177488
BALANCE SHEET
AS AT 31 MARCH 2018
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
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I.M.C.S. (UK) PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2018
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I.M.C.S. (UK) PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2018
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I.M.C.S. (UK) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
I.M.C.S. (UK) PLC is a public company limited by shares, incorported in England, United Kingdom. The address of the registered office is Suite D, The Business Centre, Faringdon Avenue, Romford, Essex, RM3 8EN. The principal place of business is PO Box 2188, Rayleigh, Essex, SS6 0BU.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The directors consider it is appropriate to prepare the accounts on a going concern basis because the directors can call upon unpaid share capital and, as mentioned in the strategic report, improved results post year end.
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:
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I.M.C.S. (UK) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
2.Accounting policies (continued)
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:
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 comprehensive income..
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 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.
In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
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.
Interest income is recognised in the Statement of comprehensive income using the effective interest method.
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I.M.C.S. (UK) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
2.Accounting policies (continued)
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
There are no significant judgments contained in these accounts.
The whole of the turnover is attributable to the company's principal activity.
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I.M.C.S. (UK) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
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I.M.C.S. (UK) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
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I.M.C.S. (UK) PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
Profit & loss account
Includes all current and prior period retained profits and losses.
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