Company Registration No. 11206357 (England and Wales)
iResearch Services Limited
Unaudited accounts
for the year ended 31 March 2023
iResearch Services Limited
Unaudited accounts
Contents
iResearch Services Limited
Statement of financial position
as at 31 March 2023
Intangible assets
4,222
5,283
Tangible assets
46,329
50,407
Cash at bank and in hand
563,878
469,162
Creditors: amounts falling due within one year
(405,367)
(219,325)
Net current assets
759,587
725,259
Total assets less current liabilities
810,138
780,949
Creditors: amounts falling due after more than one year
(207,384)
(315,363)
Net assets
602,754
465,586
Called up share capital
100
100
Capital contribution reserve
122,516
14,536
Profit and loss account
480,138
450,950
Shareholders' funds
602,754
465,586
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 8 September 2023 and were signed on its behalf by
Y Shah
Director
Company Registration No. 11206357
iResearch Services Limited
Notes to the Accounts
for the year ended 31 March 2023
iResearch Services Limited is a private company, limited by shares, registered in England and Wales, registration number 11206357. The registered office is North West House, 119 Marylebone Road, London, NW1 5PU, England.
2
Compliance with accounting standards
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "TheFinancialReporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The functional and presentational currency of the company is £ and amounts are rounded to the nearest £.
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
The company provides market research and public opinion polling. Revenue is recognised in the accounting period in which the services are rendered when the outcome of contract can be estimated reliably. The company uses the percentage of completion method on the actual services performed as a percentage of the total services to be provided.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% on cost
Intangible fixed assets are originally measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Computer software is being amortised evenly over the estimated useful life of ten years.
Government grants in relation to expenditure are credited when the expenditure is charged to profit and loss.
iResearch Services Limited
Notes to the Accounts
for the year ended 31 March 2023
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the
present value of the future payments discounted at a market rate of interest.
Financial assets are derecognised when the contractual rights to the cash flow expire or when substantially all the risks and rewards have been transferred.
Financial liabilities are derecognised when then contractual obligations to make payments have expired.
Taxation for the year comprises current tax. Tax is recognised in the Profit and loss account, 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 balance sheet date.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
iResearch Services Limited
Notes to the Accounts
for the year ended 31 March 2023
4
Intangible fixed assets
Other
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Tangible fixed assets
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2022
72,911
262
26,026
99,199
Additions
-
-
12,217
12,217
At 31 March 2023
72,911
262
38,243
111,416
At 1 April 2022
43,597
48
5,147
48,792
Charge for the year
10,937
39
5,319
16,295
At 31 March 2023
54,534
87
10,466
65,087
At 31 March 2023
18,377
175
27,777
46,329
At 31 March 2022
29,314
214
20,879
50,407
Amounts falling due within one year
Trade debtors
581,192
464,922
Accrued income and prepayments
9,384
-
Other debtors
10,500
10,500
iResearch Services Limited
Notes to the Accounts
for the year ended 31 March 2023
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Creditors: amounts falling due within one year
2023
2022
Trade creditors
157,432
19,106
Taxes and social security
63,966
98,384
Other creditors
116,033
90,331
Loans from directors
16,364
-
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Creditors: amounts falling due after more than one year
2023
2022
Amounts owed to group undertakings and other participating interests
207,384
315,363
In the year, interest free and unsecured loans from the parent company which were repayable by 14 February 2023 were renewed on the same terms with a revised repayment date of 13 February 2028.
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Capital contribution reserve
This represents capital contributions from the parent company, interest free loans, and is non-distributable.
10
Operating lease commitments
2023
2022
At 31 March 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
64,506
31,020
Later than one year and not later than five years
42,704
-
The company is a wholly owned subsidiary of iResearch Services Private Limited, its ultimate parent and whose registered office is registered office B3, Level 4, Cerebrum IT Park 2A, Pune, India 411006. The accounts are publicly available and can be obtained from its registered office.
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Average number of employees
During the year the average number of employees was 20 (2022: 13).