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REGISTERED NUMBER: 05663021 (England and Wales)














IDEX CONSULTING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






IDEX CONSULTING LIMITED (REGISTERED NUMBER: 05663021)







CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






Page



Company Information  

1



Balance Sheet  

2


to


3


Notes to the Financial Statements  

4


to


10



IDEX CONSULTING LIMITED


COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2023









DIRECTORS:

A Bates


D E Carr


M J Green


Mrs L Green







SECRETARIES:

Mrs L Green


Miss C Favier-Tilston


P Clarke







REGISTERED OFFICE:

The Colmore Building


20 Colmore Circus


Queensway


Birmingham


West Midlands


B4 6AT







REGISTERED NUMBER:

05663021 (England and Wales)







ACCOUNTANTS:

CUTTER & CO LTD


CHARTERED ACCOUNTANTS


3 Lyttleton Court


Birmingham Street


Halesowen


West Midlands


B63 3HN


IDEX CONSULTING LIMITED (REGISTERED NUMBER: 05663021)


BALANCE SHEET

31 MARCH 2023



2023

2022



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

4

217,345


328,909



Tangible assets

5

58,963


58,747



Investments

6

301


301



276,609


387,957




CURRENT ASSETS

Debtors

7

1,165,858


1,660,902



Cash at bank

3,155,913


2,781,477



4,321,771


4,442,379



CREDITORS

Amounts falling due within one year

8

2,013,923


2,126,138



NET CURRENT ASSETS

2,307,848


2,316,241



TOTAL ASSETS LESS CURRENT

LIABILITIES

2,584,457


2,704,198




CREDITORS

Amounts falling due after more than one

year

9

(454,546

)

(636,364

)



PROVISIONS FOR LIABILITIES

12

(7,134

)

(6,558

)


NET ASSETS

2,122,777


2,061,276




CAPITAL AND RESERVES

Called up share capital

13

189


167



Share premium

14

118,690


118,688



Retained earnings

14

2,003,898


1,942,421



SHAREHOLDERS' FUNDS

2,122,777


2,061,276




The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.  


The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.




IDEX CONSULTING LIMITED (REGISTERED NUMBER: 05663021)


BALANCE SHEET - continued

31 MARCH 2023



The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.  


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


The financial statements were approved by the Board of Directors and authorised for issue on 30 November 2023 and were signed on its behalf by:






M J Green - Director



IDEX CONSULTING LIMITED (REGISTERED NUMBER: 05663021)


NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023


1.

STATUTORY INFORMATION



IDEX Consulting Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.


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


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of 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.



Turnover


Turnover comprises revenue recognised by the company in respect of services supplied during the year, exclusive of Value Added Tax and trade discounts.



Turnover arising in respect of work performed on a contingency basis is recognised at the time the candidate commences employment.



Turnover arising in respect of work performed on a retained basis is recognised in instalments in accordance with predetermined milestones.



Intangible assets

Goodwill

Goodwill represents the difference between the amounts paid on the cost of a business combination and the acquirers interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Amortisation is provided on the following bases:

Goodwill - Over 10 years


Tangible fixed assets


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


Office Equipment

-

33% on cost


Bicycles

-

25% on cost


Website

-

33% on cost


IDEX CONSULTING LIMITED (REGISTERED NUMBER: 05663021)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2023


2.

ACCOUNTING POLICIES - continued



Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


Deferred tax

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

IDEX CONSULTING LIMITED (REGISTERED NUMBER: 05663021)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2023


2.

ACCOUNTING POLICIES - continued



Foreign currency translation

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'other operating income'.


Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.


Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in other creditors as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

3.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was 57 (2022 - 44 ) .


IDEX CONSULTING LIMITED (REGISTERED NUMBER: 05663021)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2023


4.

INTANGIBLE FIXED ASSETS


Goodwill

£   



COST


At 1 April 2022


and 31 March 2023

1,115,541




AMORTISATION


At 1 April 2022

786,632




Charge for year

111,564




At 31 March 2023

898,196




NET BOOK VALUE


At 31 March 2023

217,345




At 31 March 2022

328,909




5.

TANGIBLE FIXED ASSETS


Office



Equipment


Bicycles


Website


Totals

£   

£   

£   

£   



COST


At 1 April 2022

67,340


7,210


44,754


119,304




Additions

38,711


458


-


39,169




Disposals

(9,847

)

-


-


(9,847

)



At 31 March 2023

96,204


7,668


44,754


148,626




DEPRECIATION


At 1 April 2022

46,559


4,189


9,809


60,557




Charge for year

24,674


1,291


9,031


34,996




Eliminated on disposal

(5,890

)

-


-


(5,890

)



At 31 March 2023

65,343


5,480


18,840


89,663




NET BOOK VALUE


At 31 March 2023

30,861


2,188


25,914


58,963




At 31 March 2022

20,781


3,021


34,945


58,747




6.

FIXED ASSET INVESTMENTS


Shares in


group


undertakings

£   



COST


At 1 April 2022


and 31 March 2023

301




NET BOOK VALUE


At 31 March 2023

301




At 31 March 2022

301




IDEX CONSULTING LIMITED (REGISTERED NUMBER: 05663021)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2023


6.

FIXED ASSET INVESTMENTS - continued



The company's investments at the Balance Sheet date in the share capital of companies include the following:



Youcentric Limited


Registered office: The Colmore Building, 20 Colmore Circus, Birmingham, B4 6AT


Nature of business: Non-trading company


%


Class of shares:

holding



Ordinary

99.50


2023

2022


£   

£   



Aggregate capital and reserves

201


201





IX Managed Solutions Limited


Registered office: The Colmore Building, 20 Colmore Circus, Birmingham, B4 6AT


Nature of business: Management Consultancy


%


Class of shares:

holding



Ordinary

100.00


2023

2022


£   

£   



Aggregate capital and reserves

23,681


12,096




Profit for the year

11,585


11,996




7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Trade debtors

870,133


1,400,083




Amounts owed by group undertakings

-


64,940




Other debtors

3,415


7,167




Prepayments and accrued income

292,310


188,712



1,165,858


1,660,902




8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Bank loans and overdrafts (see note 10)

181,818


181,818




Trade creditors

161,222


116,390




Amounts owed to group undertakings

30


-




Corporation tax

319,924


205,661




Social security and other taxes

505,645


495,020




Other creditors

59,588


29,267




Accruals and deferred income

785,696


1,097,982



2,013,923


2,126,138




9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR


2023

2022


£   

£   



Bank loans (see note 10)

454,546


636,364




IDEX CONSULTING LIMITED (REGISTERED NUMBER: 05663021)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2023


10.

LOANS



An analysis of the maturity of loans is given below:


2023

2022


£   

£   



Amounts falling due within one year or on demand:


Bank loans

181,818


181,818





Amounts falling due between two and five years:


Bank loans - 2-5 years

454,546


636,364




11.

LEASING AGREEMENTS



Minimum lease payments under non-cancellable operating leases fall due as follows:

2023

2022


£   

£   



Within one year

19,020


59,106




Between one and five years

-


19,360



19,020


78,466




12.

PROVISIONS FOR LIABILITIES

2023

2022


£   

£   



Deferred tax

7,134


6,558





Deferred



tax


£   



Balance at 1 April 2022

6,558




Provided during year

576




Balance at 31 March 2023

7,134




13.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2023

2022



value:

£   

£   



10,000

A Ordinary

1p

100


100




2,425

B Ordinary

1p

24


24




2,559

C Ordinary

1p

26


26




1,168

D Ordinary

1p

12


12




543

E Ordinary

1p

5


5




2,200

F Ordinary

1p

22


-



189


167





The following shares were issued during the year for cash at par :



2,200 F Ordinary shares of 1p


IDEX CONSULTING LIMITED (REGISTERED NUMBER: 05663021)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2023


14.

RESERVES


Retained


Share



earnings


premium


Totals

£   

£   

£   




At 1 April 2022

1,942,421


118,688


2,061,109




Profit for the year

1,275,303


1,275,303




Dividends

(1,213,826

)

(1,213,826

)



Cash share issue

-


2


2




At 31 March 2023

2,003,898


118,690


2,122,588




15.

PENSION COMMITMENTS


The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £282,148 (2022: £195,071). Contributions totalling £26,071 (2022: £19,023) were payable to the fund at the reporting date and are included in other creditors.

16.

RELATED PARTY DISCLOSURES



A loan has been made to the director M J Green by the company. There are no set repayment terms and no interest is being charged.The balance within other debtors at the year end was £2,091.41 (2022: £nil).



A loan has been made to the director A Bates by the company. There are no set repayment terms and no interest is being charged.The balance within other debtors at the year end was £323.98 (2022: £959.37).



A loan has been made to the company by D Carr the director. There are no set repayment terms and no interest is being charged.The balance within creditors at the year end was £8.52 (2022: £46.05).


17.

ULTIMATE CONTROLLING PARTY



The controlling party is M J Green.



The company was under the control of Mr M J Green throughout the current and previous period by virtue of his majority shareholding.


18.

SHARE-BASED PAYMENTS


The company has granted options to certain employees in respect of £0.01 E Ordinary shares and £0.01 F Ordinary shares. During the year 2200 F options were exercised. Prior granted options in respect of 543 £0.01 E Ordinary shares with an exercise price of £0.01, and 200 £0.01 F Ordinary shares, with an exercise price of £0.01 also remain.