INTEGRITY PROJECT SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2023
Company Registration Number: 11446529
INTEGRITY PROJECT SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 11
INTEGRITY PROJECT SOLUTIONS LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2023
DIRECTORS
Mr P J James-Martin
Mr C J Reid
SECRETARY
Mr P J James-Martin
REGISTERED OFFICE
Cranbrook House
287/291 Banbury Road
Oxford
OX2 7JQ
COMPANY REGISTRATION NUMBER
11446529 England and Wales
INTEGRITY PROJECT SOLUTIONS LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2023
Notes 2023 2022
£ £
FIXED ASSETS
Intangible assets 5 1,617,367 2,019,675
Tangible assets 6 422,072 412,191
Investments 7 26,209 2,710,470
2,065,648 5,142,336
CURRENT ASSETS
Debtors 8 1,655,650 1,595,637
Cash at bank and in hand 336,773 536,976
1,992,423 2,132,613
CREDITORS: Amounts falling due within one year 9 2,178,649 5,523,985
NET CURRENT LIABILITIES (186,226) (3,391,372)
TOTAL ASSETS LESS CURRENT LIABILITIES 1,879,422 1,750,964
Provisions for liabilities and charges 8,164 4,327
NET ASSETS 1,871,258 1,746,637
CAPITAL AND RESERVES
Called up share capital 100 100
Distributable profit and loss account 1,871,158 1,746,537
SHAREHOLDERS' FUNDS 1,871,258 1,746,637
INTEGRITY PROJECT SOLUTIONS LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2023
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
Mr P J James-Martin
Director
Date approved by the board: 26 September 2023
INTEGRITY PROJECT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
1 GENERAL INFORMATION
Integrity Project Solutions Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Cranbrook House
287/291 Banbury Road
Oxford
OX2 7JQ
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Going concern
The accounts have been drawn up on the going concern basis. The company owes the directors £1,366,310, which could be required for repayment without notice. The company is therefore dependent upon the continued support of the directors. The directors do not consider their own support likely to be withdrawn.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of information technology consultancy services as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Intangible fixed assets
Intangible fixed assets, other than goodwill, are stated at cost less accumulated amortisation and any accumulated impairment losses.
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. At acquisition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.
Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life, which is estimated to be 5 years.
INTEGRITY PROJECT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Computer and office equipment Straight line basis at 33.3% and 25% per annum
Website Straight line basis at 25% per annum
Land and buildings Not depreciated
Furniture and fittings Straight line basis at 20% per annum
Depreciation has not been provided in respect of land and buildings. The company adopts a policy of fully maintaining these and as such the residual value is so high, and the expected useful life is so long, that the depreciation charge would be immaterial, both in terms of the depreciation charged for the period and the cumulative charge to the balance sheet.
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
Investments
Investments relate to an investment in an unlisted entity which is stated at cost less impairment. At each balance sheet date, the investment is assessed for indicators of impairment and where there are indicators of impairment, the recoverable amount is assessed. If the recoverable amount is less than the carrying amount, the investment is written down to recoverable amount by way of an impairment loss which is recognised in profit or loss.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, 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 balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
INTEGRITY PROJECT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
Leases
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
INTEGRITY PROJECT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
Deferred tax is measured using 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.
Current and deferred tax assets and liabilities are not discounted.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
Employee benefits
Short term employee benefits are recognised as an expense in the period in which they are incurred.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
In the applicaton of the accounting policies, which are described in note 2, management are required to make judgement, estimates and assumptions about amortising goodwill. The directors have decided to amortise the goodwill in the year over 5 years.
Also described in note 2, management are required to assess investments for indicators of impairment and where there are indicators of impairment, the recoverable amount is assessed. If the recoverable amount is less than the carrying amount, the investment is written down to recoverable amount by way of an impairment loss which is recognised in profit or loss.
These estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
INTEGRITY PROJECT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2023 2022
Average number of employees 29 25
5 INTANGIBLE FIXED ASSETS
Crypto currency Goodwill Total
£ £ £
Cost
At 1 September 2022 6,645 2,013,030 2,019,675
Revaluation 298 - 298
At 31 August 2023 6,943 2,013,030 2,019,973
Accumulated amounts written off
Charge for year - 402,606 402,606
At 31 August 2023 - 402,606 402,606
Net book value
At 1 September 2022 6,645 2,013,030 2,019,675
At 31 August 2023 6,943 1,610,424 1,617,367
Goodwill relates to the acquisition of Integrity Solutions Limited. It is being amortised over its useful economic life, estimated to be 5 years commencing from 1 September 2022.
INTEGRITY PROJECT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
6 TANGIBLE ASSETS
Computer and office equipment Website Land and buildings Furniture and fittings Total
£ £ £ £ £
Cost
At 1 September 2022 15,095 14,763 389,416 6,263 425,537
Additions 23,615 - - 399 24,014
Disposals (2,509) - - - (2,509)
At 31 August 2023 36,201 14,763 389,416 6,662 447,042
Accumulated depreciation and impairments
At 1 September 2022 5,351 4,428 - 3,567 13,346
Charge for year 8,147 2,952 - 1,313 12,412
Disposals (788) - - - (788)
At 31 August 2023 12,710 7,380 - 4,880 24,970
Net book value
At 1 September 2022 9,744 10,335 389,416 2,696 412,191
At 31 August 2023 23,491 7,383 389,416 1,782 422,072
7 FIXED ASSET INVESTMENTS
Investment in subsidiary
Cost
At 1 September 2022 2,710,470
Revaluation (2,684,261)
At 31 August 2023 26,209
Net book value
At 1 September 2022 2,710,470
At 31 August 2023 26,209
INTEGRITY PROJECT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
8 DEBTORS
2023 2022
£ £
Trade debtors 975,675 1,004,631
Prepayments and accrued income 257,497 27,377
Other debtors 422,478 563,629
1,655,650 1,595,637
9 CREDITORS: Amounts falling due within one year
2023 2022
£ £
Trade creditors 178,230 373,973
Taxation and social security 540,416 720,859
Amounts owed to group undertakings - 2,431,843
Accruals and deferred income 69,507 46,296
Other creditors 1,390,496 1,951,014
2,178,649 5,523,985
10 CONTINGENCIES AND COMMITMENTS
Other Commitments
Amounts falling due under operating leases: 2023 2022
£ £
In less than one year 11,135 14,380
In more than one but less than five years 3,288 14,424
14,423 28,804
11 DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The following director's advances, credits and guarantees took place during the year
Balance at 1 September 2022 Amounts advanced Amounts repaid Amounts written off or waived Balance at 31 August 2023
£ £ £ £ £
Mr P J James-Martin 5,746 - 5,746 - -
Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand.
INTEGRITY PROJECT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
12 RELATED PARTY TRANSACTIONS
The company has claimed exemptions from reporting disclosure of related party transactions with the following wholly owned group members:
Integrity Solutions Limited Subsidiary
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