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Company No: 10584036 (England and Wales)

IMPLEMENT COMPLIANCE SOLUTIONS & RESOURCES LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

IMPLEMENT COMPLIANCE SOLUTIONS & RESOURCES LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

IMPLEMENT COMPLIANCE SOLUTIONS & RESOURCES LIMITED

COMPANY INFORMATION

For the financial year ended 30 September 2023
IMPLEMENT COMPLIANCE SOLUTIONS & RESOURCES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 September 2023
DIRECTORS Mr I J Bremner
Mr K L H Underhill
Mrs Z Underhill
SECRETARY Mrs Z Underhill
REGISTERED OFFICE 66 Prescot Street
London
E1 8NN
United Kingdom
COMPANY NUMBER 10584036 (England and Wales)
CHARTERED ACCOUNTANTS GRAVITA III LLP
66 Prescot Street
London
E1 8NN
IMPLEMENT COMPLIANCE SOLUTIONS & RESOURCES LIMITED

BALANCE SHEET

As at 30 September 2023
IMPLEMENT COMPLIANCE SOLUTIONS & RESOURCES LIMITED

BALANCE SHEET (continued)

As at 30 September 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 3,966 3,954
3,966 3,954
Current assets
Debtors 4 550,028 435,036
Cash at bank and in hand 453,912 220,606
1,003,940 655,642
Creditors: amounts falling due within one year 5 ( 525,193) ( 467,467)
Net current assets 478,747 188,175
Total assets less current liabilities 482,713 192,129
Creditors: amounts falling due after more than one year 6 ( 23,962) ( 33,853)
Net assets 458,751 158,276
Capital and reserves
Called-up share capital 7 200 200
Share premium account 900 900
Profit and loss account 457,651 157,176
Total shareholders' funds 458,751 158,276

For the financial year ending 30 September 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Implement Compliance Solutions & Resources Limited (registered number: 10584036) were approved and authorised for issue by the Board of Directors on 15 January 2024. They were signed on its behalf by:

Mr K L H Underhill
Director
IMPLEMENT COMPLIANCE SOLUTIONS & RESOURCES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
IMPLEMENT COMPLIANCE SOLUTIONS & RESOURCES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Implement Compliance Solutions & Resources Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 66 Prescot Street, London, E1 8NN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

Defined benefit schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 2 years straight line
Computer equipment 2 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
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 assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 9

3. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 October 2022 4,110 6,675 10,785
Additions 1,098 3,170 4,268
At 30 September 2023 5,208 9,845 15,053
Accumulated depreciation
At 01 October 2022 1,882 4,949 6,831
Charge for the financial year 2,299 1,957 4,256
At 30 September 2023 4,181 6,906 11,087
Net book value
At 30 September 2023 1,027 2,939 3,966
At 30 September 2022 2,228 1,726 3,954

4. Debtors

2023 2022
£ £
Trade debtors 484,318 425,506
Other debtors 65,710 9,530
550,028 435,036

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 9,886 10,644
Trade creditors 303,910 186,256
Taxation and social security 187,523 216,446
Other creditors 23,874 54,121
525,193 467,467

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 23,962 33,853

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
200 Ordinary shares of £ 1.00 each 200 200

8. Related party transactions

Dividends totalling £260,000 (2022 - £225,000) were paid in the year in respect of shares held by the company's directors.