14 29 November 2023 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 61,850 61,850 61,850 xbrli:pure xbrli:shares iso4217:GBP 2498563 2022-04-01 2023-03-31 2498563 2023-03-31 2498563 2022-03-31 2498563 2021-04-01 2022-03-31 2498563 2022-03-31 2498563 core:PlantMachinery 2022-04-01 2023-03-31 2498563 core:FurnitureFittings 2022-04-01 2023-03-31 2498563 bus:Director1 2022-04-01 2023-03-31 2498563 core:LandBuildings 2022-03-31 2498563 core:PlantMachinery 2022-03-31 2498563 core:FurnitureFittings 2022-03-31 2498563 core:LandBuildings 2023-03-31 2498563 core:PlantMachinery 2023-03-31 2498563 core:FurnitureFittings 2023-03-31 2498563 core:WithinOneYear 2023-03-31 2498563 core:WithinOneYear 2022-03-31 2498563 core:ShareCapital 2023-03-31 2498563 core:ShareCapital 2022-03-31 2498563 core:RetainedEarningsAccumulatedLosses 2023-03-31 2498563 core:RetainedEarningsAccumulatedLosses 2022-03-31 2498563 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 2498563 core:Non-currentFinancialInstruments 2023-03-31 2498563 core:Non-currentFinancialInstruments 2022-03-31 2498563 core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 2498563 core:AcceleratedTaxDepreciationDeferredTax 2022-03-31 2498563 core:LandBuildings 2022-03-31 2498563 core:PlantMachinery 2022-03-31 2498563 core:FurnitureFittings 2022-03-31 2498563 bus:SmallEntities 2022-04-01 2023-03-31 2498563 bus:Audited 2022-04-01 2023-03-31 2498563 bus:FullAccounts 2022-04-01 2023-03-31 2498563 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 2498563 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 2498563 core:ComputerEquipment 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: 2498563
INTERNATIONAL PASSENGER PROTECTION LIMITED
FILLETED FINANCIAL STATEMENTS
31 March 2023
INTERNATIONAL PASSENGER PROTECTION LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,293,940
1,294,789
Investments
6
61,850
61,850
------------
------------
1,355,790
1,356,639
Current assets
Debtors
7
6,926,439
3,552,536
Cash at bank and in hand
5,609,427
3,944,660
--------------
------------
12,535,866
7,497,196
Creditors: amounts falling due within one year
8
11,535,915
6,601,793
--------------
------------
Net current assets
999,951
895,403
------------
------------
Total assets less current liabilities
2,355,741
2,252,042
Provisions
Taxation including deferred tax
8,931
6,745
------------
------------
Net assets
2,346,810
2,245,297
------------
------------
Capital and reserves
Called up share capital
250,000
250,000
Profit and loss account
2,096,810
1,995,297
------------
------------
Shareholders funds
2,346,810
2,245,297
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 29 November 2023 , and are signed on behalf of the board by:
Mr B J McLean
Director
Company registration number: 2498563
INTERNATIONAL PASSENGER PROTECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is IPP House, 22 - 26 Station Road, West Wickham, Kent, BR4 OPR, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Agency transactions
The company acts as agent and not principal.
The Company reflects its Agency Assets in Current Assets and its Agency Liabilities in Current Liabilities and does not net off these balances.
Debtors
Debtors are initially recorded at fair value and are assessed for impairment at each year end date. If any impairments exist the debtors are re-measured to the present value of the expected future cash inflows.
Creditors
Creditors are initially recorded at fair value and are then remeasured to the present value of the expected future cash outflows.
Judgements and key sources of estimation uncertainty
There are no significant estimates or assumptions made that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
Commissions received or receivable are recognised as Revenue by the company on the effective commencement or renewal dates of the related policies. When it is probable that the company will be required to render further services during the life of the policy a provision is made for Post Placement Costs.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Office equipment, fixtures and fittings
-
15% reducing balance
Computer equipment
-
3/5/10 years straight line
The residual value of the freehold property is considered to be equal to cost, therefore no depreciation has been charged during the year on the freehold property.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2022: 14 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2022
1,253,326
63,207
268,992
130,383
1,715,908
Additions
2,550
6,996
9,546
------------
--------
----------
----------
------------
At 31 March 2023
1,253,326
63,207
271,542
137,379
1,725,454
------------
--------
----------
----------
------------
Depreciation
At 1 April 2022
59,342
237,685
124,092
421,119
Charge for the year
580
4,994
4,821
10,395
------------
--------
----------
----------
------------
At 31 March 2023
59,922
242,679
128,913
431,514
------------
--------
----------
----------
------------
Carrying amount
At 31 March 2023
1,253,326
3,285
28,863
8,466
1,293,940
------------
--------
----------
----------
------------
At 31 March 2022
1,253,326
3,865
31,307
6,291
1,294,789
------------
--------
----------
----------
------------
6. Investments
Shares in group undertakings
£
Cost
At 1 April 2022 and 31 March 2023
61,850
--------
Impairment
At 1 April 2022 and 31 March 2023
--------
Carrying amount
At 31 March 2023
61,850
--------
At 31 March 2022
61,850
--------
7. Debtors
2023
2022
£
£
Trade debtors
6,897,031
3,521,259
Other debtors
29,408
31,277
------------
------------
6,926,439
3,552,536
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
8,910,517
5,053,132
Amounts owed to group undertakings and undertakings in which the company has a participating interest
100
100
Corporation tax
95,694
125,413
Social security and other taxes
47,451
20,478
Other creditors
2,482,153
1,402,670
--------------
------------
11,535,915
6,601,793
--------------
------------
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
8,931
6,745
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
8,931
6,745
-------
-------
10. Summary audit opinion
The auditor's report for the year dated 29 November 2023 was unqualified .
The senior statutory auditor was Philip Benson Woodman FCCA , for and on behalf of Opass Billings Wilson & Honey LLP .