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 | |||||||||||
SECRETARY | |||||||||||
REGISTERED OFFICE | |||||||||||
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 | ||||||||||
Tangible assets | 6 | ||||||||||
Investments | 7 | ||||||||||
CURRENT ASSETS | |||||||||||
Debtors | 8 | ||||||||||
Cash at bank and in hand | |||||||||||
CREDITORS: Amounts falling due within one year | 9 | ||||||||||
NET CURRENT LIABILITIES | ( |
( |
|||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | |||||||||||
Provisions for liabilities and charges | |||||||||||
NET ASSETS | |||||||||||
CAPITAL AND RESERVES | |||||||||||
Called up share capital | |||||||||||
Distributable profit and loss account | |||||||||||
SHAREHOLDERS' FUNDS | |||||||||||
INTEGRITY PROJECT SOLUTIONS LIMITED | |||||||||||
BALANCE SHEET | |||||||||||
AS AT 31 AUGUST 2023 | |||||||||||
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: |
|||||||||||
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 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||
Basis of preparation of financial statements | |||||||||||
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 | |||||||||||
Website | |||||||||||
Land and buildings | |||||||||||
Furniture and fittings | |||||||||||
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 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 | |||||||||||
Leases | |||||||||||
INTEGRITY PROJECT SOLUTIONS LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 AUGUST 2023 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Taxation | |||||||||||
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. | |||||||||||
Pensions | |||||||||||
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 | |||||||||||
5 | INTANGIBLE FIXED ASSETS | ||||||||||
Crypto currency | Goodwill | Total | |||||||||
£ | £ | £ | |||||||||
Cost | |||||||||||
At 1 September 2022 | |||||||||||
Revaluation | - | ||||||||||
At 31 August 2023 | |||||||||||
Accumulated amounts written off | |||||||||||
Charge for year | - | ||||||||||
At 31 August 2023 | - | ||||||||||
Net book value | |||||||||||
At 1 September 2022 | |||||||||||
At 31 August 2023 | |||||||||||
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 | |||||||||||
Additions | - | - | |||||||||
Disposals | ( |
- | - | - | ( |
||||||
At 31 August 2023 | |||||||||||
Accumulated depreciation and impairments | |||||||||||
At 1 September 2022 | - | ||||||||||
Charge for year | - | ||||||||||
Disposals | ( |
- | - | - | ( |
||||||
At 31 August 2023 | - | ||||||||||
Net book value | |||||||||||
At 1 September 2022 | |||||||||||
At 31 August 2023 | |||||||||||
7 | FIXED ASSET INVESTMENTS | ||||||||||
Investment in subsidiary | |||||||||||
Cost | |||||||||||
At 1 September 2022 | |||||||||||
Revaluation | ( |
||||||||||
At 31 August 2023 | |||||||||||
Net book value | |||||||||||
At 1 September 2022 | |||||||||||
At 31 August 2023 | |||||||||||
INTEGRITY PROJECT SOLUTIONS LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 AUGUST 2023 | |||||||||||
8 | DEBTORS | ||||||||||
2023 | 2022 | ||||||||||
£ | £ | ||||||||||
Trade debtors | |||||||||||
Prepayments and accrued income | |||||||||||
Other debtors | |||||||||||
1,655,650 | 1,595,637 | ||||||||||
9 | CREDITORS: Amounts falling due within one year | ||||||||||
2023 | 2022 | ||||||||||
£ | £ | ||||||||||
Trade creditors | |||||||||||
Taxation and social security | |||||||||||
Amounts owed to group undertakings | - | ||||||||||
Accruals and deferred income | |||||||||||
Other creditors | |||||||||||
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 | |||||||||||
In more than one but less than five years | |||||||||||
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 | - | - | - | ||||||||
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: | |||||||||||
Subsidiary |