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REGISTERED NUMBER: 10533528 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2023

for

IFP Construction Limited

IFP Construction Limited (Registered number: 10533528)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Income Statement 12

Other Comprehensive Income 13

Balance Sheet 14

Statement of Changes in Equity 15

Notes to the Financial Statements 16


IFP Construction Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: P V M Davelid
T B Olsen
T B Norman
M L Sparrow





REGISTERED OFFICE: The Cornerstone
Market Place
Kegworth
Derbyshire
DE74 2EE





REGISTERED NUMBER: 10533528 (England and Wales)





AUDITORS: Krogh & Partners Limited, (Statutory Auditor)
823 Salisbury House
29 Finsbury Circus
London
EC2M 5QQ

IFP Construction Limited (Registered number: 10533528)

Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The company works in close collaboration with Food & Beverage sector colleagues across the NIRAS Group, with the integration of the UK teams under a single management structure completed in 2023. The company delivered a strong performance in 2023 building on this collaboration, with the main focus being on one large project whilst starting to engage with some of NIRAS' core clients on some of their small works projects.

The consolidated business turnover year on year decreased in 2023 to £33,799,419 while the gross profit margin remained stable, increasing by 0.2% to 5.8%. Operating profit was £1,012,568 compared to £1,291,912 in the previous year, whilst the profit on ordinary activities before taxation was £1,123,201 compared to £1,256,404 in the previous year. Profit for the financial year after tax was £857,189 compared to £1,057,915 in 2022.


IFP Construction Limited (Registered number: 10533528)

Strategic Report
for the Year Ended 31 December 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties facing the company are competitive and financial risks.

Project delivery risks

As part of the NIRAS Group, the company operates with a risk model within project delivery where every project is evaluated prior to, and after, the signing of the contract based on five risk drivers: Market; Stakeholders and Organisation; Delivery; Contract Terms; Time and Project Economy. The evaluation is documented in a risk log, which is a central tool in managing project delivery risks.

As part of NIRAS Fundamentals, all issues and challenges are addressed openly across functions and disciplines. Identified risk drivers are assessed by the project owner and project manager, and projects are categorised within risk class 1-4, where category 4 is designated for projects with the highest risk.

Assessments are made of the projects in the company to establish a portfolio risk overview. In 2023, 1 project was classified as a category 4 project.

Documenting risks in a log makes risks and preventative actions transparent and enables the organisation to take calculated risks and plan mitigation. The risk assessment and mitigating actions for each project are evaluated regularly by project management and updated in the project file. Projects in category 4 have an assigned steering committee that meets regularly.

Mitigation at Group level includes ongoing upgrade of project processes and templates, and project management training.

Economic risk

Trading is influenced by the macro economic environment in the UK. Demand in the market is sensitive to economic conditions generally including economic growth, interest rate movements, inflation, unemployment and demographic trends.

Exposure credit and liquidity

Company policies are aimed at minimizing credit risk and require that deferred terms are only granted to customers who demonstrate and appropriate payment history and satisfy credit worthiness procedures. The company always evaluates debtors' credit references to minimise the credit risk.


IFP Construction Limited (Registered number: 10533528)

Strategic Report
for the Year Ended 31 December 2023

Competition risk

The company monitors its own performance and that of its main competitors. A regular dialogue is maintained with clients to understand their requirements and obtain feedback on the company's performance. Business development emphasises the quality of the company's services and the experience of the company in delivering those services. Where necessary pricing is adjusted to reflect market conditions.

Reputation risk

The company responds promptly to complaints and endeavours to understand the root cause of any negative feedback. The company has implemented an integrated Quality Management System (accredited to ISO 9001) to improve the consistent quality of its services and this includes procedures for managing customer feedback.

KEY PERFORMANCE INDICATORS
The company considers its main key performance indicators to be revenue growth and profitability. Profitability and growth are measured based on gross revenue.

The actual performance against these indicators is shown with prior year comparatives.

2023 2022
Revenue (gross) 33,799,419 35,539,605
Revenue (net) 2,324,394 2,211,663
Growth in own production -4.9% 277.1%
Organic growth in own production -4.9% 277.1%
EBITA 1,012,568 1,291,912
EBITA margin (gross) 3.0% 3.6%

ON BEHALF OF THE BOARD:





T B Olsen - Director


14 March 2024

IFP Construction Limited (Registered number: 10533528)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of construction and contracting services to the food industry.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

FUTURE DEVELOPMENTS
The recent acquisition of NIRAS Lorien Engineering Solutions by the Group is a positive development for the company. Going forward, the company is looking at opportunities within the Life Sciences sector, which shares significant synergies with Food & Beverage. The company is also looking to increase its support of projects within the small works remit of larger NIRAS clients.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

P V M Davelid
T B Olsen
T B Norman
M L Sparrow

Other changes in directors holding office are as follows:

C T Boesen - resigned 14 March 2023
M J Carr - resigned 14 March 2023
K Kloch - resigned 14 March 2023
A C Tebbutt - resigned 14 March 2023

POST BALANCE SHEET EVENTS
No post balance sheet events have occured since 31 December 2023 which requires reporting or disclosing in the accounts.


IFP Construction Limited (Registered number: 10533528)

Report of the Directors
for the Year Ended 31 December 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
Krogh & Partners Limited, (Statutory Auditor), Chartered Accountants & Registered Auditors have signified their willingness to continue in office. A resolution to re-appoint them will be proposed at the Annual General Meeting.

ON BEHALF OF THE BOARD:





T B Olsen - Director


14 March 2024

Report of the Independent Auditors to the Members of
IFP Construction Limited (Registered number: 10533528)

Opinion
We have audited the financial statements of IFP Construction Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Report of the Independent Auditors to the Members of
IFP Construction Limited (Registered number: 10533528)


Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
IFP Construction Limited (Registered number: 10533528)


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge of the business;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, and anti-bribery;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

Report of the Independent Auditors to the Members of
IFP Construction Limited (Registered number: 10533528)


We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- we reviewed the revenue recognition policy and considered whether this was being applied co

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance
- enquiring of management as to actual and potential litigation and claims;
- reviewing correspondence with HMRC and relevant regulators

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
IFP Construction Limited (Registered number: 10533528)


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




John Lindegaard (Senior Statutory Auditor)
for and on behalf of Krogh & Partners Limited, (Statutory Auditor)
823 Salisbury House
29 Finsbury Circus
London
EC2M 5QQ

14 March 2024

IFP Construction Limited (Registered number: 10533528)

Income Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 3 33,799,419 35,539,605

Cost of sales 31,846,446 33,534,338
GROSS PROFIT 1,952,973 2,005,267

Administrative expenses 940,405 713,355
OPERATING PROFIT 5 1,012,568 1,291,912

Interest receivable and similar
income

6

110,633

-
1,123,201 1,291,912

Interest payable and similar expenses 7 - 35,508
PROFIT BEFORE TAXATION 1,123,201 1,256,404

Tax on profit 8 266,012 198,489
PROFIT FOR THE FINANCIAL
YEAR

857,189

1,057,915

IFP Construction Limited (Registered number: 10533528)

Other Comprehensive Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 857,189 1,057,915


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR

857,189

1,057,915

IFP Construction Limited (Registered number: 10533528)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 2,904 9,219

CURRENT ASSETS
Debtors 10 8,010,708 6,501,167
Cash at bank - 508,590
8,010,708 7,009,757
CREDITORS
Amounts falling due within one year 11 4,625,221 4,936,475
NET CURRENT ASSETS 3,385,487 2,073,282
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,388,391

2,082,501

CREDITORS
Amounts falling due after more than
one year

12

(512,187

)

-

PROVISIONS FOR LIABILITIES 13 (575,825 ) (639,311 )
NET ASSETS 2,300,379 1,443,190

CAPITAL AND RESERVES
Called up share capital 14 100 100
Retained earnings 15 2,300,279 1,443,090
SHAREHOLDERS' FUNDS 2,300,379 1,443,190

The financial statements were approved by the Board of Directors and authorised for issue on 14 March 2024 and were signed on its behalf by:





T B Olsen - Director


IFP Construction Limited (Registered number: 10533528)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 385,175 385,275

Changes in equity
Total comprehensive income - 1,057,915 1,057,915
Balance at 31 December 2022 100 1,443,090 1,443,190

Changes in equity
Total comprehensive income - 857,189 857,189
Balance at 31 December 2023 100 2,300,279 2,300,379

IFP Construction Limited (Registered number: 10533528)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

IFP Construction 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

IFP Construction Limited (Registered number: 10533528)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the amounts charged to customers for goods and services supplied and is recognised when the goods are delivered or as services are supplied, net of value added tax, except in respect of long term contracts where turnover represents the sale value of work done in the period.

Contracts are assessed on a contract by contract basis and reflected in the profit and loss account by recording turnover and related costs as contract activity progresses. Turnover is ascertained in a manner appropriate to the stage of completion of the contract, and credit taken for profit earned to date when the outcome of the contract can be assessed with reasonable certainty. The amount by which turnover exceeds payments on account is classified as "work in progress" and included in debtors; to the extent that payments on account exceed relevant turnover and contract balances, the excess is included as a creditor.

Provision is made for losses which are foreseen.

Interest and similar income and charges
Interest and similar income and charges are recognised in the profit and loss account over the term of such
instruments at a constant rate on the carrying amount.

Project expenses
Project expenses include expenses directly attributable to projects excluding salaries and including travel
expenses, external expenses as well as other expenses.

External expenses
External expenses include administrative expenses, office expenses, marketing expenses as well as other
expenses.

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

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment.

Depreciation on fixed assets is provided at rates estimated to write off cost amounts, less estimated residual
value, of each asset over its expected useful life as follows:

Plant & machinery 18-60 months

IFP Construction Limited (Registered number: 10533528)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Taxation
Current tax and deferred taxation, including UK corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred taxation is provided in full on an undiscounted basis, on all timing differences which result in an
obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to crystallised based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in tax computations in periods different from those in which they are included in the financial statements.

Deferred tax assets are recognised where it is considered more likely than not that future profits will be
available for offset.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are recognised when, as a consequence of an event before or on the Balance Sheet date. the company has a obligation and it is probable that economic benefits must be sacrificed to settle the obligation. Provisions include potential obligations etc. on projects.

Debtors
Debtors are valued individually and there are made provision according to this valuation.

Creditors
Creditors are carried at payment or settlement amounts. Where the time value of money is material, creditors are carried at amortized cost.

3. TURNOVER

Turnover is attributable to the one principal activity of the company which arose wholly in the United Kingdom.

IFP Construction Limited (Registered number: 10533528)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 346,864 379,475
Social security costs 68,766 40,843
Other pension costs 32,185 5,522
447,815 425,840

The average number of employees during the year was as follows:
2023 2022

Technical 5 4
Management and administration 2 1
7 5

2023 2022
£    £   
Directors' remuneration 153,763 96,205

5. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 6,315 8,248
Auditors' remuneration 18,375 17,500

6. INTEREST RECEIVABLE AND SIMILAR INCOME
2023 2022
£    £   
Group interest 110,633 -

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Group Interest - 35,508

IFP Construction Limited (Registered number: 10533528)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 251,012 357,627
Prior year adjustments - (153 )
Total current tax 251,012 357,474

Deferred tax 15,000 (158,985 )
Tax on profit 266,012 198,489

9. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 January 2023
and 31 December 2023 17,467
DEPRECIATION
At 1 January 2023 8,248
Charge for year 6,315
At 31 December 2023 14,563
NET BOOK VALUE
At 31 December 2023 2,904
At 31 December 2022 9,219

IFP Construction Limited (Registered number: 10533528)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
2023 2022
£    £   
Trade debtors 3,493,914 6,003,868
Amounts owed by group undertakings 4,274,743 18,733
Work in progress 87,374 246,066
Other debtors - 71,438
Deferred tax asset 143,000 158,000
Prepayments 11,677 3,062
8,010,708 6,501,167

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
2023 2022
£    £   
Trade creditors 2,396,700 1,564,935
Amounts owed to group undertakings 30,614 1,708,156
Tax 77,113 216,177
Social security and other taxes 76,032 20,828
VAT 1,808,148 1,163,130
Other creditors 9,563 1,328
Accruals and deferred income 227,051 261,921
4,625,221 4,936,475

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE
THAN ONE YEAR
2023 2022
£    £   
Trade creditors 512,187 -

13. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Other provisions 575,825 639,311

IFP Construction Limited (Registered number: 10533528)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

13. PROVISIONS FOR LIABILITIES - continued

Project
Deferred related
tax provisions
£    £   
Balance at 1 January 2023 (158,000 ) 639,311
Provided during year - 286,514
Charge to Income Statement during year 15,000 -
Utilised during year - (350,000 )
Balance at 31 December 2023 (143,000 ) 575,825

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
50 Ordinary A Shares 1 50 50
50 Ordinary B Shares 1 50 50
100 100

15. RESERVES
Retained
earnings
£   

At 1 January 2023 1,443,090
Profit for the year 857,189
At 31 December 2023 2,300,279

16. CONTINGENT LIABILITIES

A payment guarantee of GBP 3,000,000 (2022: GBP 6,500,000) has been issued to third party related to payments received for contract work in progress.

The company have entered into normal contractual agreements within the nature of the business. The company can be liable in this respect.

The management keeps all such involvements under constant review and makes provision accordingly.

IFP Construction Limited (Registered number: 10533528)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

17. ULTIMATE CONTROLLING PARTY

The immediate parent company is NIRAS Gruppen A/S, a company incorporated in Denmark. NIRAS gruppen A/S is controlled by NIRAS-ALECTIA Fonden, a foundation registered in Denmark.