Company registration number 14354087 (England and Wales)
IPM RESIDENTIAL AND COMMERCIAL LETTINGS LIMITED (FORMERLY KNOWN AS IPM LETTINGS LIMITED)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
IPM RESIDENTIAL AND COMMERCIAL LETTINGS LIMITED (FORMERLY KNOWN AS IPM LETTINGS LIMITED)
COMPANY INFORMATION
Directors
M Brittain
(Appointed 13 September 2022)
S Dawton
(Appointed 13 September 2022)
H Spencer
(Appointed 13 September 2022)
Secretary
R Weeks
Company number
14354087
Registered office
Markerstudy House
45 Westerham Road
Sevenoaks
Kent
TN13 2QB
Auditor
Mercer & Hole LLP
Trinity Court
Church Street
Rickmansworth
WD3 1RT
IPM RESIDENTIAL AND COMMERCIAL LETTINGS LIMITED (FORMERLY KNOWN AS IPM LETTINGS LIMITED)
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Profit and loss account
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 12
IPM RESIDENTIAL AND COMMERCIAL LETTINGS LIMITED (FORMERLY KNOWN AS IPM LETTINGS LIMITED)
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2023
- 1 -

The directors present their annual report and financial statements for the Period from 13 September 2022 to 31 March 2023.

Principal activities

The principal activity of the company are to provide property management services for properties in the group.

Directors

The directors who held office during the Period and up to the date of signature of the financial statements were as follows:

M Brittain
(Appointed 13 September 2022)
S Dawton
(Appointed 13 September 2022)
H Spencer
(Appointed 13 September 2022)
Auditor

Mercer & Hole LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Issue of Shares

On incorporation, 1 Ordinary £1 share was issued at par.

Commencement of Trade

The entity incorporated on 13 September 2022 and commenced trade on that date.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
M Brittain
Director
29 July 2024
IPM RESIDENTIAL AND COMMERCIAL LETTINGS LIMITED (FORMERLY KNOWN AS IPM LETTINGS LIMITED)
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 MARCH 2023
- 2 -

The directors are responsible for preparing the annual report 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:

 

 

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.

IPM RESIDENTIAL AND COMMERCIAL LETTINGS LIMITED (FORMERLY KNOWN AS IPM LETTINGS LIMITED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF IPM RESIDENTIAL AND COMMERCIAL LETTINGS LIMITED (FORMERLY KNOWN AS IPM LETTINGS LIMITED)
- 3 -
Opinion

We have audited the financial statements of IPM Residential and Commercial Lettings Limited (Formerly known as IPM Lettings Limited) (the 'company') for the Period ended 31 March 2023 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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:

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 Auditor's 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.

Material uncertainty related to going concern

We draw attention to note 1.3 on page 9 of the financial statements concerning the company's ability to continue as a going concern. As at 31 March 2023, the company had net liabilities of £30,830. The company is therefore reliant on the ongoing support of the other group companies to continue to trade and meet its liabilities as they fall due, however this support is itself dependent on a number of other events which are themselves uncertain.

 

As stated in note 1.3, these events or conditions, along with the other matters as set forth in the note indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

IPM RESIDENTIAL AND COMMERCIAL LETTINGS LIMITED (FORMERLY KNOWN AS IPM LETTINGS LIMITED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF IPM RESIDENTIAL AND COMMERCIAL LETTINGS LIMITED (FORMERLY KNOWN AS IPM LETTINGS LIMITED)
- 4 -
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 directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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.

Auditor's 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 an auditor's report 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.

IPM RESIDENTIAL AND COMMERCIAL LETTINGS LIMITED (FORMERLY KNOWN AS IPM LETTINGS LIMITED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF IPM RESIDENTIAL AND COMMERCIAL LETTINGS LIMITED (FORMERLY KNOWN AS IPM LETTINGS LIMITED)
- 5 -
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Companies Act 2006 and tax legislation.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates.

Audit procedures performed by the engagement team included:

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Anil Kapoor
Senior Statutory Auditor
For and on behalf of Mercer & Hole LLP
30 July 2024
Chartered Accountants
Statutory Auditor
Trinity Court
Church Street
Rickmansworth
WD3 1RT
IPM RESIDENTIAL AND COMMERCIAL LETTINGS LIMITED (FORMERLY KNOWN AS IPM LETTINGS LIMITED)
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 MARCH 2023
- 6 -
Period
ended
31 March
2023
£
Turnover
6,937
Administrative expenses
(37,768)
Loss before taxation
(30,831)
Tax on loss
-
0
Loss for the financial Period
(30,831)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

IPM RESIDENTIAL AND COMMERCIAL LETTINGS LIMITED (FORMERLY KNOWN AS IPM LETTINGS LIMITED)
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 7 -
2023
Notes
£
£
Current assets
Debtors
3
4,095
Cash at bank and in hand
57,489
61,584
Creditors: amounts falling due within one year
4
(92,414)
Net current liabilities
(30,830)
Capital and reserves
Called up share capital
5
1
Profit and loss reserves
(30,831)
Total equity
(30,830)

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 29 July 2024 and are signed on its behalf by:
M Brittain
Director
Company registration number 14354087 (England and Wales)
IPM RESIDENTIAL AND COMMERCIAL LETTINGS LIMITED (FORMERLY KNOWN AS IPM LETTINGS LIMITED)
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2023
- 8 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 13 September 2022
-
0
-
0
-
Period ended 31 March 2023:
Loss and total comprehensive income
-
(30,831)
(30,831)
Issue of share capital
5
1
-
1
Balance at 31 March 2023
1
(30,831)
(30,830)
IPM RESIDENTIAL AND COMMERCIAL LETTINGS LIMITED (FORMERLY KNOWN AS IPM LETTINGS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 9 -
1
Accounting policies
Company information

IPM Residential and Commercial Lettings Limited (Formerly known as IPM Lettings Limited) is a private company limited by shares incorporated in England and Wales. The registered office is Markerstudy House, 45 Westerham Road, Sevenoaks, Kent, TN13 2QB.

1.1
Reporting period

The entity incorporated on 13 September 2022 and as a result has a reporting period of less than one year. Future years will therefore not be directly comparable to the current period.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

1.3
Going concern

At 31 March 2023, the company had net current liabilities of £30,830.

 

The company is therefore reliant on the support of its parent company, SQIB Limited, ultimate parent entity, Armatire Limited and its shareholder, which has been confirm in writing for the period of at least 12 months from the date of approval of these financial statements. The ability the parent entities and its shareholders to provide this support is predicated on the continued trading of its wholly owned subsidiaries in line with forecasts, securing new finance or refinancing in certain subsidiaries within the group, and the sale of certain assets within the group.

 

The directors have concluded that the above circumstances represent a material uncertainty that may cast significant doubt upon the company's ability to continue as a going concern. Nevertheless, after making enquiries and considering the uncertainties as described above, the directors have reasonable expectation that the company will have adequate resources to continue operating for the foreseeable future. Thus, they continue to adopt the gong concern basis in preparing these financial statements.

1.4
Turnover

Turnover shown in the profit and loss account represents amounts receivable in respect of property management and other associated services fees earnt during the period, exclusive of Value Added Tax.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

IPM RESIDENTIAL AND COMMERCIAL LETTINGS LIMITED (FORMERLY KNOWN AS IPM LETTINGS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 10 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.

Impairment of financial 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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

IPM RESIDENTIAL AND COMMERCIAL LETTINGS LIMITED (FORMERLY KNOWN AS IPM LETTINGS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 11 -
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.

Derecognition of financial liabilities

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

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

The average monthly number of persons (including directors) employed by the company during the Period was:

2023
Number
Total
1
3
Debtors
2023
Amounts falling due within one year:
£
Amounts owed by group undertakings
3,100
Other debtors
995
4,095
IPM RESIDENTIAL AND COMMERCIAL LETTINGS LIMITED (FORMERLY KNOWN AS IPM LETTINGS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 12 -
4
Creditors: amounts falling due within one year
2023
£
Trade creditors
757
Amounts owed to group undertakings
25,196
Taxation and social security
1,744
Other creditors
50,056
Accruals and deferred income
14,661
92,414
5
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
1
1
6
Related party transactions
2023
Amounts due to related parties
£
Other related parties
48,437
7
Parent company

The immediate consolidating parent undertaking is SQIB Limited, a company registered in England and Wales. Copies of the immediate parent company's consolidated financial statements may be obtained from 45 Westerham Road, Bessels Green, Sevenoaks, Kent TN13 2QB.

 

The ultimate parent undertaking is Armatire Limited, which owns a 75% shareholding in SQIB Limited. Armatire Limited is a company registered in England and Wales, and represents the largest group for which consolidated accounts including IPM Residential and Commercial Limited are prepared. Copies of theses financial statements may be obtained from 45 Westerham Road, Bessels Green, Sevenoaks, Kent TN13 2QB.

 

Armatire Limited is controlled by K R Spencer and A Spencer.

 

 

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