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COMPANY REGISTRATION NUMBER: 08486442
Independent Risk Management Solutions Ltd
Filleted Financial Statements
30 April 2024
Independent Risk Management Solutions Ltd
Financial Statements
Year ended 30 April 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Independent Risk Management Solutions Ltd
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,588
1,711
Current assets
Work in progress
45,125
42,750
Debtors
6
14,132
35,053
Cash at bank and in hand
100,064
106,022
---------
---------
159,321
183,825
Creditors: amounts falling due within one year
7
38,316
33,467
---------
---------
Net current assets
121,005
150,358
---------
---------
Total assets less current liabilities
122,593
152,069
Provisions
Taxation including deferred tax
397
428
---------
---------
Net assets
122,196
151,641
---------
---------
Capital and reserves
Called up share capital
8
39,465
39,465
Profit and loss account
82,731
112,176
---------
---------
Shareholders funds
122,196
151,641
---------
---------
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 income and retained earnings 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 21 August 2024 , and are signed on behalf of the board by:
Mr W Bartram
Mr A Fenlon
Director
Director
Company registration number: 08486442
Independent Risk Management Solutions Ltd
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Chapter House, 18 London Road, Copford, Colchester, CO6 1BJ, Essex.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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:
Equipment
-
20% straight line
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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 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 entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 2 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 May 2023
20,406
20,406
Additions
448
448
--------
--------
At 30 April 2024
20,854
20,854
--------
--------
Depreciation
At 1 May 2023
18,695
18,695
Charge for the year
571
571
--------
--------
At 30 April 2024
19,266
19,266
--------
--------
Carrying amount
At 30 April 2024
1,588
1,588
--------
--------
At 30 April 2023
1,711
1,711
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
14,132
35,053
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
108
Accruals and deferred income
4,004
3,795
Corporation tax
32,944
26,978
Social security and other taxes
853
899
Other creditors
515
1,687
--------
--------
38,316
33,467
--------
--------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
39,465
39,465
39,465
39,465
--------
--------
--------
--------
9. Summary audit opinion
The auditor's report dated 21 August 2024 was unqualified .
The senior statutory auditor was S P Martin , for and on behalf of Edmund Carr LLP .
10. Related party transactions
At the year end £nil (2023: £108) was owed to the director and this balance is shown as part of trade creditors.