Company registration number NI628189 (Northern Ireland)
IF R&D TAX CREDITS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
IF R&D TAX CREDITS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 9
IF R&D TAX CREDITS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr S Henderson
Mr A J Taylor
Company number
NI628189
Registered office
Unit 3
405 Holywood Road
Belfast
County Antrim
Northern Ireland
BT4 2GU
Auditor
Consilium Audit Limited
169 West George Street
Glasgow
Scotland
G2 2LB
IF R&D TAX CREDITS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
36,024
40,364
Investments
4
863,173
852,555
899,197
892,919
Current assets
Debtors
6
2,181,817
2,307,421
Cash at bank and in hand
38,120
63,373
2,219,937
2,370,794
Creditors: amounts falling due within one year
7
(1,263,600)
(1,153,600)
Net current assets
956,337
1,217,194
Total assets less current liabilities
1,855,534
2,110,113
Provisions for liabilities
(9,006)
(6,991)
Net assets
1,846,528
2,103,122
Capital and reserves
Called up share capital
9
10
10
Profit and loss reserves
1,846,518
2,103,112
Total equity
1,846,528
2,103,122
The notes on pages 3 to 9 form part of these financial statements.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered 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 9 August 2024 and are signed on its behalf by:
Mr A J Taylor
Director
Company Registration No. NI628189
IF R&D TAX CREDITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
IF R&D Tax Credits Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is Unit 3, 405 Holywood Road, Belfast, County Antrim, Northern Ireland, BT4 2GU. The company's registration number is NI628189.
1.1
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.
1.2
Turnover
Turnover is recognised at the fair value of consideration received or receivable for goods and services provided in the normal course of business, and it is shown net of value added tax and other sales taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is represented by revenue from contracts for the provision of R&D tax credit consultancy services. As contracts involve contingent fee arrangements, the outcome of a transaction cannot be assessed reliably until the point that claims have been submitted to tax authorities. This assessment is a key judgement of the company.
When the outcome of contracts can be estimated reliably, revenue is recognised by reference to the estimated stage of completion at the end of the reporting period. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered. Un-invoiced revenue on contracts is included as accrued income at the end of the reporting period.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% straight line
Computers
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss account.
IF R&D TAX CREDITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
1.6
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
IF R&D TAX CREDITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the profit and loss account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
12
11
IF R&D TAX CREDITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2023
29,789
20,802
50,591
Additions
9,291
9,291
Disposals
(6,812)
(6,812)
At 31 December 2023
29,789
23,281
53,070
Depreciation and impairment
At 1 January 2023
3,361
6,866
10,227
Depreciation charged in the year
7,447
3,534
10,981
Eliminated in respect of disposals
(4,162)
(4,162)
At 31 December 2023
10,808
6,238
17,046
Carrying amount
At 31 December 2023
18,981
17,043
36,024
At 31 December 2022
26,428
13,936
40,364
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
863,173
852,555
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
852,555
Additions
10,618
At 31 December 2023
863,173
Carrying amount
At 31 December 2023
863,173
At 31 December 2022
852,555
5
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
IF R&D TAX CREDITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Subsidiaries
(Continued)
- 7 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Braithwaite Technology Consultants Limited
1 Castlewood Avenue, Rathmines, Dublin 6, D06 H685, Ireland
Ordinary
100.00
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
402,576
610,475
Work in progress
489,741
579,043
Corporation tax recoverable
75,427
2,684
Amounts owed by group undertakings
1,200,501
1,097,347
Other debtors
13,572
17,872
2,181,817
2,307,421
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
51,663
19,477
Amounts owed to group undertakings
1,083,416
935,972
Taxation and social security
27,086
43,762
Other creditors
101,435
154,389
1,263,600
1,153,600
8
Deferred taxation
The following are the major deferred tax liabilities recognised by the company and movements thereon:
2023
2022
Balances:
£
£
Accelerated capital allowances
9,006
6,991
IF R&D TAX CREDITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Deferred taxation
(Continued)
- 8 -
2023
Movements in the year:
£
Liability at 1 January 2023
6,991
Charge to profit or loss
2,015
Liability at 31 December 2023
9,006
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
10 Ordinary shares of £1
10
10
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
David Holt
Statutory Auditor:
Consilium Audit Limited
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
83,750
106,250
12
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries within the group.
IF R&D TAX CREDITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
13
Ultimate controlling party
The company's immediate parent undertaking is Visiativ Consulting UK Limited. The ultimate parent undertaking and smallest group for which consolidated financial statements are drawn up is Visiativ S.A, who owns 78% of the ordinary share capital of Visiativ Conseil which in turn owns 90% of Visiativ Consulting UK Limited.
Copies of the group consolidated accounts are available to the public and may be obtained from Visiativ S.A, 26 Rue Benoit Bennier, 69260 Charbonnieres-les-Bains, France.
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