Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30false82023-05-01falsedesign, manufacture and installation of broadcast studios.7truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01702678 2023-05-01 2024-04-30 01702678 2022-05-01 2023-04-30 01702678 2024-04-30 01702678 2023-04-30 01702678 c:Director1 2023-05-01 2024-04-30 01702678 d:PlantMachinery 2023-05-01 2024-04-30 01702678 d:PlantMachinery 2024-04-30 01702678 d:PlantMachinery 2023-04-30 01702678 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01702678 d:MotorVehicles 2023-05-01 2024-04-30 01702678 d:MotorVehicles 2024-04-30 01702678 d:MotorVehicles 2023-04-30 01702678 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01702678 d:OfficeEquipment 2023-05-01 2024-04-30 01702678 d:OfficeEquipment 2024-04-30 01702678 d:OfficeEquipment 2023-04-30 01702678 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01702678 d:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 01702678 d:OtherPropertyPlantEquipment 2024-04-30 01702678 d:OtherPropertyPlantEquipment 2023-04-30 01702678 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01702678 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01702678 d:CurrentFinancialInstruments 2024-04-30 01702678 d:CurrentFinancialInstruments 2023-04-30 01702678 d:Non-currentFinancialInstruments 2024-04-30 01702678 d:Non-currentFinancialInstruments 2023-04-30 01702678 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 01702678 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 01702678 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 01702678 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 01702678 d:ShareCapital 2024-04-30 01702678 d:ShareCapital 2023-04-30 01702678 d:RetainedEarningsAccumulatedLosses 2024-04-30 01702678 d:RetainedEarningsAccumulatedLosses 2023-04-30 01702678 c:FRS102 2023-05-01 2024-04-30 01702678 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 01702678 c:FullAccounts 2023-05-01 2024-04-30 01702678 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 01702678 2 2023-05-01 2024-04-30 01702678 d:AcceleratedTaxDepreciationDeferredTax 2024-04-30 01702678 d:AcceleratedTaxDepreciationDeferredTax 2023-04-30 01702678 d:TaxLossesCarry-forwardsDeferredTax 2024-04-30 01702678 d:TaxLossesCarry-forwardsDeferredTax 2023-04-30 01702678 d:OtherDeferredTax 2024-04-30 01702678 d:OtherDeferredTax 2023-04-30 01702678 e:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Registered number: 01702678









INDEPENDENT PROJECT ENGINEERING LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
INDEPENDENT PROJECT ENGINEERING LIMITED
 

CONTENTS



Page
Statement of financial position
 
 
1 - 2
Notes to the financial statements
 
 
3 - 10


 
INDEPENDENT PROJECT ENGINEERING LIMITED
REGISTERED NUMBER: 01702678

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
7,813
10,840

  
7,813
10,840

Current assets
  

Debtors: amounts falling due after more than one year
 5 
680,511
1,030,511

Debtors: amounts falling due within one year
 5 
479,250
866,838

Cash at bank and in hand
  
1,780,973
1,209,982

  
2,940,734
3,107,331

Creditors: amounts falling due within one year
 6 
(1,193,556)
(1,207,740)

Net current assets
  
 
 
1,747,178
 
 
1,899,591

Total assets less current liabilities
  
1,754,991
1,910,431

Creditors: amounts falling due after more than one year
 7 
(36,681)
(197,422)

Provisions for liabilities
  

Deferred tax
 8 
(1,541)
-

  
 
 
(1,541)
 
 
-

Net assets
  
1,716,769
1,713,009


Capital and reserves
  

Called up share capital 
  
26,112
26,112

Profit and loss account
  
1,690,657
1,686,897

  
1,716,769
1,713,009


Page 1

 
INDEPENDENT PROJECT ENGINEERING LIMITED
REGISTERED NUMBER: 01702678
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
S A Warburton
Director

Date: 14 August 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
INDEPENDENT PROJECT ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

The principal activity of the Company is the design, manufacture and installation of broadcast studios.
The registered office address of the Company is: Unit 1 Saxon Way, Melbourn, Royston, Hertfordshire, SG8 6DN.
The Company is a private company limited by shares, incorporated in England and Wales.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
Profit on long term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that of the proportion of the total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for all losses on all contracts in the year in which they are first forseen.

Page 3

 
INDEPENDENT PROJECT ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
10% straight line
Motor vehicles
-
20% straight line
Office equipment
-
10% straight line
Improvements to property
-
10% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
INDEPENDENT PROJECT ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Income and Retained Earnings.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Page 5

 
INDEPENDENT PROJECT ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.8

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 6

 
INDEPENDENT PROJECT ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 7

 
INDEPENDENT PROJECT ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2023 - 7).


4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Tenant Improvements
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
76,531
16,079
47,114
192,472
332,196



At 30 April 2024

76,531
16,079
47,114
192,472
332,196



Depreciation


At 1 May 2023
74,728
16,079
42,356
188,193
321,356


Charge for the year on owned assets
986
-
1,477
564
3,027



At 30 April 2024

75,714
16,079
43,833
188,757
324,383



Net book value



At 30 April 2024
817
-
3,281
3,715
7,813



At 30 April 2023
1,803
-
4,758
4,279
10,840

Page 8

 
INDEPENDENT PROJECT ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Debtors

2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
680,511
1,030,511


2024
2023
£
£

Due within one year

Trade debtors
378,424
800,284

Amounts owed by group undertakings
61,443
61,382

Other debtors
33,916
-

Prepayments and accrued income
5,467
4,379

Deferred taxation
-
793

479,250
866,838



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
9,419
59,419

Trade creditors
788,770
535,657

Amounts owed to group undertakings
-
199,939

Corporation tax
62,936
88,819

Other taxation and social security
13,474
81,252

Other creditors
9,667
6,251

Accruals and deferred income
309,290
236,403

1,193,556
1,207,740


Page 9

 
INDEPENDENT PROJECT ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
36,681
197,422


Secured Loans
Included in creditors is a bank loan of £46,100 (2023: £56,841) secured with a fixed and floating charge over the assets of the company.

The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:

2024
2023
£
£


Repayable by instalments
-
9,745

Loans repayable in > 5 years comprises of two bank loans with interest payable at a rate of 4% and 0%


8.


Deferred taxation




2024


£






At beginning of year
793


Charged to profit or loss
(2,334)



At end of year
(1,541)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,953)
(2,710)

Tax losses carried forward
-
3,112

Short term timing differences
412
391

 
Page 10