Registered number
10909499
IP EXCHANGE LIMITED
Report and Accounts
31 March 2024
IP EXCHANGE LIMITED
Registered number: 10909499
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 43,799 54,748
Current assets
Stocks 1,175 -
Debtors 4 618,111 620,529
Cash at bank and in hand 36,186 19,986
655,472 640,515
Creditors: amounts falling due within one year 5 (220,796) (227,321)
Net current assets 434,676 413,194
Total assets less current liabilities 478,475 467,942
Creditors: amounts falling due after more than one year 6 (61,959) (41,856)
Net assets 416,516 426,086
Capital and reserves
Called up share capital 99 99
Profit and loss account 416,417 425,987
Shareholders' funds 416,516 426,086
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D Cheesbrough
Director
Approved by the board on 12 July 2024
IP EXCHANGE LIMITED
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 16 11
3 Tangible fixed assets
Computer equipment Fixtures and fittings Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 42,450 23,144 34,955 100,549
At 31 March 2024 42,450 23,144 34,955 100,549
Depreciation
At 1 April 2023 21,344 10,394 14,063 45,801
Charge for the year 4,221 2,550 4,178 10,949
At 31 March 2024 25,565 12,944 18,241 56,750
Net book value
At 31 March 2024 16,885 10,200 16,714 43,799
At 31 March 2023 21,106 12,750 20,892 54,748
4 Debtors 2024 2023
£ £
Trade debtors 348,741 351,159
Amounts owed by group undertakings and undertakings in which the company has a participating interest 259,000 259,000
Other debtors 10,370 10,370
618,111 620,529
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 43,049 -
Trade creditors 50,122 79,082
Taxation and social security costs 117,351 139,299
Other creditors 10,274 8,940
220,796 227,321
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 61,959 41,856
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 105,008 41,856
8 Other information
IP EXCHANGE LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
296 Clipsley Lane
Haydock
St. Helens
Merseyside
WA11 0JQ
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