Caseware UK (AP4) 2023.0.135 2023.0.135 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.52023-01-01falseNo description of principal activity5truetrue 02315032 2023-01-01 2023-12-31 02315032 2022-01-01 2022-12-31 02315032 2023-12-31 02315032 2022-12-31 02315032 c:Director8 2023-01-01 2023-12-31 02315032 d:CurrentFinancialInstruments 2023-12-31 02315032 d:CurrentFinancialInstruments 2022-12-31 02315032 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02315032 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02315032 d:RetainedEarningsAccumulatedLosses 2023-12-31 02315032 d:RetainedEarningsAccumulatedLosses 2022-12-31 02315032 c:FRS102 2023-01-01 2023-12-31 02315032 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 02315032 c:FullAccounts 2023-01-01 2023-12-31 02315032 c:CompanyLimitedByGuarantee 2023-01-01 2023-12-31 02315032 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 02315032









INTERNATIONAL PRACTICE GROUP
(A company limited by guarantee)







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

For the year ended 31 December 2023

 
INTERNATIONAL PRACTICE GROUP
 
(A company limited by guarantee)
Registered number: 02315032

STATEMENT OF FINANCIAL POSITION
As at 31 December 2023


2023

2022
Note

  

Current assets
  

Debtors: amounts falling due within one year
 4 
16,478
22,584

Cash at bank and in hand
 5 
91,373
200,355

  
107,851
222,939

Creditors: amounts falling due within one year
 6 
(7,224)
(56,362)

Net current assets
  
 
 
100,627
 
 
166,577

  

Net assets
  
100,627
166,577


Capital and reserves
  

Profit and loss account
  
100,627
166,577

  
100,627
166,577


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 on 16 September 2024.




N C J Lakeland
Director


The notes on pages 2 to 4 form part of these financial statements.

Page 1

 
INTERNATIONAL PRACTICE GROUP

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023

1.


General information

International Practice Group ("the Company") is a private company limited by guarantee, company number 02315032, incorporated in England and Wales. Its registered office is Leytonstone House, Leytonstone, London E11 1GA, United Kingdom.
The Company's principal activity during the year under review was that of a members' organisation, promoting and facilitating the provision by members of the Company and others of professional legal, taxation, accountancy, audit, trust and corporate services ("the primary professional services") and such other professional services as shall in the opinion of the members of the Company be capable of being promoted and provided in conjunction with the primary professional services.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency
The company's functional and presentational currency is Euros.
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 year 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 year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of income and retained earnings 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 the Statement of income and retained earnings within 'other operating income'.

Page 2

 
INTERNATIONAL PRACTICE GROUP

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the year in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the reporting date can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

  
2.4

Debtors

Short term debtors are measured at transaction price, less any impairment.

  
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

  
2.6

Creditors

Short term creditors are measured at the transaction price. 

 
2.7

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).

Page 3

 
INTERNATIONAL PRACTICE GROUP

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023

4.


Debtors

2023
2022


Trade debtors
4,500
9,500

Other debtors
-
12,637

Prepayments and accrued income
11,978
447

16,478
22,584



5.


Cash and cash equivalents

2023
2022

Cash at bank and in hand
91,373
200,355

91,373
200,355



6.


Creditors: Amounts falling due within one year

2023
2022

Accruals and deferred income
7,224
56,362

7,224
56,362




7.


Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.


8.


Transactions with directors

Included within other debtors is an amount of €Nil (2022 - €5,820) owed by a former director.


9.


Related party transactions

During the year the directors were due fees of €8,211 (2022 - €10,828) in relation to their services as directors.

 
Page 4