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Registered number: 13594129









INTEGRITAS PROPERTY GROUP (IPG) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
INTEGRITAS PROPERTY GROUP (IPG) LIMITED
REGISTERED NUMBER: 13594129

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
86,688
99,063

Investments
 5 
92
89

  
86,780
99,152

Current assets
  

Debtors: amounts falling due within one year
 6 
5,365,690
2,248,850

Cash at bank and in hand
 7 
30,737
21,602

  
5,396,427
2,270,452

Creditors: amounts falling due within one year
 8 
(6,169,555)
(3,281,894)

Net current liabilities
  
 
 
(773,128)
 
 
(1,011,442)

Total assets less current liabilities
  
(686,348)
(912,290)

Creditors: amounts falling due after more than one year
 9 
(365,621)
(19,998)

  

Net liabilities
  
(1,051,969)
(932,288)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(1,051,970)
(932,289)

Total equity
  
(1,051,969)
(932,288)


Page 1

 
INTEGRITAS PROPERTY GROUP (IPG) LIMITED
REGISTERED NUMBER: 13594129
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers 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 director acknowledges his 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: 




M Walsh
Director

Date: 24 September 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
INTEGRITAS PROPERTY GROUP (IPG) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Integritas Property Group (IPG) Limited a private company, limited by shares. The company is incorporated in England and Wales and the address of the registered office is 29-31 Seymour Terrace, Seymour Street, Liverpool L3 5PE.
The financial statements are presented in Sterling (£), rounded to the nearest £1.

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

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statement were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.4

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 period 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 end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
INTEGRITAS PROPERTY GROUP (IPG) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Interest income

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

 
2.7

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.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

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 as below :

Depreciation is provided on the following basis:

Motor vehicles
-
25%  reducing balance
Computer equipment
-
3 years

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

 
INTEGRITAS PROPERTY GROUP (IPG) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is
Page 5

 
INTEGRITAS PROPERTY GROUP (IPG) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 6).


4.


Tangible fixed assets





Short-term leasehold property
Motor vehicles
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
75,054
47,230
923
123,207


Additions
11,853
-
2,532
14,385



At 31 December 2023

86,907
47,230
3,455
137,592



Depreciation


At 1 January 2023
7,505
16,357
282
24,144


Charge for the year on owned assets
18,397
7,718
645
26,760



At 31 December 2023

25,902
24,075
927
50,904



Net book value



At 31 December 2023
61,005
23,155
2,528
86,688



At 31 December 2022
67,549
30,873
641
99,063

Page 6

 
INTEGRITAS PROPERTY GROUP (IPG) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
89


Additions
3



At 31 December 2023
92





6.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
3,495,160
2,236,866

Amounts owed by joint ventures and associated undertakings
6,313
-

Other debtors
1,402,241
11,678

Prepayments and accrued income
461,976
306

5,365,690
2,248,850



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
30,737
21,602


Page 7

 
INTEGRITAS PROPERTY GROUP (IPG) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
12,855
52,208

Amounts owed to group undertakings
217,286
-

Other taxation and social security
268,443
83,760

Obligations under finance lease and hire purchase contracts
4,377
4,026

Other creditors
5,666,594
2,964,533

Accruals and deferred income
-
177,367

6,169,555
3,281,894







Details of security provided:

Within other creditors, loan instruments and loan notes of £5,049,574 (2022 - £2,964,353) are secured by fixed and floating charge over the property and undertakings of the company.


9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
350,000
-

Net obligations under finance leases and hire purchase contracts
15,621
19,998

365,621
19,998


The following liabilities were secured:

2023
2022
£
£



Other loans
350,000
-

Details of security provided:

The other loans are secured by a fixed charge over the property and a floating charge over the property and undertakings of the Company.

Page 8

 
INTEGRITAS PROPERTY GROUP (IPG) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£


Amounts falling due 2-5 years

Other loans
350,000
-

350,000
-


 
Page 9