IPCOS (UK) LTD
Registered number: 05337088
Balance Sheet
as at 31 March 2024
Notes 2024 2022
£ £
Fixed assets
Tangible assets 3 976 -
Investments 4 3,877 3,877
4,853 3,877
Current assets
Debtors 5 120,855 363,154
Cash at bank and in hand 306,151 75,175
427,006 438,329
Creditors: amounts falling due within one year 6 (67,083) (211,057)
Net current assets 359,923 227,272
Net assets 364,776 231,149
Capital and reserves
Called up share capital 4,000 4,000
Profit and loss account 360,776 227,149
Shareholder's funds 364,776 231,149
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Deepak Venugopal
Director
Approved by the board on 9 October 2024
IPCOS (UK) LTD
Notes to the Accounts
for the period from 1 January 2023 to 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.
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.
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:
Office equipment 25% Straight line
Computer equipment 33.33% Straight line
Investments
Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique.
Work in Progress
Work in progress is valued on the basis of long term contracts. The company classifies as long term those contracts where the activity extends over more than one accounting period.
The amount recognised as turnover represents the amount of work carried out in the period. Where the outcome of a contract can be assessed with reasonable certainty, attributable profit is recognised in proportion to the amount of turnover recognised in the accounts. Full provision is made for any foreseeable losses.
Long term contract balances are included in the balance sheet at net cost, less foreseeable losses, and included in debtors under amounts recoverable on contracts.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All realised differences are charged to profit or loss.
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 2022
Number Number
Average number of persons employed by the company 3 5
3 Tangible fixed assets
Office equipment Computer equipment Total
£ £ £
Cost
At 1 January 2023 23,775 11,585 35,360
Additions - 1,033 1,033
At 31 March 2024 23,775 12,618 36,393
Depreciation
At 1 January 2023 23,775 11,585 35,360
Charge for the period - 57 57
At 31 March 2024 23,775 11,642 35,417
Net book value
At 31 March 2024 - 976 976
4 Investments
Other
investments
£
Cost
At 1 January 2023 3,877
At 31 March 2024 3,877
The Investment relates to shares held in Ipcos Engineering Solutions PVT Limited, a 100% subsidiary. The shares are stated at cost.
5 Debtors 2024 2022
£ £
Trade debtors 4,776 35,398
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 293,312
Amounts recoverable on contracts 102,066 26,977
Other debtors and prepayments 14,013 7,467
120,855 363,154
6 Creditors: amounts falling due within one year 2024 2022
£ £
Trade creditors 1,229 2,159
Corporation tax 41,405 43,182
Other taxes and social security costs 6,208 13,862
Other creditors and accruals 18,241 151,854
67,083 211,057
7 Related party transactions
2024 2022
£ £
Ipcos NV - Part of Ipcos Group
Services supplied to Ipcos NV 510,467 637,706
Costs incurred by Ipcos NV recharged to Ipcos (UK) Limited 139,373 172,942
Amount due (from)/to the related party - (293,312)
IPCOS BV - Part of Ipcos Group
Services supplied to Ipcos BV 22,711 101,701
Costs incurred by Ipcos BV recharged to Ipcos (UK) Limited 58,696 43,255
IPCOS DOF BV - Part of the IpcosGroup
Services supplied to Ipcos DOF BV 45,417 --
Costs incurred recharged to Ipcos (UK) Limited 19,683 --
IPCOS Group NV - Part of the IpcosGroup
Services supplied to Ipcos Group NV 29,549 --
Costs incurred recharged to Ipcos (UK) Limited 55,497 --
IPCOS Inc - Part Ipcos Group
Services supplied to Ipcos Inc 116,507 28,234
8 Controlling party
IPCOS (UK) Limited is a wholly owned subsidiary of IPCOS NV. On 22nd December 2022 the Parent Company was purchased by Process Automation Solutions GmbH.
9 Other information
IPCOS (UK) LTD is a private company limited by shares and incorporated in England. Its registered office is:
Milton Hall
Ely Road
Milton Hall
Cambridge
CB24 6WZ
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