IPCOS (UK) LTD |
Notes to the Accounts |
for the period from 1 January 2023 to 31 March 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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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. |
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Turnover |
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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. |
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Tangible fixed assets |
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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: |
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Office equipment |
25% Straight line |
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Computer equipment |
33.33% Straight line |
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Investments |
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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. |
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Work in Progress |
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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. |
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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. |
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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. |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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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. |
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Provisions |
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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. |
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Foreign currency translation |
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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. |
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Leased assets |
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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. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Employees |
2024 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
3 |
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5 |
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3 |
Tangible fixed assets |
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Office equipment |
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Computer equipment |
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Total |
£ |
£ |
£ |
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Cost |
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At 1 January 2023 |
23,775 |
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11,585 |
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35,360 |
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Additions |
- |
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1,033 |
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1,033 |
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At 31 March 2024 |
23,775 |
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12,618 |
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36,393 |
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Depreciation |
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At 1 January 2023 |
23,775 |
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11,585 |
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35,360 |
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Charge for the period |
- |
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57 |
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57 |
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At 31 March 2024 |
23,775 |
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11,642 |
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35,417 |
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Net book value |
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At 31 March 2024 |
- |
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976 |
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976 |
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4 |
Investments |
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Other |
investments |
£ |
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Cost |
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At 1 January 2023 |
3,877 |
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At 31 March 2024 |
3,877 |
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The Investment relates to shares held in Ipcos Engineering Solutions PVT Limited, a 100% subsidiary. The shares are stated at cost. |
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5 |
Debtors |
2024 |
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2022 |
£ |
£ |
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Trade debtors |
4,776 |
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35,398 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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- |
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293,312 |
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Amounts recoverable on contracts |
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102,066 |
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26,977 |
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Other debtors and prepayments |
14,013 |
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7,467 |
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120,855 |
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363,154 |
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6 |
Creditors: amounts falling due within one year |
2024 |
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2022 |
£ |
£ |
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Trade creditors |
1,229 |
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2,159 |
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Corporation tax |
41,405 |
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43,182 |
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Other taxes and social security costs |
6,208 |
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13,862 |
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Other creditors and accruals |
18,241 |
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151,854 |
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67,083 |
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211,057 |
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7 |
Related party transactions |
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2024 |
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2022 |
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£ |
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£ |
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Ipcos NV - Part of Ipcos Group |
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Services supplied to Ipcos NV |
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510,467 |
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637,706 |
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Costs incurred by Ipcos NV recharged to Ipcos (UK) Limited |
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139,373 |
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172,942 |
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Amount due (from)/to the related party |
- |
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(293,312) |
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IPCOS BV - Part of Ipcos Group |
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Services supplied to Ipcos BV |
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22,711 |
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101,701 |
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Costs incurred by Ipcos BV recharged to Ipcos (UK) Limited |
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58,696 |
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43,255 |
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IPCOS DOF BV - Part of the IpcosGroup |
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Services supplied to Ipcos DOF BV |
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45,417 |
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-- |
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Costs incurred recharged to Ipcos (UK) Limited |
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19,683 |
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-- |
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IPCOS Group NV - Part of the IpcosGroup |
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Services supplied to Ipcos Group NV |
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29,549 |
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-- |
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Costs incurred recharged to Ipcos (UK) Limited |
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55,497 |
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-- |
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IPCOS Inc - Part Ipcos Group |
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Services supplied to Ipcos Inc |
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116,507 |
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28,234 |
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8 |
Controlling party |
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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. |
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9 |
Other information |
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IPCOS (UK) LTD is a private company limited by shares and incorporated in England. Its registered office is: |
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Milton Hall |
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Ely Road |
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Milton Hall |
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Cambridge |
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CB24 6WZ |