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REGISTERED NUMBER: 11503929 (England and Wales)















Unaudited Financial Statements for the Year Ended 31st March 2024

for

IPSW LTD

IPSW LTD (Registered number: 11503929)






Contents of the Financial Statements
for the Year Ended 31st March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IPSW LTD

Company Information
for the Year Ended 31st March 2024







DIRECTORS: K Kinsella
P A Leavers





REGISTERED OFFICE: C/O OCG Accountants Ltd
Biz Hub Tees Valley
Belasis Hall Technology Park
Billingham
Co. Durham
TS23 4EA





REGISTERED NUMBER: 11503929 (England and Wales)





ACCOUNTANTS: OCG Accountants Ltd
Biz Hub Tees Valley
Belasis Hall Technology Park
Coxwold Way
Billingham
Co. Durham
TS23 4EA

IPSW LTD (Registered number: 11503929)

Balance Sheet
31st March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Investment property 3 814,370 912,885

CURRENT ASSETS
Debtors 4 246,896 250,336
Cash at bank 76,816 4,773
323,712 255,109
CREDITORS
Amounts falling due within one year 5 (86,514 ) (71,954 )
NET CURRENT ASSETS 237,198 183,155
TOTAL ASSETS LESS CURRENT LIABILITIES 1,051,568 1,096,040

PROVISIONS FOR LIABILITIES (99,887 ) (120,802 )
NET ASSETS 951,681 975,238

CAPITAL AND RESERVES
Called up share capital 2 2
Revaluation reserve 6 437,398 514,998
Retained earnings 514,281 460,238
951,681 975,238

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

IPSW LTD (Registered number: 11503929)

Balance Sheet - continued
31st March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15th October 2024 and were signed on its behalf by:





P A Leavers - Director


IPSW LTD (Registered number: 11503929)

Notes to the Financial Statements
for the Year Ended 31st March 2024

1. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

INVESTMENT PROPERTY
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

IPSW LTD (Registered number: 11503929)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

3. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2023 912,885
Revaluations (98,515 )
At 31st March 2024 814,370
NET BOOK VALUE
At 31st March 2024 814,370
At 31st March 2023 912,885

Fair value at 31st March 2024 is represented by:
£   
Valuation in 2022 33,924
Valuation in 2023 618,876
Valuation in 2024 (98,515 )
Cost 260,085
814,370

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 246,896 250,336

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 14,560 -
Other creditors 71,954 71,954
86,514 71,954

6. RESERVES
Revaluation
reserve
£   
At 1st April 2023 514,998
Movement in year (77,600 )

At 31st March 2024 437,398