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REGISTERED NUMBER: 03314220 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2024

FOR

IMPLEX CONSULTANTS LIMITED

IMPLEX CONSULTANTS LIMITED (REGISTERED NUMBER: 03314220)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IMPLEX CONSULTANTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MAY 2024







DIRECTORS: Mr Alok Bhardwaj
Mrs A Bhardwaj
Mr S B Barnes-Barrington



SECRETARY: Mr R Suresh



REGISTERED OFFICE: 1 Doughty Street
London
WC1N 2PH



REGISTERED NUMBER: 03314220 (England and Wales)



BANKERS: Credit Suisse AG
Barclays Bank plc

IMPLEX CONSULTANTS LIMITED (REGISTERED NUMBER: 03314220)

BALANCE SHEET
31ST MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 958,068 988,777
Investments 5 10,000 1
Investment property 6 10,550,000 10,550,000
11,518,068 11,538,778

CURRENT ASSETS
Debtors 7 850,665 1,024,236
Cash at bank and in hand 1,940,356 2,055,543
2,791,021 3,079,779
CREDITORS
Amounts falling due within one year 8 1,431,365 1,515,138
NET CURRENT ASSETS 1,359,656 1,564,641
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,877,724

13,103,419

CREDITORS
Amounts falling due after more than one year 9 (7,684,756 ) (7,967,515 )

PROVISIONS FOR LIABILITIES (987,000 ) (987,000 )
NET ASSETS 4,205,968 4,148,904

CAPITAL AND RESERVES
Called up share capital 11 70,000 70,000
Fair value reserve 3,683,353 3,683,353
Retained earnings 452,615 395,551
SHAREHOLDERS' FUNDS 4,205,968 4,148,904

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 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.

IMPLEX CONSULTANTS LIMITED (REGISTERED NUMBER: 03314220)

BALANCE SHEET - continued
31ST MAY 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 26th September 2024 and were signed on its behalf by:





Mr Alok Bhardwaj - Director


IMPLEX CONSULTANTS LIMITED (REGISTERED NUMBER: 03314220)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2024


1. STATUTORY INFORMATION

Implex Consultants Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. 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.

These financial statements have been prepared on the going concern basis which is based on the following considerations made by the directors.

(i) The Company is dependent on a loan facility from the parent undertaking which is renewable in May 2025. The Board is confident that the company will be able to avail the loan facility so that the company can continue to trade for the foreseeable future.

(ii) The Board has also considered the cash flow requirements for the company for a period including twelve months from the date of approval of these financial statements. The Board are confident that the company will have sufficient cash resources to pay its liabilities as they fall due for at least up to twelve months from the date of the approval of these financial statements.

On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from this basis of preparation being inappropriate.

Critical accounting judgements and key sources of estimation uncertainty
Management makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom be exactly the same as the related actual results. The estimates, assumptions and management judgements that carry a significant risk of material adjustments to the carrying amounts of assets and liabilities are outlined below.

- Management’s estimation of fair value of the investment property

The investment property is required to be shown at its fair value as at balance sheet date.

Current economic developments and uncertainties influence the valuation of the investment property. The methods and significant assumptions applied in determining the fair value of the investment property are mainly due to (i) active market prices, (ii) the influence of rent-free periods and vacancy rates, (iii) the rental yield rates for offices in the local areas and (iv) assumed trends in rents.

The market values are based on valuations performed by Management together with the assistance with independent estate agents and property consultants. The valuation is based on an open market value, supported by market evidence in which the asset can be exchanged between a knowledgeable willing buyer and a knowledgeable willing seller in an arm’s length transaction at the date of the valuation.

The valuation is calculated by determining the annual rental figures receivable from the investment property and applying the market rental yield provided by external property consultants for comparable offices in the local area. The valuation of the investment property is appraised on an annual basis by management.

- Estimation of useful economic life

The charge in respect of periodic depreciation is derived after determining an estimate of an asset’s expected useful life and the expected residual value at the end of its life. Increasing an asset’s expected life or its residual value would result in a reduced depreciation charge in the income statement.

The estimation of useful lives is based on certain indicators such as historical experience with similar assets as well as anticipation of future events, which may impact the lives, such as changes in technology. The useful lives will also depend on the future performance of the assets as well as management’s judgement of the period over which economic benefits will be derived from the assets. Management reviews the appropriateness of assets’ useful economic lives at least annually.

IMPLEX CONSULTANTS LIMITED (REGISTERED NUMBER: 03314220)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on cost and 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment in subsidiary undertakings are recognised at historical cost less any provision for permanent diminution in value in the Parent Company's balance sheet.

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.

Deferred taxation is provided on the gains at the rate expected to apply when the property is sold.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st June 2023
and 31st May 2024 1,030,840 123,466 1,154,306
DEPRECIATION
At 1st June 2023 118,562 46,967 165,529
Charge for year 11,584 19,125 30,709
At 31st May 2024 130,146 66,092 196,238
NET BOOK VALUE
At 31st May 2024 900,694 57,374 958,068
At 31st May 2023 912,278 76,499 988,777

Included in cost of land and buildings is freehold land of £ 519,160 (2023 - £ 519,160 ) which is not depreciated.

IMPLEX CONSULTANTS LIMITED (REGISTERED NUMBER: 03314220)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024


5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st June 2023 1
Additions 9,999
At 31st May 2024 10,000
NET BOOK VALUE
At 31st May 2024 10,000
At 31st May 2023 1

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st June 2023
and 31st May 2024 10,550,000
NET BOOK VALUE
At 31st May 2024 10,550,000
At 31st May 2023 10,550,000

Fair value at 31st May 2024 is represented by:
£   
Valuation in 2014 1,216,680
Valuation in 2015 75,673
Valuation in 2017 (577,000 )
Valuation in 2018 1,155,000
Valuation in 2019 1,025,000
Valuation in 2021 870,000
Valuation in 2023 905,000
Cost 5,879,647
10,550,000

Investment property was valued on an open market basis on 31st May 2024 by the Directors .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 1,532
Amounts owed by group undertakings 474,000 546,000
Other debtors 376,665 476,704
850,665 1,024,236

IMPLEX CONSULTANTS LIMITED (REGISTERED NUMBER: 03314220)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 1,067,885 1,135,644
Taxation and social security 43,278 72,638
Other creditors 310,202 296,856
1,431,365 1,515,138

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 10,833 20,833
Amounts owed to group undertakings 7,673,923 7,946,682
7,684,756 7,967,515

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 20,833 30,833

The bank loan is secured by the UK Government under the Bounce Back Loan Scheme.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
70,000 Ordinary £1 70,000 70,000

12. CONTINGENT LIABILITIES

The Company has provided a limited guarantee of $1.5m (2023: $1.5m) to the Parent Undertaking's bankers for it to secure certain loan facilities.

IMPLEX CONSULTANTS LIMITED (REGISTERED NUMBER: 03314220)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024


13. RELATED PARTY DISCLOSURES

During the year, transactions with the subsidiary were as follows:

2024 2023
£ £
- Total balance receivable at year-end 474,000 546,000
- Advance rent received 5,000 5,000
- Management charges received from related parties 150,000 210,000
- Rent received 60,000 60,000


Balance due from a director and his immediate family as at balance sheet date were as follows:
2024 2023
£ £
- Balance due from a director 1,043 1,205
- Interest receivable from the Estate of a director's immediate family member 21,141 17,390
- Balance due from the Estate of a director's immediate family member 188,158 183,861

Directors fees due to be paid as at the year end £12,000 -


The company has received an unsecured, interest-free loan of £7,673,923 (2023: £7,946,682) from the parent undertaking - Lenville Overseas Limited in previous periods. Details of the corporate guarantee provided by this Company to the bankers of the parent undertaking are shown in the Contingent Liabilities Note above.

14. ULTIMATE CONTROLLING PARTY

The company was controlled by the trustees of a discretionary charitable trust throughout the current and previous year.