REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2024 |
FOR |
IMPLEX CONSULTANTS LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
BANKERS: |
Barclays Bank plc |
IMPLEX CONSULTANTS LIMITED (REGISTERED NUMBER: 03314220) |
BALANCE SHEET |
31ST MAY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Fair value reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Land and buildings | - |
Plant and machinery etc | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1st June 2023 |
and 31st May 2024 |
DEPRECIATION |
At 1st June 2023 |
Charge for year |
At 31st May 2024 |
NET BOOK VALUE |
At 31st May 2024 |
At 31st May 2023 |
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 |
Additions |
At 31st May 2024 |
NET BOOK VALUE |
At 31st May 2024 |
At 31st May 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st June 2023 |
and 31st May 2024 |
NET BOOK VALUE |
At 31st May 2024 |
At 31st May 2023 |
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 |
Amounts owed by group undertakings |
Other debtors |
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 |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Amounts owed to group undertakings |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
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: | £ | £ |
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. |