15 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 87 87 87 xbrli:pure xbrli:shares iso4217:GBP 11798244 2023-04-01 2024-03-31 11798244 2024-03-31 11798244 2023-03-31 11798244 2022-04-01 2023-03-31 11798244 2023-03-31 11798244 2022-03-31 11798244 core:MotorVehicles 2023-04-01 2024-03-31 11798244 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 11798244 bus:Director1 2023-04-01 2024-03-31 11798244 bus:Director3 2023-04-01 2024-03-31 11798244 bus:Director4 2023-04-01 2024-03-31 11798244 core:MotorVehicles 2023-03-31 11798244 core:MotorVehicles 2024-03-31 11798244 core:WithinOneYear 2024-03-31 11798244 core:WithinOneYear 2023-03-31 11798244 core:AfterOneYear 2024-03-31 11798244 core:AfterOneYear 2023-03-31 11798244 core:ShareCapital 2024-03-31 11798244 core:ShareCapital 2023-03-31 11798244 core:RetainedEarningsAccumulatedLosses 2024-03-31 11798244 core:RetainedEarningsAccumulatedLosses 2023-03-31 11798244 core:BetweenOneFiveYears 2023-03-31 11798244 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 11798244 core:Non-currentFinancialInstruments 2024-03-31 11798244 core:Non-currentFinancialInstruments 2023-03-31 11798244 core:MotorVehicles 2023-03-31 11798244 bus:SmallEntities 2023-04-01 2024-03-31 11798244 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 11798244 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 11798244 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11798244 bus:FullAccounts 2023-04-01 2024-03-31 11798244 bus:OrdinaryShareClass1 2024-03-31 11798244 bus:OrdinaryShareClass1 2023-03-31 11798244 core:ComputerEquipment 2023-04-01 2024-03-31 11798244 core:ComputerEquipment 2023-03-31 11798244 core:ComputerEquipment 2024-03-31
COMPANY REGISTRATION NUMBER: 11798244
Ingleton Partners Ltd
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
Ingleton Partners Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
42,930
51,955
Investments
6
87
87
--------
--------
43,017
52,042
Current assets
Debtors
7
482,074
526,914
Cash at bank and in hand
1,378,740
1,282,227
------------
------------
1,860,814
1,809,141
Creditors: amounts falling due within one year
8
1,333,179
1,381,913
------------
------------
Net current assets
527,635
427,228
---------
---------
Total assets less current liabilities
570,652
479,270
Creditors: amounts falling due after more than one year
9
177,598
404,237
Provisions
9,757
11,730
---------
---------
Net assets
383,297
63,303
---------
---------
Capital and reserves
Called up share capital
11
10
10
Profit and loss account
383,287
63,293
---------
--------
Shareholders funds
383,297
63,303
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Ingleton Partners Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 2 July 2024 , and are signed on behalf of the board by:
J Grabowski
D J Holmes
Director
Director
K M O'Reilly
Director
Company registration number: 11798244
Ingleton Partners Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Norwich Street, London, EC41 1BD, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. Consolidation The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Income tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference. Operating leases Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles - 20% straight line
Equipment - 25% straight line
Investments Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or financial liability is recognised only when the company becomes a party to the contractual provisions of the financial instrument. Basic financial assets, which include trade and other receivables and cash and bank balances, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future receipts discounted at the market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade creditors and other payables, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future receipts discounted at the market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2023: 15 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 April 2023
65,779
31,456
97,235
Additions
3,071
4,390
7,461
--------
--------
---------
At 31 March 2024
68,850
35,846
104,696
--------
--------
---------
Depreciation
At 1 April 2023
21,926
23,354
45,280
Charge for the year
13,310
3,176
16,486
--------
--------
---------
At 31 March 2024
35,236
26,530
61,766
--------
--------
---------
Carrying amount
At 31 March 2024
33,614
9,316
42,930
--------
--------
---------
At 31 March 2023
43,853
8,102
51,955
--------
--------
---------
6. Investments
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
87
----
Impairment
At 1 April 2023 and 31 March 2024
----
Carrying amount
At 31 March 2024
87
----
At 31 March 2023
87
----
7. Debtors
2024
2023
£
£
Trade debtors
261,371
325,959
Other debtors
220,703
200,955
---------
---------
482,074
526,914
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
193,752
193,752
Trade creditors
3,902
Corporation tax
85,113
273,307
Social security and other taxes
197,783
175,221
Other creditors
852,629
739,633
------------
------------
1,333,179
1,381,913
------------
------------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
177,598
371,350
Other creditors
32,887
---------
---------
177,598
404,237
---------
---------
10. Employee ownership trust
In March 2019, the entire share capital of the company was purchased by Malham Holdings Limited (the Trustee) on behalf of the newly established Ingleton Partners Employee Ownership Trust. The company expects to benefit from the employee ownership structure through stable ownership and employee retention.
In return for this corporate benefit, there is a debenture and guarantee from the company in place as per the share sale agreement to guarantee the obligations of the Trustee. The Trustee is paying the share purchase liability and interest in instalments over the next 5-10 years. There is a floating charge over the assets of the company to provide security for the obligations of the Trustee.
Payments made by the company to the Trust in the year were £567,475 (2023: £1,140,000) and these are capital contributions adjusted within capital and reserves in the financial statements.
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.01 each
1,000
10
1,000
10
-------
----
-------
----
12. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
98,433
118,120
Later than 1 year and not later than 5 years
98,433
--------
---------
98,433
216,553
--------
---------
13. Directors' advances, credits and guarantees
Included in debtors is £nil(2023:£436) that is due from the directors at year end. Interest is charged on this at the official rate and the loans are repayable on demand.