Company registration number 03069488 (England and Wales)
INVESTMENT & PORTFOLIO CONSULTANTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
INVESTMENT & PORTFOLIO CONSULTANTS LIMITED
COMPANY INFORMATION
Director
Mr D Crystal
Secretary
Mr D Crystal
Company number
03069488
Registered office
1st Floor
Gallery Court
28 Arcadia Avenue
London
N3 2FG
Auditor
SPW (UK) LLP
Gable House
239 Regents Park Road
London
N3 3LF
INVESTMENT & PORTFOLIO CONSULTANTS LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Independent auditor's report
5 - 7
Statement of comprehensive income
4
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 18
INVESTMENT & PORTFOLIO CONSULTANTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The director presents the strategic report for the year ended 30 June 2024.

Review of the business

The results for the year and the financial position at the year end were considered satisfactory by the director who expects growth in the foreseeable future. In the context of current economic climate these results are considered good.

Principal risks and uncertainties

The principal risks and uncertainty are mainly the economic climate, business and operational risk.

Key performance indicators

Key performance indicators are the retention of clients and development of new client relationships, together with the level of income generated and the containment of expenses.

 

 

 

 

On behalf of the board

Mr D Crystal
Director
31 July 2024
INVESTMENT & PORTFOLIO CONSULTANTS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

The director presents his annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of Investment and Portfolio Consultants Limited ("IPC") during the year was the provision of portfolio management, structuring, investing and trading in the global financial markets for 'eligible and professional clients'. The company is regulated by the Financial Conduct Authority. ("FCA").

Results and dividends

The results for the year are set out on page 4.

An interim ordinary dividend was paid amounting to £Nil. The director does not recommend payment of a final dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr D Crystal
Post reporting date events
There are no post balance sheet events that will affect the future of the company or the presentation of the accounts.
Future developments
The directors of the company see the profits of the business in the future being consistent with previous years.
Auditor

In accordance with the company's articles, a resolution proposing that SPW (UK) LLP be reappointed as auditor of the company will be put at a General Meeting.

Statement of director's responsibilities

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

 

• state whether applicable UK Accounting Standards have been followed, subject to any material departures

disclosed and explained in the financial statements.

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

INVESTMENT & PORTFOLIO CONSULTANTS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr D Crystal
Director
31 July 2024
INVESTMENT & PORTFOLIO CONSULTANTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
2024
2023
Notes
£
£
Turnover
3
117,318
120,000
Administrative expenses
(114,931)
(118,179)
Operating profit
4
2,387
1,821
Interest receivable and similar income
8
950
574
Interest payable and similar expenses
9
-
0
(495)
Profit before taxation
3,337
1,900
Tax on profit
10
1,204
-
0
Profit for the financial year
4,541
1,900

The profit and loss account has been prepared on the basis that all operations are continuing operations.

INVESTMENT & PORTFOLIO CONSULTANTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INVESTMENT & PORTFOLIO CONSULTANTS LIMITED
- 5 -
Opinion

We have audited the financial statements of Investment & Portfolio Consultants Limited (the 'company') for the year ended 30 June 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

INVESTMENT & PORTFOLIO CONSULTANTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INVESTMENT & PORTFOLIO CONSULTANTS LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the non-statutory accounts.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The objectives of our audit, in respect to detecting irregularities including fraud, are;

to identify and assess the risks of material misstatement of the financial statements due to fraud;

to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses;

and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

INVESTMENT & PORTFOLIO CONSULTANTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INVESTMENT & PORTFOLIO CONSULTANTS LIMITED
- 7 -

The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant UK tax compliance regulations and Data Protection Regulation (GDPR).

We understood how the company complies with laws and regulations by making enquiries of management, internal audit, those responsible for legal and compliance procedures. We made enquiries through our review of board minutes and internal controls process documentation and considered the results of our audit procedures. We obtained confirmation from the company that there have been no breaches of law and regulations, specifically Financial Conduct Authority regulations.

We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur by meeting with management to discuss areas where we considered there was susceptibility to fraud. We considered the internal controls that the company has implemented to address any risks identified, or to prevent, deter and detect fraud, and how senior management monitor them.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

 

The key audit areas identified at planning included revenue recognition, accounting estimates, translations from foreign exchanges and testing manual journals. We planned and designed our work to provide reasonable assurance that the financial statements were free from fraud or error. However due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected an irregularity or fraud that could result in a material misstatement in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

For and on behalf of SPW (UK) LLP
31 July 2024
Chartered Accountants
Statutory Auditor
Gable House
Paul J Winter FCA
239 Regents Park Road
London
N3 3LF
INVESTMENT & PORTFOLIO CONSULTANTS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 8 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
11
26,036
10,000
Cash at bank and in hand
69,349
92,646
95,385
102,646
Creditors: amounts falling due within one year
12
(10,274)
(22,076)
Net current assets
85,111
80,570
Capital and reserves
Called up share capital
14
40,000
40,000
Profit and loss reserves
45,111
40,570
Total equity
85,111
80,570
The financial statements were approved and signed by the director and authorised for issue on 31 July 2024
Mr D Crystal
Director
Company registration number 03069488 (England and Wales)
INVESTMENT & PORTFOLIO CONSULTANTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2022
40,000
38,670
78,670
Year ended 30 June 2023:
Profit and total comprehensive income
-
1,900
1,900
Balance at 30 June 2023
40,000
40,570
80,570
Year ended 30 June 2024:
Profit and total comprehensive income
-
4,541
4,541
Balance at 30 June 2024
40,000
45,111
85,111
INVESTMENT & PORTFOLIO CONSULTANTS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
15
(17,857)
9,443
Interest paid
-
0
(495)
Income taxes paid
(6,390)
(4,505)
Net cash (outflow)/inflow from operating activities
(24,247)
4,443
Investing activities
Interest received
950
574
Net cash generated from investing activities
950
574
Net (decrease)/increase in cash and cash equivalents
(23,297)
5,017
Cash and cash equivalents at beginning of year
92,646
87,629
Cash and cash equivalents at end of year
69,349
92,646
INVESTMENT & PORTFOLIO CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
1
Accounting policies
Company information

Investment & Portfolio Consultants Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, Gallery Court, 28 Arcadia Avenue, London, N3 2FG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for services provided in respect of management fee, consultancy income and trading commission. Trading commission is recognised on the trade date.

 

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

INVESTMENT & PORTFOLIO CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 12 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

INVESTMENT & PORTFOLIO CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 13 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

INVESTMENT & PORTFOLIO CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Management fee
117,318
120,000
INVESTMENT & PORTFOLIO CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
3
Turnover and other revenue
(Continued)
- 15 -
2024
2023
£
£
Other revenue
Interest income
950
574
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
656
-
0
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
6,500
6,500
For services in respect of associated pension schemes
Audit
6,671
9,148
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was 2 (2023: 4).

 

2024
2023
Number
Number
Administration
2
4

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
79,900
79,900
Social security costs
5,970
5,157
Pension costs
1,497
1,497
87,367
86,554
INVESTMENT & PORTFOLIO CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
7
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
30,000
30,000
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
950
574
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
950
574
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
-
0
495
10
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(1,204)
-
0

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
3,337
1,900
Expected tax charge based on the standard rate of corporation tax in the UK of 20.00% (2023: 19.00%)
667
361
Tax effect of utilisation of tax losses not previously recognised
(667)
(361)
Under/(over) provided in prior years
(1,204)
-
0
Taxation credit for the year
(1,204)
-
INVESTMENT & PORTFOLIO CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
14,000
10,000
Other debtors
11,760
-
0
Prepayments and accrued income
276
-
0
26,036
10,000
12
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
-
0
7,594
Other taxation and social security
1,775
5,483
Accruals and deferred income
8,499
8,999
10,274
22,076
13
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,497
1,497

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

14
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
20,000 Ordinary Class "A" shares of £1 each
20,000
20,000
20,000 Ordinary Class "B" shares of £1 each
20,000
20,000
40,000
40,000
INVESTMENT & PORTFOLIO CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 18 -
15
Cash (absorbed by)/generated from operations
2024
2023
£
£
Profit for the year after tax
4,541
1,900
Adjustments for:
Taxation credited
(1,204)
-
0
Finance costs
-
0
495
Investment income
(950)
(574)
Movements in working capital:
Increase in debtors
(16,036)
(3,932)
(Decrease)/increase in creditors
(4,208)
11,554
Cash (absorbed by)/generated from operations
(17,857)
9,443
16
Analysis of changes in net funds
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
92,646
(23,297)
69,349
INVESTMENT & PORTFOLIO CONSULTANTS LIMITED
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024
2024-06-302023-07-01falsefalsefalseCCH SoftwareCCH Accounts Production 2024.310Mr D CrystalMr D Crystal030694882023-07-012024-06-3003069488bus:CompanySecretaryDirector12023-07-012024-06-3003069488bus:CompanySecretary12023-07-012024-06-3003069488bus:Director12023-07-012024-06-3003069488bus:RegisteredOffice2023-07-012024-06-30030694882024-06-30030694882022-07-012023-06-3003069488core:RetainedEarningsAccumulatedLosses2022-07-012023-06-3003069488core:RetainedEarningsAccumulatedLosses2023-07-012024-06-30030694882023-06-3003069488core:CurrentFinancialInstrumentscore:WithinOneYear2024-06-3003069488core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3003069488core:CurrentFinancialInstruments2024-06-3003069488core:CurrentFinancialInstruments2023-06-3003069488core:ShareCapital2024-06-3003069488core:ShareCapital2023-06-3003069488core:RetainedEarningsAccumulatedLosses2024-06-3003069488core:RetainedEarningsAccumulatedLosses2023-06-3003069488core:ShareCapital2022-06-3003069488core:RetainedEarningsAccumulatedLosses2022-06-3003069488core:ShareCapitalOrdinaryShares2024-06-3003069488core:ShareCapitalOrdinaryShares2023-06-30030694882023-06-30030694882022-06-300306948812023-07-012024-06-300306948812022-07-012023-06-3003069488core:UKTax2023-07-012024-06-3003069488core:UKTax2022-07-012023-06-3003069488bus:PrivateLimitedCompanyLtd2023-07-012024-06-3003069488bus:FRS1022023-07-012024-06-3003069488bus:Audited2023-07-012024-06-3003069488bus:FullAccounts2023-07-012024-06-30xbrli:purexbrli:sharesiso4217:GBP