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COMPANY REGISTRATION NUMBER: 14162118
IP Investment Management (UK) Ltd
Filleted Unaudited Financial Statements
30 June 2024
IP Investment Management (UK) Ltd
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Current assets
Debtors
5
59,087
24,769
Cash at bank and in hand
11,542
70
--------
--------
70,629
24,839
Creditors: amounts falling due within one year
6
23,960
5,045
--------
--------
Net current assets
46,669
19,794
--------
--------
Total assets less current liabilities
46,669
19,794
Creditors: amounts falling due after more than one year
7
369,679
113,116
---------
---------
Net liabilities
( 323,010)
( 93,322)
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 323,110)
( 93,422)
---------
--------
Shareholders deficit
( 323,010)
( 93,322)
---------
--------
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 30 June 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 .
IP Investment Management (UK) Ltd
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 17 January 2025 , and are signed on behalf of the board by:
J Lamb
Director
Company registration number: 14162118
IP Investment Management (UK) Ltd
Notes to the Financial Statements
Year ended 30 June 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 Orange Street Haymarket, London, WC2H 7DQ, 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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company is supported by its parent 'IPIM Holdings Ltd', the parent company has confirmed it will meet its subsidiaries debts as they fall due for a minimum of 12 months from the date of signing the Statement of Financial Position. On that basis, the accounts have been prepared on a Going Concern Basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for commission fee income, stated net of discounts and of Value Added Tax.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments 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 payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 1 ).
5. Debtors
2024
2023
£
£
Amounts owing by related parties
54,824
12,500
Other debtors
4,263
12,269
--------
--------
59,087
24,769
--------
--------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
14,367
Other creditors
9,593
5,045
--------
-------
23,960
5,045
--------
-------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owing to related parties
369,679
113,116
---------
---------
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
J Lamb
( 45)
( 45)
----
----
----
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
J Lamb
( 45)
( 45)
----
----
----
9. Related party transactions
During the period, the company made a sale to a connected company for £42,324 (2023: £12,500). At the period end the amount due to IP Investment Management (UK) Ltd was £54,824 (2023: £12,500). During the period connected companies paid expenses on behalf of the IP Investment Management (UK) Ltd of £256,563 (2023: £113,116), the amount due to connected parties at the period end is £369,679 (2023: 113,116).