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Registration number: 10152530

Independent Research Forum Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Independent Research Forum Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 8

 

Independent Research Forum Limited

Company Information

Director

Edward Jonathan Blad

Registered office

Suite 5, 4th Floor
3 Universal Square
Devonshire Street North
Manchester, M12 6JH

Accountants

Gordon Levy Limited
Chartered AccountantsSuite 5, 4th Floor
3 Universal Square
Devonshire Street North
Manchester, M12 6JH

 

Independent Research Forum Limited

(Registration number: 10152530)
Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,578

1,009

Current assets

 

Debtors

5

465,397

394,538

Cash at bank and in hand

 

63,193

47,473

 

528,590

442,011

Creditors: Amounts falling due within one year

6

(159,301)

(151,536)

Net current assets

 

369,289

290,475

Total assets less current liabilities

 

372,867

291,484

Provisions for liabilities

(895)

(267)

Net assets

 

371,972

291,217

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

371,872

291,117

Shareholders' funds

 

371,972

291,217

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 27 January 2025
 

.........................................
Edward Jonathan Blad
Director

 

Independent Research Forum Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite 5, 4th Floor
3 Universal Square
Devonshire Street North
Manchester, M12 6JH

These financial statements were authorised for issue by the director on 27 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
and it is probable that future economic benefits will flow to the entity.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Independent Research Forum Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

50% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Independent Research Forum Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2023 - 11).

 

Independent Research Forum Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 May 2023

-

22,903

22,903

Additions

1,958

2,023

3,981

At 30 April 2024

1,958

24,926

26,884

Depreciation

At 1 May 2023

-

21,894

21,894

Charge for the year

245

1,167

1,412

At 30 April 2024

245

23,061

23,306

Carrying amount

At 30 April 2024

1,713

1,865

3,578

At 30 April 2023

-

1,009

1,009

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

55,155

61,607

Amounts owed by related parties

9

116,053

87,880

Prepayments

 

37,607

39,644

Other debtors

 

256,582

205,407

   

465,397

394,538

 

Independent Research Forum Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

2,028

24,858

Taxation and social security

73,928

37,287

Accruals and deferred income

73,589

78,314

Other creditors

9,756

11,077

159,301

151,536

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

8

Dividends

2024

2023

£

£

Final dividend of £878.80 (2023 - £681.50) per ordinary share

87,880

68,150

Interim dividend of £Nil (2023 - £22.50) per ordinary share

-

22,500

87,880

90,650

 

 

The director is recommending a final dividend of £1,160.53 (2023 - £878.80) per share totalling £116,053.00 (2023 - £87,880.00). This dividend has not been accrued in the statement of financial position.

 

Independent Research Forum Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Related party transactions

Loans to related parties

2024

Key management
£

Total
£

At start of period

87,880

87,880

Advanced

122,210

122,210

Repaid

(97,880)

(97,880)

Interest transactions

3,843

3,843

At end of period

116,053

116,053

2023

Key management
£

Total
£

At start of period

68,146

68,146

Advanced

116,845

116,845

Repaid

(99,750)

(99,750)

Interest transactions

2,639

2,639

At end of period

87,880

87,880

Terms of loans to related parties

Loans to key management, summarised above, comprise loans to the director of the company. These are unsecured loans at an interest rate of 3% and repayable on demand.