Company No:
Contents
DIRECTOR | C M Bull |
REGISTERED OFFICE | Level 1 |
Brockbourne House | |
77 Mount Ephraim | |
Tunbridge Wells | |
TN4 8BS | |
United Kingdom |
COMPANY NUMBER | 10149950 (England and Wales) |
ACCOUNTANT | Evelyn Partners (South East) Limited |
Brockbourne House | |
77 Mount Ephraim | |
Royal Tunbridge Wells | |
TN4 8BS |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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35,212 | 42,372 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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169,407 | 132,004 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 129,333 | 54,637 | ||
Total assets less current liabilities | 164,545 | 97,009 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Revaluation reserve |
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Profit and loss account |
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Total shareholder's funds |
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Director's responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Intellectual Property Ventures Limited (registered number:
C M Bull
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Intellectual Property Ventures Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Level 1, Brockbourne House, 77 Mount Ephraim, Tunbridge Wells, TN4 8BS, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The functional currency of Intellectual Property Ventures Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
These financial statements are separate financial statements.
The financial statements have been prepared on a going concern basis.
The director has made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Plant and machinery etc. |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
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.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.
Investments in cryptocurrency are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Other intangible assets | Total | ||
£ | £ | ||
Cost | |||
At 01 May 2023 |
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Fair value movement |
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At 30 April 2024 |
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Accumulated amortisation | |||
At 01 May 2023 |
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At 30 April 2024 |
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Net book value | |||
At 30 April 2024 |
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At 30 April 2023 |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 May 2023 |
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Additions |
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Disposals | (
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At 30 April 2024 |
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Accumulated depreciation | |||
At 01 May 2023 |
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Charge for the financial year |
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Disposals | (
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At 30 April 2024 |
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Net book value | |||
At 30 April 2024 |
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At 30 April 2023 |
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2024 | 2023 | ||
£ | £ | ||
Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Corporation tax |
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Other taxation and social security |
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Other creditors |
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Transactions with the entity's director
2024 | 2023 | ||
£ | £ | ||
Loan | 88,083 | 118,758 |
The balance was repaid in full within 9 months after the end of the current accounting period. Interest has been charged at the prevailing HMRC approved rate of interest.
Other related party transactions
During the year the company lent £8,440 to a connected company. This loan was written off in full.