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REGISTERED NUMBER: 05998555 (England and Wales)















Unaudited Financial Statements

for the Year Ended 30th April 2024

for

IFP LTD

IFP LTD (REGISTERED NUMBER: 05998555)

Contents of the Financial Statements
for the year ended 30th April 2024










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


IFP LTD

Company Information
for the year ended 30th April 2024







DIRECTORS: Mrs P M Monk
Mr R E E Monk
Mr I R L Monk





REGISTERED OFFICE: 6 Victoria Business Park
Short Street
Southend on Sea
Essex
SS2 5BY





REGISTERED NUMBER: 05998555 (England and Wales)





ACCOUNTANTS: Barrons Limited
Chartered Accountants
Monometer House
Rectory Grove
Leigh on Sea
Essex
SS9 2HN

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
IFP Ltd


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Profit and loss account and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of IFP Ltd for the year ended 30th April 2024 which comprise the Profit and loss account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of IFP Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of IFP Ltd and state those matters that we have agreed to state to the Board of Directors of IFP Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than IFP Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that IFP Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of IFP Ltd. You consider that IFP Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of IFP Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Barrons Limited
Chartered Accountants
Monometer House
Rectory Grove
Leigh on Sea
Essex
SS9 2HN


30th January 2025

IFP LTD (REGISTERED NUMBER: 05998555)

Balance Sheet
30th April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 66,427 72,736
Tangible assets 5 25,009 26,235
91,436 98,971

CURRENT ASSETS
Debtors 6 20,702 9,311
Cash at bank and in hand 213,051 221,243
233,753 230,554
CREDITORS
Amounts falling due within one year 7 159,605 228,868
NET CURRENT ASSETS 74,148 1,686
TOTAL ASSETS LESS CURRENT
LIABILITIES

165,584

100,657

CREDITORS
Amounts falling due after more than one
year

8

(12,231

)

(22,435

)

PROVISIONS FOR LIABILITIES (1,603 ) (1,310 )
NET ASSETS 151,750 76,912

CAPITAL AND RESERVES
Called up share capital 3 3
Revaluation reserve 18,877 -
Capital redemption reserve 2 2
Retained earnings 132,868 76,907
SHAREHOLDERS' FUNDS 151,750 76,912

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

IFP LTD (REGISTERED NUMBER: 05998555)

Balance Sheet - continued
30th April 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30th January 2025 and were signed on its behalf by:





Mr I R L Monk - Director


IFP LTD (REGISTERED NUMBER: 05998555)

Notes to the Financial Statements
for the year ended 30th April 2024


1. STATUTORY INFORMATION

IFP Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
The turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before the revenue is recognised:

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Goodwill
Goodwill represents the amount paid in connection with the acquisition of the company's trading activities at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Profit and Loss Account over its useful economic life.

The estimated useful life is as follows:

Goodwill - Straight line over 10 years

Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured as cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful life is as follows:

Intangible assets - 10 years

Crypto currencies with an active market are measured under the revaluation model with any gains or losses being reported in the Other Comprehensive Income statement.

IFP LTD (REGISTERED NUMBER: 05998555)

Notes to the Financial Statements - continued
for the year ended 30th April 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Improvements to Property- 2% Straight Line
Fixtures and Fittings- 25% Straight Line

The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a money purchase pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.

IFP LTD (REGISTERED NUMBER: 05998555)

Notes to the Financial Statements - continued
for the year ended 30th April 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amount of cash with insignificant risk of change in value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 6 ) .

IFP LTD (REGISTERED NUMBER: 05998555)

Notes to the Financial Statements - continued
for the year ended 30th April 2024


4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST OR VALUATION
At 1st May 2023 400,000 29,284 429,284
Revaluations - 18,877 18,877
At 30th April 2024 400,000 48,161 448,161
AMORTISATION
At 1st May 2023 352,000 4,548 356,548
Charge for year 24,000 1,186 25,186
At 30th April 2024 376,000 5,734 381,734
NET BOOK VALUE
At 30th April 2024 24,000 42,427 66,427
At 30th April 2023 48,000 24,736 72,736

Cost or valuation at 30th April 2024 is represented by:

Other
intangible
Goodwill assets Totals
£    £    £   
Valuation in 2022 - 1,436 1,436
Valuation in 2023 - (5,016 ) (5,016 )
Valuation in 2024 - 18,877 18,877
Cost 400,000 32,864 432,864
400,000 48,161 448,161

IFP LTD (REGISTERED NUMBER: 05998555)

Notes to the Financial Statements - continued
for the year ended 30th April 2024


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st May 2023 96,036
Additions 2,451
At 30th April 2024 98,487
DEPRECIATION
At 1st May 2023 69,801
Charge for year 3,677
At 30th April 2024 73,478
NET BOOK VALUE
At 30th April 2024 25,009
At 30th April 2023 26,235

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 12,778 6,085
Other debtors 7,924 3,226
20,702 9,311

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 13,746 12,247
Trade creditors 1,857 2,358
Taxation and social security 37,238 26,736
Other creditors 106,764 187,527
159,605 228,868

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 12,231 22,435

IFP LTD (REGISTERED NUMBER: 05998555)

Notes to the Financial Statements - continued
for the year ended 30th April 2024


9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 13,000 13,000
Between one and five years 52,000 52,000
In more than five years 98,042 111,042
163,042 176,042

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 22,435 32,387

The bank loan is secured by the Bounce Bank Loan Scheme provided by the government during the coronavirus outbreak.

11. RELATED PARTY DISCLOSURES

As at the balance sheet date there were directors current account balances totalling £62,059 (2023: £102,317).