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REGISTERED NUMBER: 12483858 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

FOR

THE INSTALLATION ASSURANCE AUTHORITY
LIMITED

THE INSTALLATION ASSURANCE AUTHORITY
LIMITED (REGISTERED NUMBER: 12483858)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


THE INSTALLATION ASSURANCE AUTHORITY
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: H F Davies
N Ralph
D F Robson
S D Stevenson
T W Cheetham
J Oakes
I R F Gager
P J Dickin





SECRETARY: T W Cheetham





REGISTERED OFFICE: Unit 3 Union Park
Ouzel Industrial Estate
Grovebury Road
Leighton Buzzard
Bedfordshire
LU7 4ER





REGISTERED NUMBER: 12483858 (England and Wales)





AUDITORS: Ad Valorem Audit Services Limited
Chartered Certified Accountants
& Statutory Auditors
2 Manor Farm Court
Old Wolverton Road
Old Wolverton
Milton Keynes
Buckinghamshire
MK12 5NN

THE INSTALLATION ASSURANCE AUTHORITY
LIMITED (REGISTERED NUMBER: 12483858)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 427,577 87,864

CURRENT ASSETS
Debtors 5 1,316,352 356,285
Cash at bank 1,654,109 1,807,243
2,970,461 2,163,528
CREDITORS
Amounts falling due within one year 6 707,555 903,481
NET CURRENT ASSETS 2,262,906 1,260,047
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,690,483

1,347,911

PROVISIONS FOR LIABILITIES 7 928,998 470,290
NET ASSETS 1,761,485 877,621

CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Retained earnings 1,760,485 876,621
SHAREHOLDERS' FUNDS 1,761,485 877,621

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 Income Statement has not been delivered.

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





T W Cheetham - Director


THE INSTALLATION ASSURANCE AUTHORITY
LIMITED (REGISTERED NUMBER: 12483858)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

The Installation Assurance Authority Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

ADEQUACY OF GUARANTEE FUNDS
The principal activity of the company is to provide a uniform and dependable independent guarantee for the insulation industry. The Council of Management's primary objective is to review on an annual basis that the company will have sufficient resources to ensure that guarantee claims, both notified to it at the year end and those that may arise in the future, can be met as they fall due.

In doing so the Council considers the sum of the deferred income reserve, the provision for notified claims and the provision for unexpired risk to assess whether this overall 'guarantee reserve' is sufficient to meet the claims that are likely to arise based on current projections of claim rates over the unexpired guarantee period and the anticipated expenditure on settling claims as adjusted for anticipated inflation.

TURNOVER
Turnover is stated after allocating part of the guarantee fee received from the installer on the completion of each insulation to deferred income. This deferred income is allocated to turnover in equal annual instalments over the lifetime off the IAA guarantee.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on cost
Computer equipment - 25% on reducing balance

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

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.


THE INSTALLATION ASSURANCE AUTHORITY
LIMITED (REGISTERED NUMBER: 12483858)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued
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.

DEFERRED INCOME
In order to accumulate guarantee funds the company allocates part of the guarantee fee received from the installer on the completion of each insulation to deferred income. An annual judgement is made as to what percentage of the guarantee fee is allocated straight to turnover and the balance to deferred income, based on market conditions and claims history.

This deferred income is allocated to the profit and loss account in equal instalments over the lifetime of the IAA guarantee commensurate with the expected incidence of claims. In reaching its assessment of the pattern of claims the company makes reference to past experience. The deferred income represents the proportion of the guarantee fee issued in the year and in previous years that relate to the unexpired risk period of the guarantees in issue.

GUARANTEE CLAIMS PAID
Guarantee claims incurred comprise claims and related expenses paid in the year, together with the movement on the provision for outstanding claims notified but not settled at the year end date and the provision for unexpired risk on guarantee claims in issue.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

THE INSTALLATION ASSURANCE AUTHORITY
LIMITED (REGISTERED NUMBER: 12483858)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

GENERAL PROVISIONS
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and are subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are disclosed in the profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

PROVISION FOR NOTIFIED CLAIMS
A provision is made in respect of all claims notified to the company by guarantee holders as at the year end date. In estimating the cost of notified but not settled claims, the Council of Management has regard to the claim circumstances as reported and the cost of settling claims with similar characteristics in previous periods.

PROVISION FOR UNEXPIRED RISK
An unexpired risk provision is made where the estimated cost of claims and related expenses exceed the unearned fee, after taking account of future investment income and cost inflation. An assessment is made at the year-end for the estimated cost of claims which may arise during the unexpired period of each guarantee in force at the balance sheet date.

The provisions are inevitably subject to inherent uncertainties because of the range of factors which could give rise to potential claims over the 25 year guarantee period. The time expected to elapse between the inception of the guarantee, the manifestation of events giving rise to claims and the notification to and settlement by the company of such claims accentuate these uncertainties.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 16 ) .

THE INSTALLATION ASSURANCE AUTHORITY
LIMITED (REGISTERED NUMBER: 12483858)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


4. TANGIBLE FIXED ASSETS
Fixtures
Improvements and Motor Computer
to property fittings vehicles equipment Totals
£ £ £ £ £
COST
At 1 May 2023 - 46,910 67,127 22,870 136,907
Additions 387,860 15,038 75,352 - 478,250
At 30 April 2024 387,860 61,948 142,479 22,870 615,157
DEPRECIATION
At 1 May 2023 - 28,512 13,032 7,499 49,043
Charge for year 96,965 9,380 29,370 2,822 138,537
At 30 April 2024 96,965 37,892 42,402 10,321 187,580
NET BOOK VALUE
At 30 April 2024 290,895 24,056 100,077 12,549 427,577
At 30 April 2023 - 18,398 54,095 15,371 87,864

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 585,447 307,471
Amounts owed by group undertakings 572,994 33,246
Other debtors 157,911 15,568
1,316,352 356,285

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 173,075 87,299
Amounts owed to group undertakings 205,011 576,836
Taxation and social security 122,379 92,707
Other creditors 207,090 146,639
707,555 903,481

7. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax
Accelerated capital allowances 44,116 10,538
Other provisions 884,882 459,752
928,998 470,290

THE INSTALLATION ASSURANCE AUTHORITY
LIMITED (REGISTERED NUMBER: 12483858)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


7. PROVISIONS FOR LIABILITIES - continued

Deferred
Deferred guarantee
tax income
£ £
Balance at 1 May 2023 10,538 459,752
Provided during year 33,578 425,130
Balance at 30 April 2024 44,116 884,882

The deferred tax provision all relates to accelerated capital allowances.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
1,000 Ordinary £1 1,000 1,000

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Darren Kerins FCCA (Senior Statutory Auditor)
for and on behalf of Ad Valorem Audit Services Limited

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.