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Registration number: 07227186

IP Consec Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

IP Consec Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

IP Consec Ltd

(Registration number: 07227186)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,247

7,740

Current assets

 

Debtors

5

13,908

16,104

Cash at bank and in hand

 

43,015

79,765

 

56,923

95,869

Creditors: Amounts falling due within one year

6

(39,150)

(66,600)

Net current assets

 

17,773

29,269

Total assets less current liabilities

 

21,020

37,009

Creditors: Amounts falling due after more than one year

6

(20,868)

(36,868)

Net assets

 

152

141

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

52

41

Shareholders' funds

 

152

141

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 Profit and Loss Account.

Approved and authorised by the director on 31 January 2025
 

.........................................
Mr Peter James Alston
Director

 

IP Consec Ltd

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.

The address of its registered office is:
3 Ticehurst Road
London
United Kingdom
SE23 2TJ

These financial statements were authorised for issue by the director on 31 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 sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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.

 

IP Consec Ltd

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

Tangible assets

Tangible assets are stated in the balance sheet 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

Motor Vehicles

25% Straight Line

Fixtures, fittings and equipment

25% 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 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.

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 1 (2023 - 1).

 

IP Consec Ltd

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

4

Tangible assets

Fixtures, fittings and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

58,748

80,008

138,756

Additions

350

-

350

Disposals

-

(80,008)

(80,008)

At 30 April 2024

59,098

-

59,098

Depreciation

At 1 May 2023

51,009

80,007

131,016

Charge for the year

4,842

1

4,843

Eliminated on disposal

-

(80,008)

(80,008)

At 30 April 2024

55,851

-

55,851

Carrying amount

At 30 April 2024

3,247

-

3,247

At 30 April 2023

7,739

1

7,740

5

Debtors

Current

2024
£

2023
£

Trade debtors

13,908

16,104

 

13,908

16,104

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

20,206

13,111

Accruals and deferred income

2,200

1,000

Other creditors

16,744

52,489

39,150

66,600

 

IP Consec Ltd

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

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Other non-current financial liabilities

20,868

36,868

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

8

Related party transactions

During the year, the company made the following related party transactions:

Director
At the balance sheet date, the amount due to the Director was £37,612 (2023 - £49,361.92). These loans are unsecured, interest free and repayable on demand.