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Registration number: 12474842

Institutional Prime Consulting Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Institutional Prime Consulting Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Institutional Prime Consulting Limited

Company Information

Director

A Al Daouk

Registered office

114 St Martin's Lane
Covent Garden
London
WC2N 4BE

 

Institutional Prime Consulting Limited

(Registration number: 12474842)
Balance Sheet as at 29 February 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

5

3,772

1,402

Current assets

 

Debtors

6

147,320

137,054

Cash at bank and in hand

 

13,236

5,098

 

160,556

142,152

Creditors: Amounts falling due within one year

7

(37,817)

(54,105)

Net current assets

 

122,739

88,047

Net assets

 

126,511

89,449

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

126,510

89,448

Shareholders' funds

 

126,511

89,449

For the financial year ending 29 February 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 28 December 2024
 

.........................................
A Al Daouk
Director

 

Institutional Prime Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

Principal activity

The principal activity of the Company is providing consultancy services

The address of its registered office is:
114 St Martin's Lane
Covent Garden
London
WC2N 4BE
England

These financial statements were authorised for issue by the director on 28 December 2024.

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.

Going concern

The company is dependent on the support of its shareholders to continue as a going concern. Confirmation of this support has been provided and the directors consider it appropriate to prepare the accounts on a going concern basis.

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 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.

 

Institutional Prime Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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.

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

Office Equipment

50% Straight Line

Fixtures and Fittings

20% Straight Line

Financial instruments

Classification
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to/from 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 or 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

Trade debtors are amounts due from customers form 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.

 

Institutional Prime Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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.

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.

 

Institutional Prime Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Prior period errors

The prior year Turnover and Other Debtors figures were restated due to historical errors discovered in the current period. This also led to a restatement of the tax charge and tax liability figures due to the tax effect of the increased turnover.
These errors arose due to cut-off resulting in Accrued Income and Turnover being misstated.

Relating to the current period disclosed in these financial statements
£

Relating to the prior period disclosed in these financial statements
£

Relating to periods before the prior period disclosed in these financial statements
£

Sales

-

(29,752)

(16,687)

Accrued Income

46,439

46,439

-

Retained Earnings

(37,850)

(13,517)

-

Corporation tax charge

-

5,419

3,170

Corporation tax control

(8,589)

(8,589)

(3,170)

   

Error was identified within the prior year Directors Loan Account and Corporation Tax Control which were restated in the current financial statements.
Corporation tax relating to the accounting period ending 28 February 2023 was paid by the Company rather than by the director on behalf of the Company. As a result, the restated director loan account was overdrawn in the prior year, leading to a s455 tax charge of £222.

Relating to the current period disclosed in these financial statements
£

Relating to the prior period disclosed in these financial statements
£

Relating to periods before the prior period disclosed in these financial statements
£

Directors Loan Account

-

18,144

-

Corporation Tax Control

-

(18,144)

-

Other debtors

-

222

-

Corporation Tax Control

-

(222)

-

   

 

Institutional Prime Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

3

Significant judgements and key sources of estimation uncertainty

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.

4

Staff numbers

The average number of persons employed by the Company (including the director) during the year, was 1 (2023 - 1).

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 March 2023

-

2,717

2,717

Additions

2,159

1,934

4,093

At 29 February 2024

2,159

4,651

6,810

Depreciation

At 1 March 2023

-

1,315

1,315

Charge for the year

102

1,621

1,723

At 29 February 2024

102

2,936

3,038

Carrying amount

At 29 February 2024

2,057

1,715

3,772

At 28 February 2023

-

1,402

1,402

 

Institutional Prime Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Debtors

Current

Note

2024
£

(As restated)

2023
£

Trade debtors

 

11,276

-

Amounts owed by related parties

11

71,862

64,614

Other debtors

 

64,182

72,440

   

147,320

137,054

7

Creditors

Creditors: amounts falling due within one year

2024
£

(As restated)

2023
£

Due within one year

Taxation and social security

31,475

42,419

Accruals and deferred income

5,400

6,500

Other creditors

942

5,186

37,817

54,105

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share capital of £1 each

1

1

1

1

       

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

2,080

2,080

 

Institutional Prime Consulting Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £Nil (2023 - £16,000) per each Ordinary share

-

16,000

 

 

11

Related party transactions

Summary of transactions with Companies under common control

During the year, the company loaned £7,248 to a company under common control (2023: £3,120). As at the year end, the amount owed from the company under common control was £71,862 (2023: £64,614).

Summary of transactions with other related parties
During the year, the director paid on behalf of the company expenses of £Nil (2023: £4,521 (As restated)). The company repaid the director £18,000 (2023: £34,000). The Company also declared dividends due to the director of £Nil (2023: £16,000). The company made advances to the director of £2,678 (2023: £2,470). As at the year end the amount owed from/(to) the director was £37,336 (2023: £16,659 (As restated)).