Company registration number 11442375 (England and Wales)
IPW2 LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2024
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
IPW2 LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
IPW2 LTD
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,844
2,429
Current assets
Debtors
4
62,901
62,901
Cash at bank and in hand
2,135
1,170
65,036
64,071
Creditors: amounts falling due within one year
5
(37,735)
(33,567)
Net current assets
27,301
30,504
Total assets less current liabilities
29,145
32,933
Creditors: amounts falling due after more than one year
6
(26,950)
(33,685)
Provisions for liabilities
(350)
(461)
Net assets/(liabilities)
1,845
(1,213)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
1,843
(1,215)
Total equity
1,845
(1,213)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

IPW2 LTD
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 November 2024 and are signed on its behalf by:
Mr P Williams
Mr I Williams
Director
Director
Company registration number 11442375 (England and Wales)
IPW2 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

IPW2 Ltd is a private company limited by shares incorporated in England and Wales. The registered office is This Work Space, 18 Albert Road, Bournemouth, Dorset, BH1 1BZ.

1.1
Reporting period

The reporting period has been extended to 30 June 2023 to align with related companies. Therefore, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
15% reducing balance
Computers
33.33% reducing balance

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.

1.5
Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

1.6
Financial instruments
Classification of financial liabilities

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.

IPW2 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

Current tax is recognised on taxable profit for the current and, where not previously recognised, past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
2,037
4,379
6,416
Depreciation and impairment
At 1 July 2023
816
3,171
3,987
Depreciation charged in the year
183
402
585
At 30 June 2024
999
3,573
4,572
Carrying amount
At 30 June 2024
1,038
806
1,844
At 30 June 2023
1,221
1,208
2,429
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
62,901
62,901
IPW2 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,557
7,586
Trade creditors
2
2
Taxation and social security
1,032
2,329
Other creditors
31,144
23,650
37,735
33,567
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
26,950
33,685
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
4,727
11,463
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