Registered number: 13447122
INGENIOUS REAL ESTATE LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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INGENIOUS REAL ESTATE LIMITED
COMPANY INFORMATION
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INGENIOUS REAL ESTATE LIMITED
CONTENTS
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Independent Auditor's Report
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Statement of Changes in Equity
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Notes to the Financial Statements
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INGENIOUS REAL ESTATE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The directors present their report and the financial statements for the year ended 30 June 2024.
Directors' responsibilities statement
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The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Company is a wholly-owned subsidiary within the Ingenious Capital Management Holdings Limited group ("the Group"). The principal activity of the Company is to accept a recharge of income and costs associated with the Real Estate commercial team from Ingenious Capital Management Limited ("ICML"), a related entity within the Group. The recharge of income and costs covers all income generated by ICML from supplying the Real Estate staff services, along with the direct and indirect costs attributable to the Real Estate team. The principal place of business is Parcels Building, 14 Bird Street, London, W1U 1BU.
The Company's business activities, together with the factors likely to affect its future development, performance and position have been reviewed by the directors. Refer to note 2.2 for further details.
The profit for the year, after taxation, amounted to £858k (Restated 2023 - £773k).
The directors do not recommend the payment of a dividend for the year ended 30 June 2024 (2023: nil).
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INGENIOUS REAL ESTATE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
The directors who served during the year and subsequently were as follows:
N Forster (resigned 6 March 2024)
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Principal risks and uncertainties
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The key business risks faced by the Company can be affected by a number of factors some of which may result from matters beyond the Company's control. This may include for example conditions in the domestic and global financial markets and the wider economy, as well as changes in legislation. The directors have specifically considered the impact of sustained high interest rates and the cost of living crisis on the business - please refer to note 2.2 going concern for further details.
The Company actively manages risks and uncertainties facing its business by undertaking regular strategic reviews. The Board has put in place appropriate corporate governance structures to support its oversight of the firm’s risk management framework at Group level, which include Audit and Risk Committee, Investment Committees and Remuneration Committee.
The Company intends to continue to undertake its principal activity of recording the performance of the Ingenious Real Estate division.
Provision of insurance to directors
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All directors were covered by directors' and officers' liability insurance throughout the year under review and this will continue to remain in force.
Disclosure of information to auditor
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Each of the persons who is a director at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.
The auditors, BDO LLP, will be proposed for reappointment in accordance with section 487(2) of the Companies Act 2006.
Small companies exemption
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In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
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INGENIOUS REAL ESTATE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
This report was approved by the board and signed on its behalf by:
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INGENIOUS REAL ESTATE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INGENIOUS REAL ESTATE LIMITED
Opinion on the financial statements
In our opinion:
∙the financial statements give a true and fair view of the state of Ingenious Real Estate Limited’s affairs as at 30 June 2024 and of its profit for the year then ended;
∙the financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements of Ingenious Real Estate Limited (“the Company”) for the year ended 30 June 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of changes in equity, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
Other information
The Directors are responsible for the other information. The other information comprises the information included in the Directors’ report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are
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INGENIOUS REAL ESTATE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INGENIOUS REAL ESTATE LIMITED
required to report that fact.
We have nothing to report in this regard.
Other Companies Act 2006 reporting
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors’ Report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of Directors’ remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit; or
∙the Directors were entitled to prepare the financial statements in accordance with the small companies' regime and take advantage of the small companies' exemptions in preparing the strategic report.
Responsibilities of Directors
As explained more fully in the Directors' responsibilities statement, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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INGENIOUS REAL ESTATE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INGENIOUS REAL ESTATE LIMITED
Non-compliance with laws and regulations
Based on:
∙Our understanding of the Company and the industry in which it operates;
∙Discussion with management and those charged with governance; and
∙Obtaining an understanding of the Company’s policies and procedures regarding compliance with laws and regulations.
we considered the significant laws and regulations to be Companies Act 2006, Financial Reporting Standard 102 and UK tax legislation.
The Company is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be UK tax legislation and the health and safety legislation.
Our procedures in respect of the above included:
∙Review of minutes of meeting of those charged with governance for any instances of non-compliance with laws and regulations;
∙Review of financial statement disclosures for compliance with the applicable reporting standard; and
∙Review of tax computation and related financial statement disclosures by a tax specialists.
Fraud
We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:
∙Enquiring of management and those charged with governance regarding any known or suspected instances of fraud;
∙Obtaining an understanding of the Company’s policies and procedures relating to:
°Detecting and responding to the risks of fraud; and
°Internal controls established to mitigate risks related to fraud.
∙Review of minutes of meeting of those charged with governance for any known or suspected instances of fraud;
∙Discussion amongst the engagement team as to how and where fraud might occur in the financial statements; and
∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
Based on our risk assessment, we considered the areas most susceptible to fraud to be management override of controls.
Our procedures in respect of the above included:
∙Testing a sample of journal entries throughout the year which meet a defined risk criteria as well as journals that do not meet the aforementioned risk criteria. Testing carried out by agreeing to supporting documentation and understanding the rationale for such transactions.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the
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INGENIOUS REAL ESTATE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INGENIOUS REAL ESTATE LIMITED
financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at:
https://www.frc.org.uk /auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Peter Smith (Senior Statutory Auditor)
For and on behalf of BDO LLP, statutory auditor
London, United Kingdom
Date: 28 March 2025
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
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INGENIOUS REAL ESTATE LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
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Restated Period ended 30 June 2023
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Interest receivable and similar income
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Profit for the financial year
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The notes on pages 11 to 18 form part of these financial statements.
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INGENIOUS REAL ESTATE LIMITED
REGISTERED NUMBER: 13447122
BALANCE SHEET
AS AT 30 JUNE 2024
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 18 form part of these financial statements.
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INGENIOUS REAL ESTATE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
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Comprehensive income for the year
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 11 to 18 form part of these financial statements.
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INGENIOUS REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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The directors have restated the prior period financial statements to correctly account for indirect bonus costs incurred by the Company, additional amounts owed by Group undertakings and the additional associated corporation and deferred tax charges.
The prior period refects a correction in the profit and loss account of £286k for indirect bonus costs, corporation and deferred tax, and a correction on the balance sheet to amounts owed by Group undertakings (£266k), corporation tax payable (£26k) and deferred tax (£6k).
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Profit for the financial year
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Prior year adjustment of indirect bonus costs
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Prior year adjustment of Corporation tax
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Prior year adjustment of Deferred tax
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Debtors: amounts falling due within one year
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Prior year adjustment of amounts owed by Group undertakings
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Prior year adjustment of Corporation tax
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Prior year adjustment of Deferred tax
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INGENIOUS REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 4).
The functional and presentational currency of the Company is considered to be pound sterling because that is the currency of the primary economic environment in which the Company operates.
The Company meets the definition of a small company under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its financial statements. As such, the financial statements do not include a cash flow statement.
The following principal accounting policies have been applied:
The Company’s business activities, its performance for the year, its net asset position at year end, together with the factors likely to affect its future development, have been reviewed by the directors. The directors have considered the the impact of macroeconomic factors such as higher than expected inflation rates and exposure to fluctuating interest rates, both contributing to the increased economic uncertainty which is expected in the next 12 months.
At the time of approval of these financial statements, the directors believe that all of the aforementioned events have had a minimal (if any) impact on the Company's activities. The Company is wholly based in the UK and has experienced minimal business interruption, and at this stage the directors do not believe there to be a material impact on the Company's ability to earn fee income and recoup its debtors, nor there to be a material impact on the expected value of deployed capital across the Group.
The directors have prepared cash flow forecasts for 12 months following the approval of these financial statements assuming a range of operational transactions and have carried out extensive stress testing on the Company's cashflow and its ability to settle its liabilities as they fall due. In accordance with the Service Level Agreement between Ingenious Capital Management Services Limited ("ICMSL") and Ingenious Capital Management Limited ("ICML"), both related entities by virtue of common ownership, and the Company, ICMSL incurs the majority of the Company’s operating expenses and recharges these expenses via ICML to the Company on a quarterly basis. The Company's largest liability at year end is due to ICML. ICML receives revenue relating to Real Estate activities and recharges this to the Company on a quarterly basis.
Having assessed the risks facing the business as set out in the Directors' Report, its financial position and profit and cash flow forecasts, the directors believe that the Company is well placed to manage its business successfully. Therefore, the directors have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly the directors continue to adopt the going concern basis in preparing the Directors' Report and Financial Statements.
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INGENIOUS REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
Turnover represents amounts receivable for services net of Value Added Tax ("VAT") and trade discounts derived from the Company's principal activity recorded on an accruals basis. Turnover is generated from two main sources, both of which are recharged to the Company from ICML under the transfer pricing policy: annual management fees recognised on an ongoing basis throughout the year for the ongoing management of the capital allotted and transaction fees recognised on an ongoing basis for completion of deals to lend capital to borrowers. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at fair value of the consideration received or held in accounts receivable.
Cost of sales represents costs that are directly incurred as a result of executing the principal activities
of the Company, and are accounted for on an accruals basis.
Interest income is recognised in profit or loss using the effective interest method.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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INGENIOUS REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The Company is a private company, limited by shares, incorporated and registered in England and Wales. The Company's registered office is Parcels Building, 14 Bird Street, London, W1U 1BU.
The Company is a wholly-owned subsidiary within the Ingenious Capital Management Holdings Limited group (the "Group"). The principal activity of the Company is to measure the performance of the Ingenious Real Estate division.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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In the application of the Company's accounting policies, which are described in note 2, the directors are required to make judgement, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects in only that year or in the year of the revision and future years if the revision affects both current and future years.
Critical accounting judgement in applying the accounting policies
The following are the critical judgement that the directors have made in the process of applying the accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
Transfer pricing
The direct Real Estate costs, which include salary costs and other investment costs, are allocated through the Group's transfer pricing policy to the entity in their entirety. Indirect costs relating to Real Estate activity, which include Group support divisions’ salary costs and general overheads, are assessed and allocated on an individual time spent basis, which is reviewed by Senior Management on a monthly basis. Changes to business activity across the various Group operating divisions will determine the indirect cost allocation accounted for in the Company in the year.
Aside from that noted above, there are no other key sources of estimation uncertainty.
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INGENIOUS REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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The operating profit is stated after charging:
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The Company incurred no staff costs nor paid any remuneration to its directors during the current and prior year. The Company had no employees during the current and prior year.
The staff remunerations and emoluments of the directors were borne by Ingenious Capital Management Services Limited, another company wholly-owned within the Group. The Profit and Loss Account reflects a charge of £3,415k (2023: £3,101k) in respect of costs allocated by Ingenious Capital Management Services Limited based upon staff and director time spent on the Company's activities.
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INGENIOUS REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Current tax on profit for the year
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Origination and reversal of timing differences
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Effect of difference between current tax rate and future tax rate for recognition of current year deferred tax
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Total tax/(tax credit) on profit on ordinary activities
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Factors affecting tax charge for the year
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The tax assessed for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25.00% (2023 - 20.50%)
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Effect of difference between current tax rate and future tax rate for recognition of current year deferred tax
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Transfer pricing adjustments
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Total tax charge for the year
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No factors affecting the future tax charge
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INGENIOUS REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Due after more than one year
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Amounts owed by Group undertakings
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Amounts owed by Group undertakings represents a balance owed in respect of intra-group interest free loans with the parent company of the Group, which is payable on demand.
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Creditors: amounts falling due within one year
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Accruals and deferred income
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Amounts owed to Group undertakings
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Amounts owed to Group undertakings represents a balance due in respect of intra-group interest free loans with a subsidiary company within the Group, which is repayable on demand.
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INGENIOUS REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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Alloted, called up and fully paid
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100 Ordinary shares of £1.00 each
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Grant of share options
On 7 July 2021, the Boards of the Group and the Company approved the grant of share options in the Company to several employees in the Real Estate Commercial team. The options will be exercisable only on occurrence of a Qualifying Liquidity Event (such as sale of the Company) and will lapse if unexercised on the tenth anniversary of the grant date. The maximum number of ordinary shares over which options may be granted shall not exceed 25% of the ordinary shares in issue, i.e. 25 ordinary shares.
In accordance with Section 26 of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, the Company has accounted for the award of share options as an equity-settled share based payment with nil value at the balance sheet date. In estimating the fair value of the share options, the Directors have considered the probability of the occurrence of a Qualifying Liquidity Event in the next 12 months, which was considered to be very remote.
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Cash and cash equivalents
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Related party transactions
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The financial statements do not include disclosure of transactions between the Company and entities that are wholly-owned within the Group. This is because, as a subsidiary whose voting rights are wholly-controlled within the Group, the Company is exempt from the requirement to disclose such transactions under FRS 102 section 33.
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Ingenious Capital Management Holdings Limited is the immediate parent company for which consolidated financial statements are prepared and the registered office address is Parcels Building, 14 Bird Street, London, W1U 1BU. The consolidated financial statements of Ingenious Capital Management Holdings Limited can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
The ultimate controlling shareholder of Ingenious Capital Management Holdings Limited is P McKenna.
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