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Registration number: 03520447

Ibsecad Limited

Annual Report and Financial Statements

for the Year Ended 30 April 2024

 

Ibsecad Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Profit and Loss Account

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12 to 21

 

Ibsecad Limited

Company Information

Directors

D A Robinson

M D Robinson

Company secretary

M D Robinson

Registered office

8 Baltic Street East
London
EC1Y 0UP

Auditors

Sterlings Ltd
Chartered Accountants and Registered AuditorsLawford House
Albert Place
London
N3 1QA

 

Ibsecad Limited

Strategic Report for the Year Ended 30 April 2024

The directors present their strategic report for the year ended 30 April 2024.

Principal activity

The principal activity of the company is that of providing design and draughting services for engineering, construction, and other related industries.

Fair review of the business

The financial year 2023-24 saw another strong year of growth despite the uncertainty surrounding various conflicts and political tensions and the impact that has had on inflation. With rising inflation, we predicted a more cautious industry and prepared for a potential slowdown.

Despite this, the construction industry appears to be remaining bullish. With a returning trend of office based working post-pandemic, there is a lot of commercial project activity and with inflation falling to more acceptable levels, stability and client confidence is returning.

The company continues to perform well with turnover of £6,647,490 (2023: £5,604,686) which equates to an increase of 19% along with another solid year of operating profit of £1,298,576 (2023: £856,513).

At the year end, the company had net assets of £4,802,771 compared to £4,479,943 as at 30 April 2023.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£

6,647,490

5,604,686

Operating profit

£

1,298,576

856,513

Principal risks and uncertainties

The company’s operations expose it to minimal risks from funding, liquidity and credit. The company manages all these risks by financing its operations through retained profits.

As mentioned in last year’s report, in October 2023 one of our largest clients went into administration which did cause a degree of turmoil and concern at the time. We managed to recover the position significantly through re-engaging with the replacement contractors or directly to the main contractors on the various schemes.

Following a review of our protocols in the preceding months, we have now adopted a far tougher stance when a client appears to be in financial distress so as to minimise our exposure.

Future developments

Last year we implemented a detailed 5-year expansion plan based on balanced growth and an increase in customer base both in the UK and US markets.

Approved and authorised by the Board on 28 April 2025 and signed on its behalf by:
 

.........................................
D A Robinson
Director

 

Ibsecad Limited

Directors' Report for the Year Ended 30 April 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors of the company

The directors who held office during the year were as follows:

D A Robinson

M D Robinson - Company secretary and director

Dividends

Dividends of £750,000 were paid in the year (2023: £500,000).

Matters covered in the Strategic Report

As permitted by s414c(11) of the Companies Act 2006, the directors have elected to disclose information, required to be in the directors' report by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008', in the strategic report.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 28 April 2025 and signed on its behalf by:
 

.........................................
D A Robinson
Director

 

Ibsecad Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 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.

 

Ibsecad Limited

Independent Auditor's Report to the Members of Ibsecad Limited

Opinion

We have audited the financial statements of Ibsecad Limited (the 'company') for the year ended 30 April 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 (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

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 responsibilities for the audit of the financial statements section of our report. 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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 original financial statements were 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 annual 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Ibsecad Limited

Independent Auditor's Report to the Members of Ibsecad Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 4, 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 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.

 

Ibsecad Limited

Independent Auditor's Report to the Members of Ibsecad Limited

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• the Senior Statutory Auditor ensured that the audit team collectively had the appropriate competence, skills, and capabilities to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant industry;
• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, and other legislation;
• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where relevant; and
• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls we:

• performed analytical procedures to identify any unusual or unexpected relationships;
• tested journal entries recorded on the company's finance system to identify unusual transactions that may indicate override of controls;
• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
•reviewed the application of accounting policies with focus on those with heightened estimation uncertainty.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation;
• reading the minutes of meetings of those charged with governance;
• enquiring of management as to actual and potential litigation and claims; and
• reviewing correspondence with HM Revenue & Customs and relevant regulators.

There are inherent limitations in our audit procedures described above. The more remote that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Ibsecad Limited

Independent Auditor's Report to the Members of Ibsecad Limited

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.

......................................
Stephen Fenton (Senior Statutory Auditor)
For and on behalf of Sterlings Ltd, Statutory Auditor
 Lawford House
Albert Place
London
N3 1QA

28 April 2025

 

Ibsecad Limited

Profit and Loss Account for the Year Ended 30 April 2024

Note

2024
£

2023
£

Turnover

3

6,647,490

5,604,686

Cost of sales

 

(253,813)

(81,893)

Gross profit

 

6,393,677

5,522,793

Administrative expenses

 

(5,295,435)

(4,836,401)

Other operating income

4

200,334

170,121

Operating profit

5

1,298,576

856,513

Other interest receivable and similar income

6

14,055

14,545

Interest payable and similar expenses

7

(11,176)

(16,345)

   

2,879

(1,800)

Profit before tax

 

1,301,455

854,713

Tax on profit

11

(228,627)

(86,822)

Profit for the financial year

 

1,072,828

767,891

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Ibsecad Limited

(Registration number: 03520447)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Current assets

 

Debtors

13

2,551,395

3,444,280

Cash at bank and in hand

 

3,546,665

2,351,075

 

6,098,060

5,795,355

Creditors: Amounts falling due within one year

15

(1,168,017)

(1,060,868)

Total assets less current liabilities

 

4,930,043

4,734,487

Creditors: Amounts falling due after more than one year

15

(127,272)

(254,544)

Net assets

 

4,802,771

4,479,943

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

4,802,671

4,479,843

Shareholders' funds

 

4,802,771

4,479,943

Approved and authorised by the Board on 28 April 2025 and signed on its behalf by:
 

.........................................
D A Robinson
Director

 

Ibsecad Limited

Statement of Changes in Equity for the Year Ended 30 April 2024

Share capital
£

Profit and loss account
£

Total
£

At 1 May 2023

100

4,479,843

4,479,943

Profit for the year

-

1,072,828

1,072,828

Dividends

-

(750,000)

(750,000)

At 30 April 2024

100

4,802,671

4,802,771

Share capital
£

Profit and loss account
£

Total
£

At 1 May 2022

100

4,211,952

4,212,052

Profit for the year

-

767,891

767,891

Dividends

-

(500,000)

(500,000)

At 30 April 2023

100

4,479,843

4,479,943

 

Ibsecad Limited

Notes to the 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 and Wales..

The address of its registered office is:
8 Baltic Street East
London
EC1Y 0UP
England

These financial statements were authorised for issue by the Board on 28 April 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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

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.

The financial statements are presented in Sterling (£), which is also the company's functional currency. Monetary amounts in these financial statements are rounded to the nearest £.

Summary of disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102:
• Section 3 Financial Statement Presentation paragraph 3.17(d) (inclusion of statement of cash flows);
• Section 7 Statement of Cash Flows (inclusion of statement of cash flows);
• Section 11 Financial Instruments paragraph 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c) (disclosures relating to financial instruments);
• Section 26 Share based payments (disclosures of share based payments);
• Section 33 Related Party Disclosures paragraph 33.7 (disclosures of key management personnel compensation).

Name of parent of group

These financial statements are consolidated in the financial statements of Ibsecad Holdings Limited.

The financial statements of Ibsecad Holdings Limited may be obtained from Companies House, Crown Way, Cardiff, CG14 3UZ.

Going concern

Having considered the company’s latest results and cash reserves, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly they continue to adopt the going concern basis in preparing the financial statements.

 

Ibsecad Limited

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

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
• the amount of revenue can be measured reliably;
• it is probable that the company will receive the consideration due under the contract;
• the stage of completion of the contract at the end of the reporting period can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.

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 corporation 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

Fixtures, fittings & equipment

33.33% 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 debtors

Trade debtors are amounts due from customers for 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.

 

Ibsecad Limited

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

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Ibsecad Limited

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

Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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.

Due to the simplicity of the company's transactions, the directors consider there to be no critical judgements, estimates or assumptions in the preparation of these financial statements.

3

Turnover

The analysis of the company's revenue for the year from continuing operations is as follows:

2024
 £

2023
 £

Rendering of services, UK

6,151,139

5,098,052

Rendering of services, USA

481,351

491,434

Rendering of services, Sri Lanka

15,000

15,200

6,647,490

5,604,686

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2024
 £

2023
 £

Government grants

-

700

Sub lease rental income

200,334

169,421

200,334

170,121

5

Operating profit

Arrived at after charging/(crediting)

2024
 £

2023
 £

Operating lease expense - property

485,523

443,810

Operating lease expense - plant and machinery

33,957

29,601

6

Other interest receivable and similar income

2024
 £

2023
 £

Other finance income

14,055

14,545

7

Interest payable and similar expenses

2024
 £

2023
 £

Interest on bank overdrafts and borrowings

11,176

16,345

 

Ibsecad Limited

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

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
 £

2023
 £

Wages and salaries

3,385,430

2,853,845

Social security costs

376,775

322,799

Pension costs, defined contribution scheme

65,010

60,027

Other employee expense

2,217

1,728

3,829,432

3,238,399

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Directors

2

2

Employees

74

68

76

70

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
 £

2023
 £

Remuneration

659,333

499,286

Contributions paid to money purchase schemes

11,901

11,167

671,234

510,453

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
 No.

2023
 No.

Accruing benefits under money purchase pension scheme

2

2

In respect of the highest paid director:

2024
 £

2023
 £

Remuneration

357,573

290,142

Company contributions to money purchase pension schemes

6,088

5,508

10

Auditors' remuneration

2024
 £

2023
 £

Audit of the financial statements

40,000

40,000

 

Ibsecad Limited

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


 

11

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

230,143

91,932

UK corporation tax adjustment to prior periods

(1,516)

(5,110)

228,627

86,822

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 19.49%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

1,301,455

854,713

Corporation tax at standard rate

325,364

166,584

Decrease in UK and foreign current tax from adjustment for prior periods

(1,516)

(5,110)

Tax decrease from effect of capital allowances and depreciation

(305)

(290)

Decrease from effect of different UK tax rates on some earnings

-

(25)

Effect of expense not deductible in determining taxable profit (tax loss)

6,444

2,023

Tax decrease arising from group relief

(8,034)

-

Tax decrease from effect of adjustment in research and development tax credit

(93,326)

(76,360)

Total tax charge

228,627

86,822

 

Ibsecad Limited

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

12

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

253,438

253,438

At 30 April 2024

253,438

253,438

Depreciation

At 1 May 2023

253,438

253,438

At 30 April 2024

253,438

253,438

Carrying amount

At 30 April 2024

-

-

13

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

1,001,095

2,102,877

Amounts owed by related parties

21

325,731

531,727

Other debtors

 

720,573

544,417

Prepayments

 

331,111

134,013

Accrued income

 

110,846

126,353

Income tax asset

11

62,039

4,893

   

2,551,395

3,444,280

Details of non-current trade and other debtors

Included in other debtors, an amount of £40,000 (2023 - £150,000) is receivable after more than one year.

14

Cash and cash equivalents

2024
 £

2023
£

Cash on hand

28

18

Cash at bank

3,546,637

2,351,057

3,546,665

2,351,075

 

Ibsecad Limited

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

15

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

18

127,273

127,274

Trade creditors

 

80,926

33,594

Social security and other taxes

 

425,523

567,357

Outstanding defined contribution pension costs

 

12,725

12,161

Other payables

 

54,097

60,700

Accrued expenses

 

156,227

176,418

Corporation tax liability

11

311,246

83,364

 

1,168,017

1,060,868

Due after one year

 

Loans and borrowings

18

127,272

254,544

16

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £65,010 (2023 - £60,027).

Contributions totalling £12,725 (2023 - £12,161) were payable to the scheme at the end of the year and are included in creditors.

17

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       

18

Loans and borrowings

2024
 £

2023
 £

Non-current loans and borrowings

Bank borrowings

127,272

254,544

2024
 £

2023
 £

Current loans and borrowings

Bank borrowings

127,273

127,274

 

Ibsecad Limited

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

The company has a loan under the Coronavirus Business Interruption Loan Scheme (CBILS). The loan is repayable in 66 monthly instalments of £10,606 which commenced in November 2020. The final repayment date is on 30 April 2026, i.e. 72 months from the date of the drawdown of the loan. Interest is charged at 1.28% plus the Bank of England Bank rate that is applicable at that time. The loan was fully repaid in June 2024. During the year, interest amounted to a total of £11,176 (2023: £16,345) on this loan.

19

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

447,100

458,156

Later than one year and not later than five years

853,457

1,276,970

1,300,557

1,735,126

Operating leases - lessor

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

186,795

154,190

Later than one year and not later than five years

246,759

308,878

Later than five years

-

3,391

433,554

466,459

Total rents recognised as income in the period are £200,334 (2023 - £150,421).

20

Dividends

2024

2023

£

£

Interim dividend of £7,500.00 (2023 - £5,000.00) per ordinary share

750,000

500,000

 

 

21

Related party transactions

The company has taken exemption under FRS 102 section 33.1A from disclosing transactions with group companies, on the grounds that each company party to the transactions is wholly owned within the group.

 

Ibsecad Limited

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

Transactions with directors

Rents amounting to £455,000 (2023 - £412,026) were paid to the directors and to an entity in which the directors have an interest.

The opening balance on the directors' current accounts were overdrawn by £380,829. During the year there were transactions with a net effect of increasing the overdrawn balances by £169,820, which resulted in overdrawn balances of £550,649 at the year end. These balances are included within other debtors and no interest has been accrued.

22

Parent and ultimate parent undertaking

The company's immediate and ultimate parent is Ibsecad Holdings Limited, a company incorporated in England and Wales.

The most senior parent entity producing publicly available financial statements is Ibsecad Holdings Limited. These financial statements are available from Companies House, Crown Way, Cardiff, CF14 3UZ.

The ultimate controlling party is D Robinson.


23 Security

There are fixed and floating charges over the company's leasehold property, in favour of Lloyds Bank Plc.