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Registration number: 04495461

Ibsecad Holdings Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 April 2024

 

Ibsecad Holdings Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Consolidated Profit and Loss Account

9

Consolidated Statement of Comprehensive Income

10

Consolidated Balance Sheet

11

Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15

Notes to the Financial Statements

16 to 32

 

Ibsecad Holdings 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 Holdings 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 group 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 group continues to perform strongly with turnover of £8,001,438 (2023: £7,255,483) which equates to an increase of 10% along with another solid year of operating profit of £1,679,060 (2023: £870,493).

At the year end, the group had net assets of £5,832,418 compared to £5,091,206 at 30 April 2023.

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

Financial KPIs

Unit

2024

2023

Turnover

£

8,001,438

7,255,483

Operating profit

£

1,679,060

870,493

Profit for the year

£

1,475,649

708,475

Principal risks and uncertainties

The group’s operations expose it to minimal risks from funding, liquidity and credit. The group 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 Holdings Limited

Directors' Report for the Year Ended 30 April 2024

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

Director of the group

The director who held office during the year was as follows:

D A Robinson

The following director was appointed after the year end:

M D Robinson (appointed 17 July 2024)

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 auditor

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

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

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

 

Ibsecad Holdings Limited

Statement of Directors' Responsibilities

The director acknowledges their 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 they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group 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 UK 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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Ibsecad Holdings Limited

Independent Auditor's Report to the Members of Ibsecad Holdings Limited

Opinion

We have audited the financial statements of Ibsecad Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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 group's and the parent company's affairs as at 30 April 2024 and of the group's 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 group 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 group'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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is 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.

 

Ibsecad Holdings Limited

Independent Auditor's Report to the Members of Ibsecad Holdings 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of director's 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 group's and the parent 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 group or parent 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 Holdings Limited

Independent Auditor's Report to the Members of Ibsecad Holdings 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 group through discussions with the director 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 and the group, 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 and the group'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 and the group'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 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 Holdings Limited

Independent Auditor's Report to the Members of Ibsecad Holdings 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 Holdings Limited

Consolidated Profit and Loss Account for the Year Ended 30 April 2024

Note

2024
£

2023
£

Turnover

3

8,001,438

7,255,483

Gross profit

 

8,001,438

7,255,483

Administrative expenses

 

(6,522,712)

(6,555,111)

Other operating income

4

200,334

170,121

Operating profit

5

1,679,060

870,493

Other interest receivable and similar income

6

23,352

10,960

Interest payable and similar expenses

7

(11,176)

(16,826)

   

12,176

(5,866)

Profit before tax

 

1,691,236

864,627

Tax on profit

11

(215,587)

(156,152)

Profit for the financial year

 

1,475,649

708,475

Profit/(loss) attributable to:

 

Owners of the company

 

1,475,649

708,475

 

Ibsecad Holdings Limited

Consolidated Statement of Comprehensive Income for the Year Ended 30 April 2024

2024
£

2023
£

Profit for the year

1,475,649

708,475

Foreign currency translation gains/(losses)

15,563

(7,705)

Total comprehensive income for the year

1,491,212

700,770

Total comprehensive income attributable to:

Owners of the company

1,491,212

700,770

 

Ibsecad Holdings Limited

(Registration number: 04495461)
Consolidated Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

13

33,008

38,903

Tangible assets

14

8,012

5,941

 

41,020

44,844

Current assets

 

Debtors

16

2,967,990

3,513,275

Cash at bank and in hand

 

4,206,481

2,932,553

 

7,174,471

6,445,828

Creditors: Amounts falling due within one year

18

(1,255,801)

(1,144,922)

Net current assets

 

5,918,670

5,300,906

Total assets less current liabilities

 

5,959,690

5,345,750

Creditors: Amounts falling due after more than one year

18

(127,272)

(254,544)

Net assets

 

5,832,418

5,091,206

Capital and reserves

 

Called up share capital

20

100

100

Profit and loss account

5,832,318

5,091,106

Equity attributable to owners of the company

 

5,832,418

5,091,206

Shareholders' funds

 

5,832,418

5,091,206

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

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

 

Ibsecad Holdings Limited

(Registration number: 04495461)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

15

90,163

90,163

Current assets

 

Debtors

16

-

7,898

Creditors: Amounts falling due within one year

18

(14,345)

(193)

Net current (liabilities)/assets

 

(14,345)

7,705

Net assets

 

75,818

97,868

Capital and reserves

 

Called up share capital

20

100

100

Profit and loss account

75,718

97,768

Shareholders' funds

 

75,818

97,868

The company made a profit after tax for the financial year of £727,950 (2023 - profit of £500,000).

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

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

 

Ibsecad Holdings Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 April 2024
Equity attributable to the parent company

Share capital
£

Profit and loss account
£

Total
£

Total equity
£

At 1 May 2023

100

5,091,106

5,091,206

5,091,206

Profit for the year

-

1,475,649

1,475,649

1,475,649

Other comprehensive income

-

15,563

15,563

15,563

Total comprehensive income

-

1,491,212

1,491,212

1,491,212

Dividends

-

(750,000)

(750,000)

(750,000)

At 30 April 2024

100

5,832,318

5,832,418

5,832,418

Share capital
£

Profit and loss account
£

Total
£

Total equity
£

At 1 May 2022

100

4,890,336

4,890,436

4,890,436

Profit for the year

-

708,475

708,475

708,475

Other comprehensive income

-

(7,705)

(7,705)

(7,705)

Total comprehensive income

-

700,770

700,770

700,770

Dividends

-

(500,000)

(500,000)

(500,000)

At 30 April 2023

100

5,091,106

5,091,206

5,091,206

 

Ibsecad Holdings 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

97,768

97,868

Profit for the year

-

727,950

727,950

Dividends

-

(750,000)

(750,000)

At 30 April 2024

100

75,718

75,818

Share capital
£

Profit and loss account
£

Total
£

At 1 May 2022

100

97,768

97,868

Profit for the year

-

500,000

500,000

Dividends

-

(500,000)

(500,000)

At 30 April 2023

100

97,768

97,868

 

Ibsecad Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 30 April 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

1,475,649

708,475

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

13,679

7,810

Finance income

6

(23,352)

(10,960)

Finance costs

7

11,176

16,826

Income tax expense

11

215,587

156,152

Foreign exchange gains/losses

 

3,712

-

Impairment of related party loan

 

(101,686)

112,000

 

1,594,765

990,303

Working capital adjustments

 

Decrease/(increase) in debtors

16

564,354

(216,289)

(Decrease)/increase in creditors

18

(64,252)

45,164

Cash generated from operations

 

2,094,867

819,178

Income taxes paid

11

(97,601)

(137,341)

Net cash flow from operating activities

 

1,997,266

681,837

Cash flows from investing activities

 

Interest received

23,352

10,960

Acquisitions of tangible assets

(4,537)

(4,701)

Acquisition of intangible assets

13

(4,711)

(31,178)

Loan to joint venture

 

(93,244)

-

Proceeds from repayment of loan to joint venture

 

245,000

29,040

Net cash flows from investing activities

 

165,860

4,121

Cash flows from financing activities

 

Interest paid

7

(11,176)

(16,826)

Repayment of bank borrowings

 

(127,273)

(127,273)

Dividends paid

(750,000)

(500,000)

Net cash flows from financing activities

 

(888,449)

(644,099)

Net increase in cash and cash equivalents

 

1,274,677

41,859

Cash and cash equivalents at 1 May

 

2,932,553

2,900,538

Effect of exchange rate fluctuations on cash held

 

(749)

(9,844)

Cash and cash equivalents at 30 April

 

4,206,481

2,932,553

 

Ibsecad Holdings 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 and principal place of business 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 group and 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 exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements.

The company is a qualifying entity for the purpose of FRS 102, being a member of a group where the parent of that group prepared publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit and loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
• 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 paragraphs 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 33 Related Party Disclosures paragraph 33.7 (disclosures of key management personnel compensation).

 

Ibsecad Holdings Limited

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

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 April 2024.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the consolidated Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

Having considered the group’s latest results and cash reserves, and after making enquiries, the directors have a reasonable expectation that the group 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.

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group 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 group 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.

 

Ibsecad Holdings Limited

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

The results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

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 group 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

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Intangible assets

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intangible asset

10% Straight line

 

Ibsecad Holdings Limited

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

Investments

In the company balance sheet, investments in subsidiaries and joint ventures are measured at cost less accumulated impairment.

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 merchandise sold or 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 group will not be able to collect all amounts due according to the original terms of the receivables.

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 group 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 group 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 group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Ibsecad Holdings Limited

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group 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.

Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the group's accounting policies, the director is 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 group's transactions, the director considers there to be no critical judgements, estimates or assumptions in the preparation of these financial statements.

3

Turnover

The analysis of the group's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Rendering of services

8,001,438

7,255,483

Analysis of turnover by country of destination:

2024
 £

2023
£

UK

6,005,375

5,098,052

USA

1,996,063

2,157,431

8,001,438

7,255,483

 

Ibsecad Holdings Limited

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

4

Other operating income

The analysis of the group'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
£

Depreciation expense

2,630

1,725

Amortisation expense

11,049

6,085

Foreign exchange losses

3,712

25,774

Operating lease expense - property

581,392

543,370

Operating lease expense - plant and machinery

33,957

29,601

6

Other interest receivable and similar income

2024
£

2023
£

Other finance income

23,352

10,960

7

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

11,176

16,345

Interest expense on other finance liabilities

-

481

11,176

16,826

 

Ibsecad Holdings Limited

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

8

Staff costs

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

2024
£

2023
£

Wages and salaries

4,529,641

3,968,430

Social security costs

141,745

416,582

Pension costs, defined contribution scheme

69,801

63,383

Other employee expense

4,463

3,048

4,745,650

4,451,443

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

2024
No.

2023
No.

Key management personnel

2

2

Other employees

115

109

117

111

9

Directors' remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

307,515

290,142

Company contributions to money purchase pension schemes

5,813

5,508

There was one director during the year (2023: one director).

10

Auditors' remuneration

2024
 £

2023
£

Audit of these financial statements

-

-

Audit of subsidiary undertakings

45,500

45,500

45,500

45,500

 

Ibsecad Holdings Limited

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

11

Taxation

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

2024
£

2023
£

Current taxation

UK corporation tax

230,143

93,884

UK corporation tax adjustment to prior periods

(1,516)

(5,110)

228,627

88,774

Foreign tax

(13,040)

67,378

Tax expense in the income statement

215,587

156,152

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

1,691,236

864,627

Corporation tax at standard rate

422,808

168,516

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

(14,556)

(5,110)

Tax decrease from effect of capital allowances and depreciation

(305)

(290)

Effect of revenues exempt from taxation

(109,313)

-

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

9,023

2,023

Effect of foreign tax rates

1,256

66,928

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

(93,326)

(76,360)

Tax increase from other tax effects

-

445

Total tax charge

215,587

156,152

 

Ibsecad Holdings Limited

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

12

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £2,500.00 (2023 - £5,000.00) per each Ordinary £1 share

250,000

500,000

Interim dividend of £50.00 (2023 - £Nil) per each Ordinary £0.01 share

500,000

-

750,000

500,000

13

Intangible assets

Group

Other intangible assets
 £

Total
£

Cost or valuation

At 1 May 2023

65,855

65,855

Additions

4,711

4,711

Foreign exchange movements

1,269

1,269

At 30 April 2024

71,835

71,835

Amortisation

At 1 May 2023

26,952

26,952

Amortisation charge

11,049

11,049

Foreign exchange movements

826

826

At 30 April 2024

38,827

38,827

Carrying amount

At 30 April 2024

33,008

33,008

At 30 April 2023

38,903

38,903

 

Ibsecad Holdings Limited

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

14

Tangible assets

Group

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

280,387

280,387

Additions

4,537

4,537

Foreign exchange movements

608

608

At 30 April 2024

285,532

285,532

Depreciation

At 1 May 2023

274,446

274,446

Charge for the year

2,630

2,630

Foreign exchange movements

444

444

At 30 April 2024

277,520

277,520

Carrying amount

At 30 April 2024

8,012

8,012

At 30 April 2023

5,941

5,941

 

Ibsecad Holdings Limited

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

15

Investments

Group

Details of joint venture

Details of the investments in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Joint venture

R Racing GT Limited

3rd Floor Lawford House, Albert Place, London N3 1QA

Ordinary

50%

50%

 

     

Joint venture

The principal activity of R Racing GT Limited is that of motor racing.
 

Company

2024
£

2023
£

Investments in subsidiaries

90,163

90,163

Subsidiaries

£

Cost or valuation

At 1 May 2023

90,163

Carrying amount

At 30 April 2024

90,163

At 30 April 2023

90,163

 

Ibsecad Holdings Limited

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

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Ibsecad Limited

8 Baltic Street East, London EC1Y 0UP

Ordinary

100%

100%

Ibsecad USA LLC

Suite 920, 1055 Wilshire Blvd, Los Angeles, CA 90017

United States of America

Ordinary

100%

100%

Ibsecad Lanka (PRIVATE) Limited

No 155, Kurunegala Road, Kullyapitiya 60200

Sri Lanka

Ordinary

100%

100%

Robinson Investments Group Limited

8 Baltic Street East, London EC1Y 0UP

Ordinary

100%

100%

Subsidiary undertakings

Ibsecad Limited

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

Ibsecad USA LLC

The principal activity of Ibsecad USA LLC is that of providing design and draughting service for engineering construction.

Ibsecad Lanka (PRIVATE) Limited

The principal activity of Ibsecad Lanka (PRIVATE) Limited is that of providing support services.

Robinson Investments Group Limited

The principal activity of Robinson Investments Group Limited is that of an investment holding company.

 

Ibsecad Holdings Limited

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

16

Debtors

   

Group

Company

Current

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

1,573,977

2,600,361

-

-

Amounts owed by related parties

24

59,932

98,009

-

7,898

Other debtors

 

819,241

544,517

-

-

Prepayments

 

450,905

260,828

-

-

Accrued income

 

1,896

4,667

-

-

Income tax asset

11

62,039

4,893

-

-

   

2,967,990

3,513,275

-

7,898

17

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

28

18

-

-

Cash at bank

4,206,453

2,932,535

-

-

4,206,481

2,932,553

-

-

 

Ibsecad Holdings Limited

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

18

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

21

127,273

127,274

-

-

Trade creditors

 

80,926

33,594

-

-

Amounts due to related parties

24

-

-

11,002

-

Social security and other taxes

 

450,139

574,666

-

-

Outstanding defined contribution pension costs

 

12,725

12,161

-

-

Other payables

 

77,232

52,995

193

193

Accruals

 

179,783

191,641

3,150

-

Corporation tax liability

11

327,723

152,591

-

-

 

1,255,801

1,144,922

14,345

193

Due after one year

 

Loans and borrowings

21

127,272

254,544

-

-

19

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £69,801 (2023 - £63,383).

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

20

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £0.01 (2023 - £1) each

10,000

100

100

100

         

During the year, the 100 ordinary shares of £1 each were sub-divided into 10,000 ordinary shares of £0.01 each.

 

Ibsecad Holdings Limited

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

21

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

127,272

254,544

-

-

127,272

254,544

-

-

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

127,273

127,274

-

-

127,273

127,274

-

-

The group 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.

22

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

464,095

551,952

Later than one year and not later than five years

853,457

1,293,933

1,317,552

1,845,885

The amount of non-cancellable operating lease payments recognised as an expense during the year was £581,392 (2023 - £572,972).

 

Ibsecad Holdings Limited

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

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 - £169,421).

23

Analysis of changes in net debt

Group

At 1 May 2023
£

Financing cash flows
£

At 30 April 2024
£

Cash and cash equivalents

Cash

2,932,553

1,273,928

4,206,481

Borrowings

Long term borrowings

(254,544)

127,272

(127,272)

Short term borrowings

(127,274)

1

(127,273)

(381,818)

127,273

(254,545)

 

2,550,735

1,401,201

3,951,936

24

Related party transactions

Group

During the year, the group paid rent amounting to £455,000 (2023: £412,026) to a director and to an entity in which the director has an interest.

At 30 April 2023, the group was owed £210,009 by a jointly controlled entity. During the year, the group advanced further sums totalling £93,244 and received repayments of £245,000. Under the terms of the loan agreements, interest is charged on the outstanding principal at a margin of 2% over the Bank of England base rate. During the year, interest of £11,993 (2023: £13,321) was accrued on the loans. In the previous period, a provision of £112,000 was made against the loan balances. The provision was reduced to £10,316 at the end of the current year.

The opening balance on the director's current account was overdrawn by £234,192. During the year there were transactions with a net effect of increasing the overdrawn balance by £109,013, which resulted in an overdrawn balance of £343,205 at the year end. This balance is included within other debtors and no interest has been accrued.

Total remuneration paid to key management personnel in the year amounted to £671,234 (2023: £510,453).

 

Ibsecad Holdings Limited

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

25

Controlling party

The ultimate controlling party is the director, D.A. Robinson.

26 Security

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