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REGISTERED NUMBER: 13467131 (England and Wales)






















Financial Statements

for the Year Ended 31 July 2024

for

IPM Direct Ltd

IPM Direct Ltd (Registered number: 13467131)






Contents of the Financial Statements
for the year ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


IPM Direct Ltd

Company Information
for the year ended 31 July 2024







DIRECTOR: Dr S Al-Zaidi





SECRETARY: Mrs A J Gosling





REGISTERED OFFICE: 52 Carlines Avenue
Ewloe
Flintshire
CH5 3RQ





REGISTERED NUMBER: 13467131 (England and Wales)





AUDITORS: Bennett Brooks & Co. Limited
Statutory Auditors &
Chartered Accountants
St George's Court
Winnington Avenue
Northwich
Cheshire
CW8 4EE

IPM Direct Ltd (Registered number: 13467131)

Balance Sheet
31 July 2024

2024 2023
Notes £ £
FIXED ASSETS
Intangible assets 4 - 3,924
Tangible assets 5 - 1,926
- 5,850

CURRENT ASSETS
Stocks - 41,823
Debtors 6 1,211 7,370
Cash at bank - 44,639
1,211 93,832
CREDITORS
Amounts falling due within one year 7 - (97,008 )
NET CURRENT ASSETS/(LIABILITIES) 1,211 (3,176 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,211

2,674

PROVISIONS FOR LIABILITIES - (1,463 )
NET ASSETS 1,211 1,211

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,111 1,111
1,211 1,211

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 April 2025 and were signed by:





Dr S Al-Zaidi - Director


IPM Direct Ltd (Registered number: 13467131)

Notes to the Financial Statements
for the year ended 31 July 2024

1. STATUTORY INFORMATION

IPM Direct Ltd is a private company, limited by shares, incorporated and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Consolidated financial statements
The company is a wholly owned subsidiary of Russell IPM Holdings Limited. It is included in the consolidated financial statements of Russell IPM Holdings Limited which are publicly available. The address of the parent’s registered office is 52 Carlines Avenue, Ewloe, Flintshire, United Kingdom, CH5 3RQ.

Going concern
As noted in the Directors Report, the Director has transferred the trade and assets of the company to a fellow group company, Russell IPM Limited, during the year with the company then becoming dormant. Accordingly, these financial statements are prepared on a basis other than going concern.

The company continued to be funded by intercompany loans with related entity Russell IPM Limited until the point at which the transfer took place.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of two years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use.

Depreciation on all assets is calculated to allocate the depreciable amount to their residual values on a systematic basis over their estimated useful lives or, if held on a finance lease, over the lease term, whichever is shorter, as follows:

Fixtures and fittings - 10%, 20% and 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


IPM Direct Ltd (Registered number: 13467131)

Notes to the Financial Statements - continued
for the year ended 31 July 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. INTANGIBLE FIXED ASSETS
Computer
software
£
COST
At 1 August 2023 8,705
Disposals (8,705 )
At 31 July 2024 -
AMORTISATION
At 1 August 2023 4,781
Eliminated on disposal (4,781 )
At 31 July 2024 -
NET BOOK VALUE
At 31 July 2024 -
At 31 July 2023 3,924

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£
COST
At 1 August 2023 2,889
Disposals (2,889 )
At 31 July 2024 -
DEPRECIATION
At 1 August 2023 963
Eliminated on disposal (963 )
At 31 July 2024 -
NET BOOK VALUE
At 31 July 2024 -
At 31 July 2023 1,926

IPM Direct Ltd (Registered number: 13467131)

Notes to the Financial Statements - continued
for the year ended 31 July 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors - 7,270
Amounts owed by group undertakings 1,211 100
1,211 7,370

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors - 5,398
Amounts owed to group undertakings - 78,168
Tax - 1,234
VAT - 8,256
Accrued expenses - 3,952
- 97,008

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jason Leach FCA (Senior Statutory Auditor)
for and on behalf of Bennett Brooks & Co. Limited

The Report of the Independent Auditors included the following paragraph:

Emphasis of matter - basis other than going concern
We draw your attention to note 2 of the financial statements under "Going concern" which explains that the director has transferred the trade and assets to a fellow group company with the company then becoming dormant. Therefore, the director does not consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in note 2. Our opinion is not modified in respect of this matter.

9. ULTIMATE CONTROLLING PARTY

Russell IPM Holdings Ltd is regarded by the directors as being the company's ultimate parent company. The ultimate controlling party is Dr S Al-Zaidi.