REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 July 2024 |
for |
IPM Direct Ltd |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The financial statements were approved by the director and authorised for issue on |
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 |
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. |
Tangible fixed assets |
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 |
Disposals | ( |
) |
At 31 July 2024 |
AMORTISATION |
At 1 August 2023 |
Eliminated on disposal | ( |
) |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 August 2023 |
Disposals | ( |
) |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Eliminated on disposal | ( |
) |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
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 |
Amounts owed by group undertakings |
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 |
Amounts owed to group undertakings |
Tax |
VAT | - | 8,256 |
Accrued expenses |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |