Company registration number 07133162 (England and Wales)
IRON PLATFORM SERVICES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
IRON PLATFORM SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
IRON PLATFORM SERVICES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
Current assets
Debtors
4
9,865
101,598
Cash at bank and in hand
208,937
243,456
218,802
345,054
Creditors: amounts falling due within one year
5
(55,689)
(150,556)
Net current assets
163,113
194,498
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
8
163,112
194,497
Total equity
163,113
194,498

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 1 May 2025
Dr S Cook
Director
Company registration number 07133162 (England and Wales)
IRON PLATFORM SERVICES LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Iron Platform Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Grenville Court, Britwell Road, Burnham, Buckinghamshire, SL1 8DF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in euros, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest €.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Income is recorded on an accruals basis and are analysed between initial contributions, annual contributions, letter of access fees and sundry income.

 

Contributions are recognised as incoming resources in full from the date that each member joins the consortium. All members are liable to pay the Initial Contribution in accordance with the tonnage-based scale in Appendix 5 to the REACH Iron Platform Agreement as of the date on which they join. Minimum Annual Contributions, if applicable, are payable by members, including those which joined during the year and in previous years in accordance with the tonnage-based scale in Appendix 5 of the REACH Iron Platform Agreement.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

IRON PLATFORM SERVICES LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets

Financial assets, other than those held at fair value through surplus and deficit, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in surplus or deficit.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Other financial liabilities classified as fair value through surplus or deficit are measured at fair value.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.5
Foreign exchange

Transactions in currencies other than euros are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

1.6

Taxation

The company has obtained exemption from the Revenue Commissioners in respect of corporation tax, it being a company not carrying on a business for the purposes of making a profit. Corporation tax is therefore only payable on any interest income received.

IRON PLATFORM SERVICES LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

No significant judgements were applied in the preparation of these financial statements.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was Nil (2023: Nil).

4
Debtors
2024
2023
Amounts falling due within one year:
Trade debtors
3,250
99,000
Other debtors
6,615
2,598
9,865
101,598
5
Creditors: amounts falling due within one year
2024
2023
Trade creditors
17,909
117,672
Other creditors
37,780
32,884
55,689
150,556
6
Called up share capital
2024
2023
Ordinary share capital
Issued and not fully paid
1 Ordinary share of £1 each
1
1
1
1

On the 22 January 2010, the company issued one share at par, the consideration for which is yet to be received. This share is held in trust for the benefit of the Regular Members of the REACH Iron Platform.

IRON PLATFORM SERVICES LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Mr Brandis Savizon FCCA
ICAEW Registered Auditors:
Eacotts International Limited
Date of audit report:
1 May 2025
8
Members' funds
2024
2023
At beginning of year
194,497
234,609
Deficit for the year
(31,385)
(40,112)
At end of year
163,112
194,497
9
Financial commitments, guarantees and contingent liabilities

On the 23 December 2012 The Platform assessed the cost of its continuing activities and committed and repaid contributions to those members that have overpaid. Since that date the Platform has confirmed that they will reassess the contributions held and if appropriate make a further distribution in due course. No provision has been made in these financial statements in respect of this repayment.

10
Directors' transactions

All transactions with directors are in relation to their roles as consortium managers for secretariat services provided through Metals Regulation Limited. These are conducted under the Platform's normal terms of business.

11
Controlling party

The ultimate controlling body of the company is the Assembly of the REACH Iron Platform.

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