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REGISTERED NUMBER: 03368622 (England and Wales)















IPS INTERNATIONAL LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






IPS INTERNATIONAL LIMITED (REGISTERED NUMBER: 03368622)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


IPS INTERNATIONAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: Mr D W MacDonald
Mr R Cowan
Mr A Ryan
Mr K Jones
Ms M Holmes
Mrs K Price
Ms S King



SECRETARY: Mrs J B Carter



REGISTERED OFFICE: Northbank House
Sir Thomas Longley Road
Medway City Estate
ROCHESTER
Kent
ME2 4DU



BUSINESS ADDRESS: Northbank House
Sir Thomas Longley Road
Medway City Estate
ROCHESTER
ME2 4DU



REGISTERED NUMBER: 03368622 (England and Wales)



SENIOR STATUTORY AUDITOR: Clair Rayner FCA DChA



AUDITORS: McCabe Ford Williams
Statutory Auditors and Chartered Accountants
Building 1063
Cornforth Drive
Kent Science Park
Sittingbourne
Kent
ME9 8PX

IPS INTERNATIONAL LIMITED (REGISTERED NUMBER: 03368622)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 5 38,499 28,649

CURRENT ASSETS
Debtors 6 786,544 639,605
Cash at bank and in hand 560,028 344,933
1,346,572 984,538
CREDITORS
Amounts falling due within one year 7 904,264 698,812
NET CURRENT ASSETS 442,308 285,726
TOTAL ASSETS LESS CURRENT
LIABILITIES

480,807

314,375

PROVISIONS FOR LIABILITIES 6,063 4,205
NET ASSETS 474,744 310,170

CAPITAL AND RESERVES
Called up share capital 10 500,000 500,000
Retained earnings (25,256 ) (189,830 )
SHAREHOLDERS' FUNDS 474,744 310,170

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 Board of Directors and authorised for issue on 28 April 2025 and were signed on its behalf by:





Mr R Cowan - Director


IPS INTERNATIONAL LIMITED (REGISTERED NUMBER: 03368622)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Going Concern
The directors consider it appropriate to adopt the going concern basis in preparing the financial statements. The directors have reviewed the reserves of IPS International Limited and taken into account the sufficient share capital which provides suitable working capital for the company to meet its liabilities as they fall due, and are satisfied that it has sufficient reserves to continue for the foreseeable future.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered 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 to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets. In addition management accrue and defer income in respect of training depending upon the degree of training delivered. This assessment does include an element of judgement.

Turnover
Turnover represents revenue due from the normal activities of the business, being that of the provision of general consulting and training services, to the extent that the company obtains a right to consideration on exchange for its performance of those activities, exclusive of VAT.

Turnover is recognised when the services have been delivered. Income received in advance of the delivery of services is deferred.

Government grants
Government grants are recognised when the performance related conditions imposed upon the receipt of the grant have been met. Where these have not been satisfied, these grants are recognised as liabilities. If grants are not conditional on future performance related conditions, then income is recognised when the grant proceeds are receivable.

IPS INTERNATIONAL LIMITED (REGISTERED NUMBER: 03368622)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - over remaining term of lease
Machinery and Equipment - straight line over 2-6 years
Fixtures and fittings - straight line over 3-4 years
Computer equipment - straight line over 3 years

Financial instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand.

c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors
Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

IPS INTERNATIONAL LIMITED (REGISTERED NUMBER: 03368622)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

3. ACCOUNTING POLICIES - continued

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate. The company meets it's obligations under auto enrolment.

Agency arrangements
The company acts as an agent in distributing grants from the Education & Skills Funding Agency (ESFA). Payments received from the ESFA and subsequent disbursements to employers of learners are excluded from the profit and loss account as the company does not have control over the application of these funds. Balances held in respect of such funds are included within creditors.

Functional currency and presentation currency
The company's functional currency is British Pound Sterling (GBP), which is also the presentation currency for the company. The financial statements are therefore presented in British Pound Sterling.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 63 (2023 - 67 ) .

IPS INTERNATIONAL LIMITED (REGISTERED NUMBER: 03368622)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

5. TANGIBLE FIXED ASSETS
Improvements Machinery Fixtures
to and and Computer
property Equipment fittings equipment Totals
£    £    £    £    £   
COST
At 1 January 2024 228,509 321,849 22,280 88,672 661,310
Additions 16,549 1,600 - 4,366 22,515
Disposals (900 ) (650 ) - (29,376 ) (30,926 )
At 31 December 2024 244,158 322,799 22,280 63,662 652,899
DEPRECIATION
At 1 January 2024 228,509 308,964 21,396 73,792 632,661
Charge for year 2,298 6,175 884 3,308 12,665
Eliminated on disposal (900 ) (650 ) - (29,376 ) (30,926 )
At 31 December 2024 229,907 314,489 22,280 47,724 614,400
NET BOOK VALUE
At 31 December 2024 14,251 8,310 - 15,938 38,499
At 31 December 2023 - 12,885 884 14,880 28,649

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 676,427 501,720
Parent company loan 3,655 3,760
Directors' Current Accounts 174 38
Prepayments and accrued income 106,288 134,087
786,544 639,605

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans and overdrafts - 1,753
Trade creditors 140,207 132,583
Other creditors - 56
Other taxes and PAYE 204,996 117,374
Accruals and Deferred Income 558,320 446,740
Directors' Current Accounts 741 306
904,264 698,812

Included in accruals above is £46,500 (2023: £42,000) of employer incentives for employers of learners.

The company acts as an agent in distributing employer incentive from the ESFA.

IPS INTERNATIONAL LIMITED (REGISTERED NUMBER: 03368622)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.24 31.12.23
£    £   
Within one year 173,342 170,000
Between one and five years 136,093 200,000
309,435 370,000

9. SECURED DEBTS

There is a debenture dated 14 February 2000 in favour of Lloyds Bank Plc to secure all of the company's liabilities to the bank by way of a fixed and floating charge over the assets of the company.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
500,000 Ordinary £1 500,000 500,000

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

The Report of the Auditors was unqualified.

Clair Rayner FCA DChA (Senior Statutory Auditor)
for and on behalf of McCabe Ford Williams

12. RELATED PARTY DISCLOSURES

At the balance sheet date the Directors of the company, owed/(were owed) the following balances:

Director 2024 2023
D Macdonald (300 ) -
R Cowan 103 38
A Ryan 36 -
K Jones 35 -
M Holmes (272 ) (275 )
K Price (31 ) (31 )
S King (138 ) -

All amounts were paid/repaid in January 2025.

During the year, the company was charged £80,000 of management charges by its parent company, Meadowridge Limited (2023: £24,000).

An amount of £3,655 (2023: £3,670) was owed to the company by its parent at the year-end.

IPS INTERNATIONAL LIMITED (REGISTERED NUMBER: 03368622)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

13. ULTIMATE CONTROLLING PARTY

The controlling party is Meadowridge Limited of Northbank House Sir Thomas Longley Road.

Meadowridge Limited owns 100% of the ordinary issued share capital of IPS International Limited.