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Company No: 12935774 (England and Wales)

IRVING PATRICK CONSULTING LTD

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

IRVING PATRICK CONSULTING LTD

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

IRVING PATRICK CONSULTING LTD

COMPANY INFORMATION

For the financial year ended 31 December 2024
IRVING PATRICK CONSULTING LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024
DIRECTORS Dr A L Irving
Canon J A Patrick
REGISTERED OFFICE 18 Northgate
Sleaford
NG34 7BJ
United Kingdom
BUSINESS ADDRESS 25 West Parade
Lincoln
Lincolnshire
LN1 1NW
COMPANY NUMBER 12935774 (England and Wales)
ACCOUNTANT Duncan & Toplis Limited
18 Northgate
Sleaford
Lincolnshire
NG34 7BJ
IRVING PATRICK CONSULTING LTD

STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
IRVING PATRICK CONSULTING LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 87,956 6,141
87,956 6,141
Current assets
Stocks 2,000 0
Debtors 4 40,663 43,306
Cash at bank and in hand 2,924 15,568
45,587 58,874
Creditors: amounts falling due within one year 5 ( 115,049) ( 21,868)
Net current (liabilities)/assets (69,462) 37,006
Total assets less current liabilities 18,494 43,147
Creditors: amounts falling due after more than one year 6 ( 6,373) 0
Provision for liabilities ( 16,065) ( 1,536)
Net (liabilities)/assets ( 3,944) 41,611
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account ( 4,044 ) 41,511
Total shareholders' (deficit)/funds ( 3,944) 41,611

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Irving Patrick Consulting Ltd (registered number: 12935774) were approved and authorised for issue by the Board of Directors on 30 April 2025. They were signed on its behalf by:

Canon J A Patrick
Director
IRVING PATRICK CONSULTING LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
IRVING PATRICK CONSULTING LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Irving Patrick Consulting Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 18 Northgate, Sleaford, NG34 7BJ, United Kingdom. The principal place of business is 25 West Parade, Lincoln, Lincolnshire, LN1 1NW.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources, despite negative retained earnings, to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. This is due to the continued support of the Director. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery etc. 15 % reducing balance
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 3

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 January 2024 0 7,961 7,961
Additions 77,101 5,756 82,857
At 31 December 2024 77,101 13,717 90,818
Accumulated depreciation
At 01 January 2024 0 1,820 1,820
Charge for the financial year 0 1,042 1,042
At 31 December 2024 0 2,862 2,862
Net book value
At 31 December 2024 77,101 10,855 87,956
At 31 December 2023 0 6,141 6,141

4. Debtors

2024 2023
£ £
Trade debtors 1,800 4,464
Corporation tax 7,750 0
Other debtors 31,113 38,842
40,663 43,306

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 543 78
Taxation and social security 273 13,642
Other creditors 114,233 8,148
115,049 21,868

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 6,373 0

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
50 A Ordinary shares of £ 1.00 each 50 50
50 B Ordinary shares of £ 1.00 each 50 50
100 100

8. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Balance outstanding at start of year 38,839 14,392
Amounts advanced 66,739 66,091
Amounts repaid (190,781) (41,644)
Balance outstanding at the end of year (85,203) 38,839

An individual balance is owed to the Director, J A Patrick £104,638 (2023: £18,002, owed to the Company).

An individual balance is also owed to the Company from Director, Dr A L Irving £19,435 (2023: £20,837).