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Company registration number: 03566666







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024


INDEPENDENT PROJECT ANALYSIS LIMITED






































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INDEPENDENT PROJECT ANALYSIS LIMITED
 


 
COMPANY INFORMATION


Directors
B T Lough 
G G Cattell 
N Mishra 




Company secretary
B T Lough



Registered number
03566666



Registered office
2nd Floor
Midas House

62 Goldsworth Road

Woking

Surrey

GU21 6LQ




Trading Address
Wellington House
1st Floor

Worton Drive

Reading

Berkshire

RG2 0TG






Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

2nd Floor

Midas House

62 Goldsworth Road

Woking

Surrey

GU21 6LQ





 


INDEPENDENT PROJECT ANALYSIS LIMITED
 



CONTENTS



Page
Statement of Financial Position
1
Notes to the Financial Statements
2 - 5

 


INDEPENDENT PROJECT ANALYSIS LIMITED
REGISTERED NUMBER:03566666



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
13,211
29,053

  
13,211
29,053

Current assets
  

Debtors: amounts falling due within one year
 5 
3,660,957
4,255,656

Bank and cash balances
  
3,064,685
2,175,567

  
6,725,642
6,431,223

Creditors: amounts falling due within one year
  
(719,274)
(1,401,615)

Net current assets
  
 
 
6,006,368
 
 
5,029,608

Total assets less current liabilities
  
6,019,579
5,058,661

Creditors: amounts falling due after more than one year
 6 
-
(92,019)

  

Net assets
  
6,019,579
4,966,642


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
6,019,578
4,966,641

  
6,019,579
4,966,642


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
B T Lough
Director

Date: 8 May 2025

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 


INDEPENDENT PROJECT ANALYSIS LIMITED
 


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

1.


General information

Independent Project Analysis Limited 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 its registered office and principal place of business is disclosed on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.3

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion, costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

Page 2

 


INDEPENDENT PROJECT ANALYSIS LIMITED
 


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

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
10 years
Plant and machinery
-
2 to 10 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 3

 


INDEPENDENT PROJECT ANALYSIS LIMITED
 


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

3.


Employees

The average monthly number of employees, including directors, during the year was 37 (2023 - 33).


4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 January 2024
188,078
226,343
414,421


Disposals
-
(53,012)
(53,012)



At 31 December 2024

188,078
173,331
361,409



Depreciation


At 1 January 2024
188,078
197,290
385,368


Charge for the year on owned assets
-
12,817
12,817


Disposals
-
(49,987)
(49,987)



At 31 December 2024

188,078
160,120
348,198



Net book value



At 31 December 2024
-
13,211
13,211



At 31 December 2023
-
29,053
29,053
Page 4

 


INDEPENDENT PROJECT ANALYSIS LIMITED
 


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

5.


Debtors

2024
2023
£
£


Trade debtors
1,165,462
2,287,765

Amounts owed by group undertakings
453,611
247,636

Other debtors
2,041,884
1,720,255

3,660,957
4,255,656



6.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other creditors
-
92,019

-
92,019



7.


Controlling party

The directors consider the immediate and ultimate parent company to be Independent Project Analysis Inc. Their registered office is: 44426 Atwater Drive, Ashburn, VA 20147, United States of America. They are the smallest and the largest group for which consolidated financial statements are prepared which include Independent Project Analysis Limited.


8.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 8 May 2025 by Tom Woods FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 5