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04718486
30 September 2024
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IP PROFESSIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
IP Professional Services Limited ('the Company') is a private company, limited by shares, and incorporated in England and Wales. The Company's registered number is 04718486. The address of its registered office is Integration House, Turnhams Green Business Park, Pincents Lane, Reading, Berkshire, RG31 4UH.
The Company is dormant and has not traded during the current or prior year.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the Company operates and is rounded to the nearest pound.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis. The Company is dependent upon its ultimate parent company for funding. The ultimate parent company has confirmed to the directors its current intention to provide funding to enable the Company to meet its liabilities as they fall due for a period of at least twelve months from the date of these financial statements. The directors have therefore prepared the financial statements on a going concern basis.
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, was previously being amortised evenly over its estimated useful life.
Acquired goodwill is reviewed for impairment at the end of the first full financial year following acquisition and in other periods where indications of impairment exist. In this regard, the directors believe the goodwill acquired in 2004 to now be fully impaired.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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