Registration number:
IACS Consulting Ltd
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Brebners
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IACS Consulting Ltd
Contents
Company Information |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Statement of Income and Retained Earnings |
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Statement of Financial Position |
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Notes to the Financial Statements |
IACS Consulting Ltd
Company Information
Directors |
J F Mottard K Moreton O Slamenkaite |
Registered office |
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Auditor |
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IACS Consulting Ltd
Directors' Report for the Period from 1 November 2023 to 31 December 2024
The directors present their report and the financial statements for the period from 1 November 2023 to 31 December 2024.
Directors of the company
The directors who held office during the period were as follows:
Directors' liabilities
As permitted by Articles of Association, the directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
Approved by the director on
.........................................
O Slamenkaite
Director
IACS Consulting Ltd
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
IACS Consulting Ltd
Independent Auditor's Report to the Members of IACS Consulting Ltd
for the Period from 1 November 2023 to 31 December 2024
Opinion
We have audited the financial statements of IACS Consulting Ltd (the 'company') for the period from 1 November 2023 to 31 December 2024, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the period then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other Matters
Without qualifying our opinion we draw attention to the basis of preparation accounting policy on page 10 of the financial statements and the fact that the comparative information in the financial statements, covering the period from 1 November 2022 to 31 October 2023, was unaudited as the company was entitled to exemption from audit.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
IACS Consulting Ltd
Independent Auditor's Report to the Members of IACS Consulting Ltd
for the Period from 1 November 2023 to 31 December 2024
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Directors' Report has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
• |
the directors were not entitled to take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities (set out on page 3), the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
IACS Consulting Ltd
Independent Auditor's Report to the Members of IACS Consulting Ltd
for the Period from 1 November 2023 to 31 December 2024
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the company and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006) and UK corporate taxation laws, health and safety legislation, and data protection legislation. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.
We understood how the company is complying with relevant legislation by making enquiries of management. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.
We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.
Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.
The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, misrepresentation or forgery.
IACS Consulting Ltd
Independent Auditor's Report to the Members of IACS Consulting Ltd
for the Period from 1 November 2023 to 31 December 2024
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
130 Shaftesbury Avenue
W1D 5AR
IACS Consulting Ltd
Statement of Income and Retained Earnings for the Period from 1 November 2023 to 31 December 2024
Note |
14 months to |
12 months to |
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Turnover |
|
|
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Cost of sales |
( |
( |
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Gross profit |
|
|
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Administrative expenses |
( |
( |
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Operating profit |
|
|
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Other interest receivable and similar income |
|
|
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Profit before tax |
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|
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Taxation |
( |
( |
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Profit for the financial period |
|
|
|
Retained earnings brought forward |
461,841 |
438,298 |
|
Dividends paid |
- |
( |
|
Retained earnings carried forward |
661,603 |
461,841 |
IACS Consulting Ltd
Statement of Financial Position as at 31 December 2024
Note |
31 December |
31 October |
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Fixed assets |
|||
Tangible assets |
|
|
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Current assets |
|||
Debtors |
|
|
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Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
|
|
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Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
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Net assets |
|
|
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Capital and reserves |
|||
Called up share capital |
300 |
300 |
|
Retained earnings |
661,603 |
461,841 |
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Shareholders' funds |
661,903 |
462,141 |
Approved and authorised by the
......................................................................
O Slamenkaite
Director
Company registration number: SC644295
IACS Consulting Ltd
Notes to the Financial Statements for the Period from 1 November 2023 to 31 December 2024
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
Scotland
The principal activity of the company is that of information technology consultancy activities.
Accounting policies |
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
The comparative information presented in the financial statements was unaudited as the company was entitled to exemption from audit.
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Summary of disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Sword Group SE, which can be obtained from sword-group.com/en/investors. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:
(a) No cash flow statement has been presented for the company.
(b) Disclosures in respect of financial instruments have not been presented.
(c) No disclosure has been given for the aggregate remuneration of key management personnel.
Group accounts not prepared
Disclosure of long or short period
IACS Consulting Ltd
Notes to the Financial Statements for the Period from 1 November 2023 to 31 December 2024
Going concern
As at 31 December 2024 the company had net assets of £661,903 and cash balances of £538,303.
In spite of the continued challenges raised by external economic conditions, the performance of the assets under management by the business continues to remain robust. The actions we put in place to ensure we protected the welfare of our staff as well as the financial performance of the business have been successful, and the organisation has performed strongly. Although there is clearly still uncertainty in relation to the global economy we have adapted well and we feel confident and well placed to ensure the long term health of the business irrespective of what the future holds.
As such, having made enquiries, the directors have a reasonable expectation that the company has adequate resources to continue operating for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
Judgements and key sources of estimation uncertainties
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. Key assumptions and other estimation uncertainty may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
Judgements and estimates that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: |
Revenue recognition
Turnover represents the fair value of consideration received and receivable in respect of sales of software, professional services and support services provided to third parties in the normal course of business, net of discounts and Value Added Tax.
The company recognises revenue when the amount can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria has been met for each of the company's activities.
Revenues from support contracts and other periodically contracted services or products are recognised on a
pro-rata basis over the term of the contract. Amounts invoiced but not recognised are accounted for within
deferred income.
Revenues from consultancy services are normally recognised as services are performed, on a time and materials basis. Occasionally consultancy projects are sold on a fixed price basis. In these cases, the profitability of the project is measured on a monthly basis and any loss is recognised immediately in the profit and loss account. If the project to date is profitable then revenue is recognised to the extent that the contract is performed and the right to consideration has been earned.
Revenue from the rendering of services is measured by reference to the stage of completion of the service
transaction at the end of the reporting period provided that the outcome can be reliably estimated.
When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses
recognised are recoverable.
IACS Consulting Ltd
Notes to the Financial Statements for the Period from 1 November 2023 to 31 December 2024
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
20% straight line |
Computer equipment |
33% straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
IACS Consulting Ltd
Notes to the Financial Statements for the Period from 1 November 2023 to 31 December 2024
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Finance leases
Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.
The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
IACS Consulting Ltd
Notes to the Financial Statements for the Period from 1 November 2023 to 31 December 2024
Financial instruments
Objectives and policies
The company's principal financial instruments comprise bank balances, bank overdrafts, trade and other creditors, trade debtors, loan and hire purchase agreements. The main purpose of these instruments is to raise funds for and finance the company's operations.
Price risk, credit risk, liquidity risk and cash flow risk
Due to the nature of the financial instruments used by the company there is no exposure to price risk. The group's approach to managing other risks applicable to the financial instruments concerned is shown below.
In respect of the bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. The company has loan facilities which are continually monitored, with the compliance with all relevant covenants prioritised.
In respect of other loans these are from financial institutions. The interest rates are tied to LIBOR and the group manages the liquidity risk by ensuring there are sufficient funds to meet the payments.
The group has entered into a significant number of hire purchase agreements. This liquidity risk in respect of these is managed in the same way as loans.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts falling due.
Turnover |
The analysis of the company's Turnover for the period from continuing operations is as follows:
14 months to |
12 months to |
|
Rendering of services |
|
|
Operating profit |
Arrived at after charging/(crediting)
14 months to |
12 months to |
|
Depreciation expense |
|
|
IACS Consulting Ltd
Notes to the Financial Statements for the Period from 1 November 2023 to 31 December 2024
Other interest receivable and similar income |
14 months to |
12 months to |
|
Other finance income |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
14 months to |
12 months to |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other short-term employee benefits |
|
- |
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the company during the period, analysed by category was as follows:
14 months to |
12 months to |
|
Administration and support |
|
|
|
|
IACS Consulting Ltd
Notes to the Financial Statements for the Period from 1 November 2023 to 31 December 2024
Directors' remuneration |
The directors' remuneration for the period was as follows:
14 months to |
12 months to |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
203,055 |
287,333 |
In respect of the highest paid director:
14 months to |
12 months to |
|
Remuneration |
|
|
Company contributions to money purchase pension schemes |
|
|
During the period the number of directors who were receiving benefits and share incentives was as follows:
14 months to 31 December 2024 |
12 months to 31 October 2023 |
|
Accruing benefits under defined benefit pension scheme |
|
|
Auditor's remuneration |
14 months to |
12 months to |
|
Audit of the financial statements |
|
- |
Other fees to auditors |
||
Taxation compliance services |
|
- |
IACS Consulting Ltd
Notes to the Financial Statements for the Period from 1 November 2023 to 31 December 2024
Taxation |
Tax charged/(credited) in the income statement
14 months to |
12 months to |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
- |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the period is higher than the standard rate of corporation tax in the UK (2023 - higher than the hybrid rate of corporation tax in the UK) of
The differences are reconciled below:
14 months to |
12 months to |
|
Profit before tax |
|
|
Corporation tax at standard rate (2023: hybrid rate) |
|
|
Increase in UK and foreign current tax from adjustment for prior periods |
- |
|
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Tax decrease arising from group relief |
( |
- |
Tax increase from other tax effects |
|
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
2024 |
Liability |
Accelerated capital allowances |
|
|
2023 |
Liability |
Accelerated capital allowances |
|
|
IACS Consulting Ltd
Notes to the Financial Statements for the Period from 1 November 2023 to 31 December 2024
Tangible assets |
Fixtures and fittings |
Computer equipment |
Total |
|
Cost or valuation |
|||
At 1 November 2023 |
|
|
|
Additions |
|
|
|
At 31 December 2024 |
|
|
|
Depreciation |
|||
At 1 November 2023 |
|
|
|
Charge for the period |
|
|
|
At 31 December 2024 |
|
|
|
Carrying amount |
|||
At 31 December 2024 |
|
|
|
At 31 October 2023 |
|
|
|
Debtors |
31 December |
31 October |
|
Trade debtors |
|
|
Prepayments |
|
|
Accrued income |
|
|
|
|
Cash and cash equivalents |
31 December |
31 October |
|
Cash at bank |
|
|
IACS Consulting Ltd
Notes to the Financial Statements for the Period from 1 November 2023 to 31 December 2024
Creditors |
31 December |
31 October |
|
Due within one year |
||
Trade creditors |
|
|
Social security and other taxes |
|
|
Other payables |
|
|
Accruals |
|
|
Corporation tax liability |
76,424 |
104,012 |
|
|
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 November 2023 |
|
|
At 31 December 2024 |
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Share capital |
Allotted, called up and fully paid shares
31 December |
31 October |
|||
No. |
£ |
No. |
£ |
|
Ordinary shares of £1 each |
300 |
300 |
300 |
300 |
Reserves |
The share premium account contains the premium arising on issue of equity shares, net of issue expenses.
The profit and loss account includes all current and prior retained earnings and accumulated losses.
IACS Consulting Ltd
Notes to the Financial Statements for the Period from 1 November 2023 to 31 December 2024
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
31 December |
31 October |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the period was £
Related party transactions |
Amounts due to and from group undertakings at 31 December 2024 are aggregated as permitted by FRS 102 and shown separately in debtors and creditors.
In accordance with FRS 102 paragraph 33.1A, exemption is taken not to disclose transactions in the year between wholly owned group undertakings.
Parent and ultimate parent undertaking |
The company's immediate parent is
Ultimate control vests with Sword Group SE. Sword Group SE produces financial statements available for public use.
Sword Group SE, whose registered office is situated at Route d'Arlon 2-4, L-8399 Windhof, Luxembourg, is the parent of the largest and smallest group preparing consolidated financial statements incorporating the results of the company.