IRIS Accounts Production v25.1.4.42 04285968 Board of Directors 1.1.24 31.12.24 31.12.24 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh042859682023-12-31042859682024-12-31042859682024-01-012024-12-31042859682022-12-31042859682023-01-012023-12-31042859682023-12-3104285968ns15:EnglandWales2024-01-012024-12-3104285968ns14:PoundSterling2024-01-012024-12-3104285968ns10:Director12024-01-012024-12-3104285968ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3104285968ns10:SmallEntities2024-01-012024-12-3104285968ns10:AuditExempt-NoAccountantsReport2024-01-012024-12-3104285968ns10:SmallCompaniesRegimeForAccounts2024-01-012024-12-3104285968ns10:FullAccounts2024-01-012024-12-3104285968ns10:OrdinaryShareClass12024-01-012024-12-3104285968ns10:Director22024-01-012024-12-3104285968ns10:Director32024-01-012024-12-3104285968ns10:CompanySecretary12024-01-012024-12-3104285968ns10:RegisteredOffice2024-01-012024-12-3104285968ns5:CurrentFinancialInstruments2024-12-3104285968ns5:CurrentFinancialInstruments2023-12-3104285968ns5:Non-currentFinancialInstruments2024-12-3104285968ns5:Non-currentFinancialInstruments2023-12-3104285968ns5:ShareCapital2024-12-3104285968ns5:ShareCapital2023-12-3104285968ns5:RetainedEarningsAccumulatedLosses2024-12-3104285968ns5:RetainedEarningsAccumulatedLosses2023-12-3104285968ns5:LeaseholdImprovements2024-01-012024-12-3104285968ns5:FurnitureFittings2024-01-012024-12-3104285968ns5:ComputerEquipment2024-01-012024-12-3104285968ns5:LeaseholdImprovements2023-12-3104285968ns5:FurnitureFittings2023-12-3104285968ns5:ComputerEquipment2023-12-3104285968ns5:LeaseholdImprovements2024-12-3104285968ns5:FurnitureFittings2024-12-3104285968ns5:ComputerEquipment2024-12-3104285968ns5:LeaseholdImprovements2023-12-3104285968ns5:FurnitureFittings2023-12-3104285968ns5:ComputerEquipment2023-12-3104285968ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3104285968ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3104285968ns5:Non-currentFinancialInstruments2024-01-012024-12-3104285968ns5:DeferredTaxation2023-12-3104285968ns5:DeferredTaxation2024-12-3104285968ns10:OrdinaryShareClass12024-12-3104285968ns5:RetainedEarningsAccumulatedLosses2023-12-3104285968ns5:RetainedEarningsAccumulatedLosses2024-01-012024-12-31
REGISTERED NUMBER: 04285968 (England and Wales)












IPS FINANCIAL SOLUTIONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






IPS FINANCIAL SOLUTIONS LIMITED (REGISTERED NUMBER: 04285968)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IPS FINANCIAL SOLUTIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: Mr P Adamou BSc, MCMI, FPC
Mr P Georgiou FPC
Mr N Polzone





SECRETARY: Mr P Adamou BSc, MCMI, FPC





REGISTERED OFFICE: Brookway House
2 Nichol Close
Southgate
London
N14 6JU





REGISTERED NUMBER: 04285968 (England and Wales)





ACCOUNTANTS: Christiansons Ltd
Chartered Certified Accountants
Sterling House
Fulbourne Road
Walthamstow
London
E17 4EE

IPS FINANCIAL SOLUTIONS LIMITED (REGISTERED NUMBER: 04285968)

BALANCE SHEET
31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 17,289 3,484

CURRENT ASSETS
Debtors 5 314,611 279,022
Cash at bank 170,203 72,591
484,814 351,613
CREDITORS
Amounts falling due within one year 6 222,696 154,067
NET CURRENT ASSETS 262,118 197,546
TOTAL ASSETS LESS CURRENT
LIABILITIES

279,407

201,030

CREDITORS
Amounts falling due after more than one
year

7

(5,000

)

(5,000

)

PROVISIONS FOR LIABILITIES 8 (4,258 ) (745 )
NET ASSETS 270,149 195,285

CAPITAL AND RESERVES
Called up share capital 9 10,000 10,000
Retained earnings 10 260,149 185,285
SHAREHOLDERS' FUNDS 270,149 195,285

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

IPS FINANCIAL SOLUTIONS LIMITED (REGISTERED NUMBER: 04285968)

BALANCE SHEET - continued
31 DECEMBER 2024


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 1 July 2025 and were signed on its behalf by:





Mr P Adamou BSc, MCMI, FPC - Director


IPS FINANCIAL SOLUTIONS LIMITED (REGISTERED NUMBER: 04285968)

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


1. STATUTORY INFORMATION

IPS Financial Solutions 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.

2. ACCOUNTING POLICIES

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

Turnover
Turnover represents the value of commissions receivable for the year. Turnover is recognised when commission becomes due under the insurance policies.

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 - 25% on reducing balance
Fixtures and fittings - 15% on cost
Computer equipment - 25% on cost

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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 or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 6 ) .

IPS FINANCIAL SOLUTIONS LIMITED (REGISTERED NUMBER: 04285968)

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


4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 January 2024 2,290 9,412 25,062 36,764
Additions - 18,357 - 18,357
At 31 December 2024 2,290 27,769 25,062 55,121
DEPRECIATION
At 1 January 2024 2,278 9,412 21,590 33,280
Charge for year 3 2,753 1,796 4,552
At 31 December 2024 2,281 12,165 23,386 37,832
NET BOOK VALUE
At 31 December 2024 9 15,604 1,676 17,289
At 31 December 2023 12 - 3,472 3,484

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Other debtors 308,285 275,000
Prepayments and accrued income 6,326 4,022
314,611 279,022

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Amounts owed to group undertakings 74,420 46,229
Corporation tax 30,920 26,399
Social security and other taxes 34,989 2
Other creditors 492 396
Directors' loan accounts 11,195 5,300
Accrued expenses 70,680 75,741
222,696 154,067

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.24 31.12.23
£    £   
Amounts owed to group undertakings 5,000 5,000

The above loan with the parent company has been subordinated on a semi-permanent basis, as agreed with Financial Conduct Authority.

IPS FINANCIAL SOLUTIONS LIMITED (REGISTERED NUMBER: 04285968)

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


8. PROVISIONS FOR LIABILITIES
31.12.24 31.12.23
£    £   
Deferred tax 4,258 745

Deferred
tax
£   
Balance at 1 January 2024 745
Accelerated capital allowances 3,513
Balance at 31 December 2024 4,258

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
10,000 Ordinary £1 10,000 10,000

10. RESERVES
Retained
earnings
£   

At 1 January 2024 185,285
Profit for the year 114,864
Dividends (40,000 )
At 31 December 2024 260,149

11. PENSION COMMITMENTS

The company operates a defined contribution pension scheme on behalf of its directors. The assets of the scheme and those of the company are held separately. The scheme is administered by an independent fund. Commitment during the year, under this scheme is for contributions amounting to £55,000 (2023 : £50,000).

12. ULTIMATE CONTROLLING PARTY

The company is controlled by IPS Terroni Insurance Services Limited, by virtue of holding 76 per cent of the issued ordinary share capital of the company.There is no overall control of IPS Terroni Insurance Services Limited by any one person.