REGISTERED NUMBER: |
IPS FINANCIAL SOLUTIONS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 8 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Improvements to property | - |
Fixtures and fittings | - |
Computer equipment | - |
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 |
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 |
Additions |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Other debtors |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
Other creditors |
Directors' loan accounts | 11,195 | 5,300 |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Amounts owed to group undertakings |
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 |
Accelerated capital allowances | 3,513 |
Balance at 31 December 2024 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.24 | 31.12.23 |
value: | £ | £ |
Ordinary | £1 | 10,000 | 10,000 |
10. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2024 |
Profit for the year |
Dividends | ( |
) |
At 31 December 2024 |
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. |