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IPREP LIMITED
Registration Number SC613452 (Scotland)
Filleted Unaudited Financial Statements
for the year ended 30 November 2024
IPREP LIMITED
Financial Statements for the year ended 30 November 2024
STATEMENT OF FINANCIAL POSITION
Notes
2024 £
2023 £
 
 
 
 
 
 
 
 
 
 
Fixed assets
Intangible assets
2
172,088
152,576
Tangible assets
3
3,439
3,868
175,527
156,444
Current assets
Debtors
4
1,607
5,171
Cash at bank and in hand
8,898
6,251
10,505
11,422
Creditors: amounts falling due within one year
5
158,436
110,059
Net current liabilities
(147,931)
(98,637)
 
 
Total assets less current liabilities
27,596
57,807
Net assets
27,596
57,807
 
 
Capital and reserves
Called up share capital
7
10
10
Share premium account
7
80,397
80,397
Profit and loss account
(52,811)
(22,600)
Shareholder's funds
27,596
57,807
 
 
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. These financial statements and reports have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the statement of comprehensive income has been taken.
For the year ended 30 November 2024, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its accounts for the year ended 30 November 2024 in accordance with section 476 of the Companies Act 2006.
The director acknowledges their responsibilities for complying with the requirments of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The financial statements were approved and authorised for issue by the Board of Directors on 28 August 2025.
_______________________
B Williamson
Director
The notes on pages 2 to 5 form part of these accounts.
IPREP LIMITED
Financial Statements for the year ended 30 November 2024
STATEMENT OF FINANCIAL POSITION
Notes
2024 £
2023 £
 
 
 
 
 
 
 
 
 
 
Company registration number: SC613452
IPREP LIMITED
Financial Statements for the year ended 30 November 2024
NOTES TO THE FINANCIAL STATEMENTS
 
 
 
 
 
 
 
 
 
 
 
 
1.
Summary of significant accounting policies
1.1
General information and basis of preparation
iPrep Limited is a private company limited by shares, registered in Scotland. The address of the registered office and registration number are as below:
Suite 2 Ground Floor
Orchard Brae House
30 Queensferry Road
Edinburgh
EH4 2HS
These financial statements have been prepared in accordance with FRS 102 the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland as adapted by Section 1A of FRS 102 and the Companies Act 2006.
The nature of the company's operations and principal activities during the year was the development of software.
The financial statements are prepared in sterling (£) which is the functional currency of the company and rounded to the nearest £.
Going concern
The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the forseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. The directors will continue to support the Company's operational existence until the software has been launched.
1.2
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
IPREP LIMITED
Financial Statements for the year ended 30 November 2024
NOTES TO THE FINANCIAL STATEMENTS
 
 
 
 
 
 
 
 
 
 
 
 
1.3
Research and development
Research expenditure is written off in the period in which it is incurred.
Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:
• It is technically feasible to complete the intangible asset so that it will be available for use or sale;
• There is the intention to complete the intangible asset and use or sell it;
• There is the ability to use or sell the intangible asset;
• The use or sale of the intangible asset will generate probable future economic benefits;
• There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and
• The expenditure attributable to the intangible asset during its development can be measured reliably.
Expenditure that does not meet the above criteria is expensed as incurred.
1.4
Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
Asset class
Useful life / depreciation rate
Equipment
33% straight line
1.5
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial assets, which include cash and other taxes repayable, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present valueof the future payments discounted at a market rate of interest for a similar debt instrument.
Basic financial liabilities, which include trade and other creditors, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
IPREP LIMITED
Financial Statements for the year ended 30 November 2024
NOTES TO THE FINANCIAL STATEMENTS
 
 
 
 
 
 
 
 
 
 
 
 
1.6
Tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.
1.7
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.
2.
Intangible fixed assets
Reconciliation of changes in intangible assets
 
 
Development costs £
 
Cost
 
 
At 01 December 2023
152,576
Additions
19,512
At 30 November 2024
172,088
Amortisation
At 01 December 2023
-
At 30 November 2024
-
Net book value
At 01 December 2023
152,576
 
At 30 November 2024
172,088
IPREP LIMITED
Financial Statements for the year ended 30 November 2024
NOTES TO THE FINANCIAL STATEMENTS
 
 
 
 
 
 
 
 
 
 
 
 
3.
Tangible assets
Balances at year end and movements for the year
 
 
Equipment £
 
Cost
 
 
At 01 December 2023
7,373
Additions
1,416
At 30 November 2024
8,789
Depreciation
At 01 December 2023
(3,505)
Charge for the year
(1,845)
At 30 November 2024
(5,350)
Net book value
At 01 December 2023
3,868
 
At 30 November 2024
3,439
4.
Debtors
Debtors comprise:
 
 
 
 
2024 £
2023 £
Value added tax
1,607
5,171
 
 
5.
Creditors: amounts falling due within one year
Creditors: amounts falling due within one year comprise:
 
 
 
 
2024 £
2023 £
Trade creditors
5,357
17,759
Other creditors
153,079
92,300
158,436
110,059
 
 
6.
Deferred tax
There is an unrecognised deferred tax asset of £10,368 (2023: £3,985). This arises as a result of losses carried forward. Losses can only be offset against future profits, which cannot be determined with certainty.
7.
Called up share capital
Alloted, called up and fully paid
2024 £
2023 £
1,000 Ordinary shares of £0.01 each
10
10
 
 
8.
Related party transactions
At the end of the financial year an amount owing to the director of £144,472 (2023: £83,972) was due. No interest was accrued during the period.
Appendix - Additional XBRL Tags and Values
Accounting standards applied
bus_SmallEntities
Accounts status, audited or unaudited
bus_AuditExemptWithAccountantsReport
Accounts type
bus_FilletedAccounts
Average number of employees during the period
0
Average number of employees during the period
0
Balance sheet date
30 November 2024
Date of authorisation of financial statements for issue
28 August 2025
Director signing Directors' Report
bus_Director1
Director signing financial statements
bus_Director1
End date for period covered by report
30 November 2024
Entity current legal or registered name
iPrep Limited
Entity is dormant [true/false]
false
Entity trading status
[default]
Legal form of entity
bus_PrivateLimitedCompanyLtd
Name of entity auditors
CT
Name of entity officer
B Williamson
Name of individual auditor
CT
Name of production software
Draftworx Cloud
Start date for period covered by report
01 December 2023
UK Companies House registered number
SC613452