ACCOUNTS - Final Accounts

Registered number: 02315032

INTERNATIONAL PRACTICE GROUP

(A company limited by guarantee)

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

For the year ended 31 December 2024

INTERNATIONAL PRACTICE GROUP

(A company limited by guarantee)

Registered number: 02315032

STATEMENT OF FINANCIAL POSITION

As at 31 December 2024

		2024		2023
Note	€	€	€	€

Fixed assets
Tangible assets	4		1,500		-
			1,500		-
Current assets
Debtors: amounts falling due within one year	5	26,630		16,478
Cash at bank and in hand	6	122,775		91,373
		149,405		107,851
Creditors: amounts falling due within one year	7	(12,436)		(7,224)
Net current assets			136,969		100,627

Net assets			138,469		100,627

Capital and reserves
Profit and loss account	138,469	100,627
	138,469	100,627

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INTERNATIONAL PRACTICE GROUP

(A company limited by guarantee)

Registered number: 02315032

STATEMENT OF FINANCIAL POSITION (CONTINUED)

As at 31 December 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the Statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 September 2025.

N C J Lakeland

Director

The notes on pages 3 to 6 form part of these financial statements.

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INTERNATIONAL PRACTICE GROUP

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2024

1.	General information

International Practice Group ("the Company") is a private company limited by guarantee, company number 02315032, incorporated in England and Wales. Its registered office is Leytonstone House, Leytonstone, London E11 1GA, United Kingdom.
The Company's principal activity during the year under review was that of a members' organisation, promoting and facilitating the provision by members of the Company and others of professional legal, taxation, accountancy, audit, trust and corporate services ("the primary professional services") and such other professional services as shall in the opinion of the members of the Company be capable of being promoted and provided in conjunction with the primary professional services.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Foreign currency translation

Functional and presentation currency
The company's functional and presentational currency is Euros.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each year end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of income and retained earnings except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of income and retained earnings within 'other operating income'.

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INTERNATIONAL PRACTICE GROUP

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2024

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the year in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the contract;

∙the stage of completion of the contract at the reporting date can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following annual basis:

Office Equipment

25%

straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

2.5

Debtors

Short term debtors are measured at transaction price, less any impairment.

2.6

Creditors

Short term creditors are measured at the transaction price.

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INTERNATIONAL PRACTICE GROUP

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2024

2.Accounting policies (continued)

2.7

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.

Employees

The average monthly number of employees, including directors, during the year was 6 (2023 - 5).

4.	Tangible fixed assets

		Office Equipment
		€
	Cost
	At 1 January 2024	2,397
	Additions	1,756
	At 31 December 2024	4,153
	Depreciation
	At 1 January 2024	2,397
	Charge for the year	256
	At 31 December 2024	2,653
	Net book value
	At 31 December 2024	1,500
	At 31 December 2023	-

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INTERNATIONAL PRACTICE GROUP

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2024

Debtors

					2024	2023
					€	€


Trade debtors	12,145	4,500
Other debtors	3,000	-
Prepayments and accrued income	11,485	11,978
	26,630	16,478

6.	Cash and cash equivalents
		2024	2023
		€	€

Cash at bank and in hand	122,775	91,373
	122,775	91,373

7.	Creditors: Amounts falling due within one year
		2024	2023
		€	€

Trade creditors	5,332	-
Accruals and deferred income	7,104	7,224
	12,436	7,224


8.	Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

9.	Related party transactions
	During the year the directors were due fees of €10,179 (2023 - €8,211) in relation to their services as directors.

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