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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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INTROBA CONSULTING LIMITED
COMPANY INFORMATION
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INTROBA CONSULTING LIMITED
CONTENTS
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INTROBA CONSULTING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The principal activity of the Company during the year was that of engineering consultancy, covering MEP, Sustainability and Fire, primarily in the UK.
2024 was a year of continued investment. We continued to invest and consolidate in staff to increase resilience with further investment in our infrastructure in line with our North American parent company and the wider group.
We continue to be industry leaders in development of the methodology in MEP Embodied Carbon measurement with publications extending across the globe in association with Chartered Institute of Building Services Engineers. We are also playing a leading role in the development of the new Net Zero Standards publication, and will be chairing the technical committee.
The key financial performance indicators are turnover, operating profit and total assets. These have been identified as primary measures in line with the plan for long term growth of the business.
Annual turnover of £9,447,758 decreased in 2024 by 19.4% compared to 2023 with market conditions proving challenging worldwide but there is a continued to commitment to grow the business. Profit has decreased as a result of continued consolidation of our infrastructure in line with our parent company and the wider group, however there has been an increase in Total Assets. The Company sets budget and business plans annually to focus objectives for each years performance and these are monitored regularly through KPI’s and project financial performance assessments. Non-financial key performance indicators To maintain staff wellbeing and a comfortable working environment, we provide staff with available support and guidance on health and wellbeing along with mobile apps and amongst other things, the continuing of regular social activities. We continue to donate to charitable causes and meet our local and global ESG internal targets. We are also increasing our Social Impact program through our STEM learning involvement and social value programs linked to project initiatives with clients.
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INTROBA CONSULTING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
During the year the directors identified the following risks and uncertainties:
Operational risks
Delivery risk Providing quality on time is of key importance for the Company. The management of this is done through implementing excellent quality controls and monitoring project progress and profitability. To mitigate risk, we have put in place a robust system and checking measures as part of our Quality assurance and checking procedures. Financial risks management objectives and policies Credit risk Credit risk is managed through a formal due diligence process which consists of making a considered assessment of risks before entering into a potential project, the result is an overall pass or fail score, each client also undergoes a credit check prior to commencement. Once a project commences the credit control team reviews overdue balances daily, weekly and monthly. Economic risk The Company regularly reviews events taking place locally and internationally and assesses the impact on the business through monthly management meetings as well as communication with suppliers and customers on any potential change or disruption to business. Interest risk With inflation rising and the impact on interest rates, the Company reviews monthly the ability to cover principal loan and interest payments and does not anticipate any problems in being able to cover both. Foreign exchange risk The Company's transactions are primarily in Sterling, consequently exposure to exchange rate fluctuations are minimal, should any transaction be undertaken in a foreign currency these are reviewed to minimise any exchange risk prior to the transaction. Liquidity risk The Company actively manages its liquidity risk with a rolling cashflow forecast to ensure it has sufficient sources of funds available to meet its obligations as they fall due.
The Company is looking to both diversify the services offered to capture a greater market share whilst maintaining our focus on the core services and markets that we serve. The Company also looks to develop market footprint through organic growth at suitable junctures within the year.
This report was approved by the board and signed on its behalf.
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INTROBA CONSULTING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The loss for the year, after taxation, amounted to £1,758,317 (2023 - loss £539,535).
In the assessment of going concern the directors regularly review results and forecasts. These include revenue forecasts against resourcing levels, current pipeline, cash flow forecasts and a comprehensive review of project performance. Reporting on bids submitted and sales won is reviewed in monthly sales meetings and the percentage of wins currently remains strong. We continue to actively monitor our KPI’s and adjust as necessary.
The directors have a reasonable expectation that the Company will be able to continue in operational existence for at least twelve months from signing the financial statements, thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
The directors who served during the year and after year end were as follows:
Details of financial risks management objectives and policies can be found in the Strategic Report on page 2.
Details of future developments can be found in the Strategic Report on page 2.
There were no material post balance sheet events.
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INTROBA CONSULTING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board and signed on its behalf.
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INTROBA CONSULTING LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors are responsible 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), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". 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 then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙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 to 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.
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INTROBA CONSULTING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTROBA CONSULTING LIMITED
We have audited the financial statements of Introba Consulting Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' 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 financial statements are 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.
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INTROBA CONSULTING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTROBA CONSULTING LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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INTROBA CONSULTING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTROBA CONSULTING LIMITED (CONTINUED)
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.
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:
∙Identify and assess the risk of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.
∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the Company's internal control.
∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and the related disclosures made by the directors.
∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to event or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosure in the financial statements or, if such disclosures are inadequate to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
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.
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INTROBA CONSULTING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTROBA CONSULTING LIMITED (CONTINUED)
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 a Report of the Auditors 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
Statutory Auditors
Nightingale House
46-48 East Street
Surrey
KT17 1HQ
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INTROBA CONSULTING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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INTROBA CONSULTING LIMITED
REGISTERED NUMBER: 02113730
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 32 form part of these financial statements.
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INTROBA CONSULTING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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INTROBA CONSULTING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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INTROBA CONSULTING LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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INTROBA CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Introba Consulting Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number is 02113730 and the address of the registered office is 150 Holborn, London, EC1N 2NS. The principal activity of the Company is that of engineering consultancy, covering MEP, Sustainability and Fire, primarily in the UK.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The functional currency of the Company is considered to be pounds sterling (GBP) because that is the currency of the primary economic environment in which the Company operates. The financial statements are rounded to the nearest pound.
The following principal accounting policies have been applied:
In the assessment of going concern the directors regularly review results and forecasts. These include revenue forecasts against resourcing levels, current pipeline, cash flow forecasts and a comprehensive review of project performance. Reporting on bids submitted and sales won is reviewed in monthly sales meetings and the percentage of wins currently remains strong. We continue to actively monitor our KPI’s and adjust as necessary.
The directors have a reasonable expectation that the Company will be able to continue in operational existence for at least twelve months from signing the financial statements, thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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INTROBA CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Revenue represents net invoiced sales of services, excluding value added tax and in accordance with the revenue recognition policy above. 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. In respect of long term contracts and contracts for ongoing services, revenue is recognised to the extent that the Company obtains a right to consideration as contract activity progresses. The adoption of this policy means that for certain long term contracts the benefit is recognised as turnover and not as work in progress. This has the effect of increasing turnover and reducing work in progress in cost of sales and stocks. Revenue is recognised in accordance with the percentage of completion method over the life of the project. This is based on the direct labour cost to date as a percentage of the total expected direct labour cost. There is a level of critical judgement around this which has been considered. Each project is also reviewed to ensure that the correct level of income is recognised in the accounting period. The profitability is also reviewed so that any anticipated losses on the contracts are recognised immediately. These reviews are carried out throughout the whole duration of the project with any adjustments being recognised in the period that they are identified. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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INTROBA CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following bases:
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.
Amortisation methods, useful lives and residual values are reviewed at each balance sheet date.
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 bases:
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 profit or loss.
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INTROBA CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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INTROBA CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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.
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INTROBA CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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INTROBA CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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INTROBA CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision effects only that period, or in the period of the revision and future periods if the revision effects both current and future periods. Key sources of estimation uncertainty There were no key sources of estimation uncertainty in respect of the year ended 31 December 2024. Each project is also reviewed to ensure that the correct level of income is recognised in the accounting period. The profitability is also reviewed so that any anticipated losses on the contracts are recognised immediately. These reviews are carried out throughout the whole duration of the project with any adjustments being recognised in the period that they are identified.
An analysis of the Company's turnover by geographical market is set out below and is all applicable to rendering of consultancy services.
Analysis of turnover by country of destination:
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INTROBA CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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INTROBA CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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INTROBA CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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INTROBA CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Taxation (continued)
There were no factors that may affect future tax charges.
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INTROBA CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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INTROBA CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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INTROBA CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The loan is repayable by April 2026. The bank loan is secured by way of a fixed and floating charge over all of the assets of the Company. The interest rate is 2.75% p.a. over base rate.
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INTROBA CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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INTROBA CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Share premium account
The share premium account represents the premium arising on the issue of shares net of issue costs. Profit and loss account The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.
Introba Consulting Limited operates a defined contribution scheme with the amount of the benefit being dependent upon the contributions paid to the scheme and the investment return achieved. The assets of the scheme are held separately from those of the Company. Contributions to the scheme are charged to the profit and loss account and amounted to £332,652 (2023: £339,514). At the year end the balance due to the pension scheme included within Other creditors amounted to £65,242 (2023: £69,192).
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INTROBA CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The immediate parent undertaking is Introba Inc, a company registered in Delaware, 6892534.
The ultimate parent undertaking is
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