REGISTERED NUMBER: 03368622 (England and Wales)

IPS INTERNATIONAL LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mr D W MacDonald

Mr R Cowan

Mr A T Ryan

Mr K M Jones

Mrs M Holmes

Mrs K E Price

Miss S King

SECRETARY:

Miss S King

REGISTERED OFFICE:

Northbank House

Sir Thomas Longley Road

Medway City Estate

ROCHESTER

Kent

ME2 4DU

REGISTERED NUMBER:

03368622 (England and Wales)

SENIOR STATUTORY AUDITOR:

Clair Rayner FCA DChA

AUDITORS:

McCabe Ford Williams

Statutory Auditors and Chartered Accountants

Building 1063

Cornforth Drive

Kent Science Park

Sittingbourne

Kent

ME9 8PX

FIXED ASSETS

Tangible assets

5

74,983

38,499

CURRENT ASSETS

Debtors

6

691,559

786,544

Cash at bank and in hand

875,102

560,028

1,566,661

1,346,572

CREDITORS

Amounts falling due within one year

7

975,672

904,264

NET CURRENT ASSETS

590,989

442,308

TOTAL ASSETS LESS CURRENT LIABILITIES

665,972

480,807

PROVISIONS FOR LIABILITIES

2,833

6,063

NET ASSETS

663,139

474,744

CAPITAL AND RESERVES

Called up share capital

10

500,000

500,000

Retained earnings

163,139

(25,256

)

SHAREHOLDERS' FUNDS

663,139

474,744

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 27 April 2026 and were signed on its behalf by:

Mr A T Ryan - Director

1.	STATUTORY INFORMATION

IPS International 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Going Concern

The directors consider it appropriate to adopt the going concern basis in preparing the financial statements. The directors have reviewed the reserves of IPS International Limited and taken into account the sufficient share capital which provides suitable working capital for the company to meet its liabilities as they fall due, and are satisfied that it has sufficient reserves to continue for the foreseeable future.

Significant judgements and estimates

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets. In addition management accrue and defer income in respect of training depending upon the degree of training delivered. This assessment does include an element of judgement.

Turnover

Turnover represents revenue due from the normal activities of the business, being that of the provision of general consulting and training services, to the extent that the company obtains a right to consideration on exchange for its performance of those activities, exclusive of VAT.

Turnover is recognised when the services have been delivered. Income received in advance of the delivery of services is deferred.

Government grants

Government grants are recognised when the performance related conditions imposed upon the receipt of the grant have been met. Where these have not been satisfied, these grants are recognised as liabilities. If grants are not conditional on future performance related conditions, then income is recognised when the grant proceeds are receivable.

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

-

over remaining term of lease

Machinery and Equipment

-

straight line over 2-6 years

Fixtures and fittings

-

straight line over 3-4 years

Computer equipment

-

straight line over 3 years

Financial instruments

The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand.

c) Impairment of financial assets

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 profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 and loss in the period to which they relate. The company meets it's obligations under auto enrolment.

Agency arrangements

The company acts as an agent in distributing grants from the Department for Education (DfE). Payments received from the DfE and subsequent disbursements to employers of learners are excluded from the profit and loss account as the company does not have control over the application of these funds. Balances held in respect of such funds are included within creditors.

Functional currency and presentation currency

The company's functional currency is British Pound Sterling (GBP), which is also the presentation currency for the company. The financial statements are therefore presented in British Pound Sterling.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 64 (2024 - 63 ) .

5.	TANGIBLE FIXED ASSETS

Improvements

Machinery

Fixtures

to

and

and

Computer

property

Equipment

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2025

244,158

322,799

22,280

63,662

652,899

Additions

21,292

1,303

-

36,703

59,298

Disposals

(2,587

)

-

-

-

(2,587

)

At 31 December 2025

262,863

324,102

22,280

100,365

709,610

DEPRECIATION

At 1 January 2025

229,907

314,489

22,280

47,724

614,400

Charge for year

5,888

5,721

-

11,205

22,814

Eliminated on disposal

(2,587

)

-

-

-

(2,587

)

At 31 December 2025

233,208

320,210

22,280

58,929

634,627

NET BOOK VALUE

At 31 December 2025

29,655

3,892

-

41,436

74,983

At 31 December 2024

14,251

8,310

-

15,938

38,499

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

568,341

676,427

Parent company loan

3,655

3,655

Directors' Current Accounts

-

174

Prepayments and accrued income

119,563

106,288

691,559

786,544

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade creditors

129,271

140,207

Other taxes and PAYE

208,592

204,996

Accruals and Deferred Income

636,418

558,320

Directors' Current Accounts

1,391

741

975,672

904,264

Included in accruals above is £51,500 (2024: £46,500) of employer incentives for employers of learners.

The company acts as an agent in distributing employer incentive from the DfE.

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.25

31.12.24

£

£

Within one year

175,749

173,342

Between one and five years

120,344

136,093

296,093

309,435

9.	SECURED DEBTS

There is a debenture dated 14 February 2000 in favour of Lloyds Bank Plc to secure all of the company's liabilities to the bank by way of a fixed and floating charge over the assets of the company.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.25

31.12.24

value:

£

£

500,000

Ordinary

£1

500,000

500,000

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Clair Rayner FCA DChA (Senior Statutory Auditor)

for and on behalf of McCabe Ford Williams

12.	RELATED PARTY DISCLOSURES

At the balance sheet date the Directors of the company, owed/(were owed) the following balances:

Director

2025

2024

D Macdonald

(703

)

(300

)

R Cowan

-

103

A Ryan

(546

)

36

K Jones

-

35

M Holmes

(93

)

(272

)

K Price

(48

)

(31

)

S King

-

(138

)

During the year, the company was charged £37,000 of management charges by its parent company, Meadowridge Limited (2024: £80,000).

An amount of £3,655 (2024: £3,655) was owed to the company by its parent at the year-end.

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Meadowridge Limited (company number: 03902104) of Northbank House, Sir Thomas Longley Road, Medway City Estate, Rochester, Kent, ME2 4DU.

Meadowridge Limited owns 100% of the ordinary issued share capital of IPS International Limited.