Interproperty Systems Limited Filleted accounts for Companies House (small and micro)

INTERPROPERTY SYSTEMS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01724870

Interproperty Systems Limited

Filleted Unaudited Financial Statements

30 September 2018

Interproperty Systems Limited

Statement of Financial Position

30 September 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5		960	357

Current assets

Debtors	6	207,744	200,457
Cash at bank and in hand		383	8,456
		---------	---------
		208,127	208,913

Creditors: amounts falling due within one year	7	38,249		21,888
		---------		---------
Net current assets			169,878	187,025
			---------	---------
Total assets less current liabilities			170,838	187,382

Provisions

Taxation including deferred tax	( 5,492)	( 5,492)
	---------	---------
Net assets	176,330	192,874
	---------	---------

Capital and reserves

Called up share capital	6,000	6,000
Profit and loss account	170,330	186,874
	---------	---------
Shareholders funds	176,330	192,874
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

Interproperty Systems Limited

Statement of Financial Position (continued)

30 September 2018

These financial statements were approved by the board of directors and authorised for issue on 28 June 2019 , and are signed on behalf of the board by:

Mr R Nathan

Director

Company registration number: 01724870

Interproperty Systems Limited

Notes to the Financial Statements

Year ended 30 September 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 60 Cannon Street, London, EC4N 6NP.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.

Income tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exception: Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	50% straight line
Fixtures & Fittings	-	10% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Total
	£	£	£
Cost
At 1 October 2017	5,025	688	5,713
Additions	1,545	–	1,545
	------	----	------
At 30 September 2018	6,570	688	7,258
	------	----	------
Depreciation
At 1 October 2017	4,875	481	5,356
Charge for the year	922	20	942
	------	----	------
At 30 September 2018	5,797	501	6,298
	------	----	------
Carrying amount
At 30 September 2018	773	187	960
	------	----	------
At 30 September 2017	150	207	357
	------	----	------

6. Debtors

	2018	2017
	£	£
Trade debtors	71,065	75,442
Amounts owed by group undertakings and undertakings in which the company has a participating interest	83,343	68,765
Other debtors	53,336	56,250
	---------	---------
	207,744	200,457
	---------	---------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	12,427	–
Trade creditors	11,212	16,710
Social security and other taxes	918	1,028
Other creditors	13,692	4,150
	--------	--------
	38,249	21,888
	--------	--------

8. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2018
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Mr R Nathan	32,868	–	32,868
	--------	----	--------

	2017
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Mr R Nathan	39,729	( 6,861)	32,868
	--------	------	--------