Intellectual Property Outsourcing Limited Filleted accounts for Companies House (small and micro)
Intellectual Property Outsourcing Limited Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
08731920
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Statement of Financial Position |
2020 |
2019 |
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Note |
£ |
£ |
Fixed assets
Investments |
4 |
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Current assets
Debtors |
5 |
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Cash at bank and in hand |
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----------- |
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Creditors: amounts falling due within one year |
6 |
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Net current assets |
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Total assets less current liabilities |
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Net assets |
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Capital and reserves
Called up share capital |
7 |
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Capital redemption reserve |
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Profit and loss account |
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Shareholders funds |
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In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
Director's responsibilities:
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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
;
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
24 September 2020
, and are signed on behalf of the board by:
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Director |
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Company registration number:
08731920
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Notes to the Financial Statements |
Year ended 31 March 2020
1.
General information
Since the balance sheet date, the worldwide Covid-19 pandemic has impacted on this business and many others in this sector. It will have a significant effect on the 2021 results although the company is making use of Government support where available. The company has strong cash reserves to act as a cushion against any deterioration in the trading position, and efforts continue to reduce costs wherever possible. This is a non-adjusting event and an estimate of the financial impact on the company cannot be made.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Consolidation
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
4.
Investments
Shares in group undertakings |
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£ |
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Cost |
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At 1 April 2019 and 31 March 2020 |
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Impairment |
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At 1 April 2019 and 31 March 2020 |
– |
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Carrying amount |
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At 31 March 2020 |
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At 31 March 2019 |
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During the year ended 31st March 2014, the company purchased the whole of the issued share capital of Patent Outsourcing Limited, a company registered in England and Wales, registration number 04122633. This comprises 2 Ordinary shares of £1 each. The principal activity of Patent Outsourcing Limited is that of patent attorneys.
5.
Debtors
2020 |
2019 |
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£ |
£ |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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6.
Creditors:
amounts falling due within one year
2020 |
2019 |
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£ |
£ |
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Other creditors |
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------- |
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7.
Called up share capital
Issued, called up and fully paid
2020 |
2019 |
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No. |
£ |
No. |
£ |
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900 |
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900 |
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8.
Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2020 |
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Balance brought forward |
Advances/ (credits) to the director |
Balance outstanding |
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£ |
£ |
£ |
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– |
– |
– |
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2019 |
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Balance brought forward |
Advances/ (credits) to the director |
Balance outstanding |
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£ |
£ |
£ |
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(
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– |
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9.
Related party transactions
The company was under the control of
Rev Dr M P Houghton
throughout the current and previous accounting period. Rev Dr Houghton is the managing director and majority shareholder. No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102.