The Institute of Residential Property - Accounts to registrar (filleted) - small 18.2
The Institute of Residential Property - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| THE INSTITUTE OF RESIDENTIAL PROPERTY |
| MANAGEMENT LIMITED |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST MARCH 2020 |
| THE INSTITUTE OF RESIDENTIAL PROPERTY |
| MANAGEMENT LIMITED (REGISTERED NUMBER: 06207464) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST MARCH 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 | to | 6 |
| THE INSTITUTE OF RESIDENTIAL PROPERTY |
| MANAGEMENT LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31ST MARCH 2020 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 82 High Street |
| Tenterden |
| Kent |
| TN30 6JG |
| THE INSTITUTE OF RESIDENTIAL PROPERTY |
| MANAGEMENT LIMITED (REGISTERED NUMBER: 06207464) |
| BALANCE SHEET |
| 31ST MARCH 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| RESERVES |
| Income and expenditure account | 8 |
| 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 |
| THE INSTITUTE OF RESIDENTIAL PROPERTY |
| MANAGEMENT LIMITED (REGISTERED NUMBER: 06207464) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST MARCH 2020 |
| 1. | STATUTORY INFORMATION |
| The Institute of Residential Property Management Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents subscriptions, examination fees, workshop fees and other miscellaneous income, net of VAT where applicable. |
| Subscriptions are recognised on a due basis. Amounts received at the year end for subscriptions due after the year end are carried forward to the next period. |
| Member exam income and Associate exam fees are recognised when the exam has been sat. Amounts received before the year end for exams to be sat after the year end are carried forward. |
| Foundation exam fees for business customers are recognised when invoiced. |
| Foundation exam fees for individuals are recognised when received. |
| Workshop income is recognised when the event takes place. Amounts received for workshops due to take place after the year end are carried forward. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Learning material development |
| Our learning material will require continuous development and alteration as it ages, with changes to law and best practice. We estimated that, at 5 years of age, the myriad incremental changes will need to be tidied and consolidated into a freshly written document and made fit for purpose. From 1 April 2019 this was revised to be at 3 years of age. |
| Tangible fixed assets |
| Equipment | - |
| THE INSTITUTE OF RESIDENTIAL PROPERTY |
| MANAGEMENT LIMITED (REGISTERED NUMBER: 06207464) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 balance sheet date. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease. |
| 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 or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Learning |
| material | Computer |
| development | software | Totals |
| £ | £ | £ |
| COST |
| At 1st April 2019 |
| Additions |
| At 31st March 2020 |
| AMORTISATION |
| At 1st April 2019 |
| Amortisation for year |
| At 31st March 2020 |
| NET BOOK VALUE |
| At 31st March 2020 |
| At 31st March 2019 |
| The useful life of learning materials was revised on 1 April 2019 from 5 years down to 3, resulting in additional amortiation being charged of £11,351 to reduce old learning materials down to nil. |
| THE INSTITUTE OF RESIDENTIAL PROPERTY |
| MANAGEMENT LIMITED (REGISTERED NUMBER: 06207464) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2020 |
| 5. | TANGIBLE FIXED ASSETS |
| Equipment |
| £ |
| COST |
| At 1st April 2019 |
| Additions |
| At 31st March 2020 |
| DEPRECIATION |
| At 1st April 2019 |
| Charge for year |
| At 31st March 2020 |
| NET BOOK VALUE |
| At 31st March 2020 |
| At 31st March 2019 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Subscriptions received in |
| advance |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 6,037 | - |
| Other creditors |
| Accrued expenses |
| 8. | RESERVES |
| Income |
| and |
| expenditure |
| account |
| £ |
| At 1st April 2019 |
| Surplus for the year |
| At 31st March 2020 |
| THE INSTITUTE OF RESIDENTIAL PROPERTY |
| MANAGEMENT LIMITED (REGISTERED NUMBER: 06207464) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2020 |
| 9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 10. | OTHER FINANCIAL COMMITMENTS |
| The company had total commitments at the balance sheet date of £63,490 (2019: £59,576). |
| 11. | RELATED PARTY DISCLOSURES |
| All of the directors are members of the Institute and pay a subscription at the normal rate. No amounts were outstanding at the year end. |
| 12. | POST BALANCE SHEET EVENTS |
| We continue to increase the staff team and to invest in technology to meet the needs of a growing business, with investment in the academic and membership services side of the business. The Covid pandemic started as the financial year came to an end and the 2020/21 budget was radically revised to assume significant loss of income from exams, events and membership levels. At the time of writing in October 2020, these income streams are reduced but not severely and IRPM's reserves are not being significantly tested. It remains the case that the services of our customers' businesses are still required; buildings still need to be managed. However, a combination of a Covid recession and as yet to be agreed Brexit terms create uncertainty on future business levels and the strategy of holding sufficient reserves to operate for a year is historically vindicated and prudent going forward. |
| 13. | GUARANTEE |
| The company is limited by guarantee and therefore has no share capital. Every member of the company undertakes to contribute to the assets of the company in the event of it being wound up while he or she is a member, or within one year afterwards, for the payment of the debts and liabilities of the company contracted before he or she ceases to be a member, and the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories among themselves, such as may be not exceeding £1. |