IPEX Consulting Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 04897402 (England and Wales)

IPEX Consulting Limited

Unaudited Financial Statements for the Year Ended 31 August 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

M B Wilson

REGISTERED OFFICE:

1 Lower John Street

Soho

London

W1F 9DT

REGISTERED NUMBER:

04897402 (England and Wales)

FIXED ASSETS

Tangible assets

4

7,659

10,673

CURRENT ASSETS

Debtors

5

406,494

393,063

Cash at bank

559,165

352,138

965,659

745,201

CREDITORS

Amounts falling due within one year

6

(277,972

)

(399,345

)

NET CURRENT ASSETS

687,687

345,856

TOTAL ASSETS LESS CURRENT LIABILITIES

695,346

356,529

PROVISIONS FOR LIABILITIES

7

(1,455

)

-

NET ASSETS

693,891

356,529

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

693,791

356,429

693,891

356,529

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 28 June 2018 and were signed by:

M B Wilson - Director

1.	STATUTORY INFORMATION

IPEX Consulting Limited is a private company, limited by shares and registered in England. The company's registered number and

registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies

and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and

Republic of Ireland ("FRS 102") and the Companies Act 2006. The presentational and functional currency of these financial statements is

sterling. All amounts in the financial statements have been rounded to the nearest £1.

These financial statements for the year ended 31 August 2017 are the first financial statements of Ipex Consulting Limited prepared in

accordance with FRS 102. The date of transition to FRS 102 was 1 September 2015. In the transition to FRS 102 from the Financial

Reporting Standard for Smaller Entities (effective January 2015) the company has made no measurement and recognition adjustments.

Going concern

The company's financial statements have been prepared on a going concern basis on the grounds that current and future sources of funding or

support will be more than adequate for the company's needs. In assessing going concern, the director has a reasonable expectation that the

company will continue as a going concern and is able to meet all of its obligations as they fall due for a minimum of 12 months from the

date of approval of these financial statements.

Turnover

Revenue is recognised to the extent that it is probable economic benefits will flow to the company and the revenue can be reliably measured.

Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other

sales taxes.

Revenue from a contract to provide services is recognised in the period in which the services are provided.

Interest receivable and payable

Interest income and interest payable are recognised in profit or loss as they accrue, using the effective interest method.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any impairment losses. Historical cost includes

expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the

manner intended by management.

Depreciation is charged to profit or loss over the estimated useful economic lives, as follows -

- Computer equipment - Over 3 years on a straight line basis.

- Fixtures and fittings - Over 4 years on a straight line basis.

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.

Repairs and maintenance costs are charged to profit or loss during the period in which they are incurred.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount

of the asset is determined, which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is recognised

immediately as an expense within the profit or loss.

Basic financial instruments

Trade and other debtors / creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are

recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised

cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing

transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments

discounted at a market rate of interest for a similar debt instrument.

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 within profit or loss.

For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying

amount and the present value of estimated cash flows discounted at the asset's original effective interest rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount

and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Current and deferred taxation

Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in profit or loss except to the extent that it relates

to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other

comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively

enacted at the balance sheet date.

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in the financial statements. Deferred tax is not recognised on permanent differences arising because

certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or

smaller than the corresponding income or expense.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or

substantively enacted at the balance sheet date.

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.

Pensions

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company

pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The

contributions are recognised as an expense in profit or loss in the periods during which services are rendered by employees.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity

dividends are recognised when approved by the shareholders.

3.	STAFF NUMBERS

The average number of employees during the year was 7 (2016 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 September 2016

16,472

3,575

20,047

Additions

216

1,420

1,636

Disposals

(3,187

)

-

(3,187

)

At 31 August 2017

13,501

4,995

18,496

DEPRECIATION

At 1 September 2016

8,934

440

9,374

Charge for year

3,353

1,297

4,650

Eliminated on disposal

(3,187

)

-

(3,187

)

At 31 August 2017

9,100

1,737

10,837

NET BOOK VALUE

At 31 August 2017

4,401

3,258

7,659

At 31 August 2016

7,538

3,135

10,673

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

£

£

Trade debtors

325,694

362,202

Other debtors

35,175

19,165

Prepayments and accrued income

45,625

11,696

406,494

393,063

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

£

£

Bank loans and overdrafts

6,645

3,129

Trade creditors

94,797

111,528

Corporation Tax

20,383

49,651

Social security and other taxes

75,621

151,469

Other creditors

53

3,758

Directors' current accounts

-

11,171

Accruals and deferred income

80,473

68,639

277,972

399,345

7.	PROVISIONS FOR LIABILITIES

31.8.17

31.8.16

£

£

Deferred tax

Accelerated capital allowances

1,455

-

Deferred tax

£

Provided during year

1,455

Balance at 31 August 2017

1,455

8.	RELATED PARTY DISCLOSURES

During the year the company received loans from a director of £nil (2016: £11,171) and repaid £11,171 (2016: £12,565). As at 31 August

2017 Ipex Consulting Limited owed £nil (2016: £11,171) to the director. All balances attract a nil rate of interest, and are repayable on

demand.