IPC Management Limited Filleted accounts for Companies House (small and micro)

IPC MANAGEMENT LTD - Company Information

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COMPANY REGISTRATION NUMBER: 07400106

IPC Management Limited

Filleted Unaudited Financial Statements

29 September 2017

IPC Management Limited

Statement of Financial Position

29 September 2017

	29 Sep 17		30 Sep 16
Note	£	£	£

Fixed assets

Intangible assets	5	61,291	61,291
Tangible assets	6	6,950	4,780
Investments	7	20,700	20,700
		--------	--------
		88,941	86,771

Current assets

Debtors	8	65,685	34,965
Cash at bank and in hand		262	763
		--------	--------
		65,947	35,728

Creditors: amounts falling due within one year	9	149,829		111,486
		---------		---------
Net current liabilities			83,882	75,758
			--------	--------
Total assets less current liabilities			5,059	11,013
			-------	--------
Net assets			5,059	11,013
			-------	--------

Capital and reserves

Called up share capital	1,013	1,013
Profit and loss account	4,046	10,000
	-------	--------
Shareholders funds	5,059	11,013
	-------	--------

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 comprehensive income has not been delivered.

For the period ending 29 September 2017 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 period 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 .

IPC Management Limited

Statement of Financial Position (continued)

29 September 2017

These financial statements were approved by the board of directors and authorised for issue on 4 September 2018 , and are signed on behalf of the board by:

Ms K Foulis
Director

Company registration number: 07400106

IPC Management Limited

Notes to the Financial Statements

Period from 1 October 2016 to 29 September 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Gordon House Station Road, Mill Hill, NW72JU, London.

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 is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition 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:

	Equipment	-	25% reducing balance

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.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 26 (2016: 26 ).

5. Intangible assets

	Development costs
	£
Cost
At 1 October 2016 and 29 September 2017	61,291
	--------
Amortisation
At 1 October 2016 and 29 September 2017	–
	--------
Carrying amount
At 29 September 2017	61,291
	--------
At 30 September 2016	61,291
	--------

6. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 October 2016	21,353	21,353
Additions	4,490	4,490
	--------	--------
At 29 September 2017	25,843	25,843
	--------	--------
Depreciation
At 1 October 2016	16,573	16,573
Charge for the period	2,320	2,320
	--------	--------
At 29 September 2017	18,893	18,893
	--------	--------
Carrying amount
At 29 September 2017	6,950	6,950
	--------	--------
At 30 September 2016	4,780	4,780
	--------	--------

7. Investments

	Other investments other than loans
	£
Cost
At 1 October 2016 and 29 September 2017	20,700
	--------
Impairment
At 1 October 2016 and 29 September 2017	–
	--------

Carrying amount
At 29 September 2017	20,700
	--------
At 30 September 2016	20,700
	--------

8. Debtors

	29 Sep 17	30 Sep 16
	£	£
Trade debtors	54,595	60,456
Other debtors	11,090	( 25,491)
	--------	--------
	65,685	34,965
	--------	--------

9. Creditors: amounts falling due within one year

	29 Sep 17	30 Sep 16
	£	£
Bank loans and overdrafts	3	24,383
Trade creditors	9,806	17,332
Amounts owed to group undertakings and undertakings in which the company has a participating interest	( 25,311)	4,309
Corporation tax	21,515	25,775
Social security and other taxes	29,198	34,784
Other creditors	114,618	4,903
	---------	---------
	149,829	111,486
	---------	---------

10. Directors' advances, credits and guarantees

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

	Balance brought forward and outstanding
	29 Sep 17	30 Sep 16
	£	£
Ms K Foulis	( 5,335)	588
Mr M Garfield	423	423
Ms D May	( 10,955)	–
	--------	-------
	( 15,867)	1,011
	--------	-------

11. Related party transactions

There was no ultimate controlling party throughout the current and previous year. Ms Foulis, Ms May and Mr Garfield are directors and majority shareholders. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard FRS 102 (Section 1A)