Company Registration No. 02737267 (England and Wales)
IPR INDUSTRIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
IPR INDUSTRIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
IPR INDUSTRIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
142
285
Investments
4
1,533,204
1,557,162
1,533,346
1,557,447
Current assets
Debtors
7
597,970
599,632
Investments
8
135,696
92,888
Cash at bank and in hand
72,287
96,429
805,953
788,949
Creditors: amounts falling due within one year
9
(13,827)
(14,227)
Net current assets
792,126
774,722
Total assets less current liabilities
2,325,472
2,332,169
Creditors: amounts falling due after more than one year
10
(8,016)
(8,016)
Net assets
2,317,456
2,324,153
Capital and reserves
Called up share capital
11
13,750
13,750
Share premium account
1,856,250
1,856,250
Profit and loss reserves
447,456
454,153
Total equity
2,317,456
2,324,153
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
IPR INDUSTRIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2019
31 December 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 July 2020 and are signed on its behalf by:
P N E Martensson
Director
Company Registration No. 02737267
IPR INDUSTRIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2019
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2018
13,750
1,856,250
409,659
2,279,659
Year ended 31 December 2018:
Profit and total comprehensive income for the year
-
-
44,494
44,494
Balance at 31 December 2018
13,750
1,856,250
454,153
2,324,153
Year ended 31 December 2019:
Loss and total comprehensive income for the year
-
-
(6,697)
(6,697)
Balance at 31 December 2019
13,750
1,856,250
447,456
2,317,456
IPR INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 4 -
1
Accounting policies
Company information
IPR Industries Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office and business is
IPR House, 37 Guildford Road, Lightwater, Surrey, GU18 5SA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention
.
The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 December 2019
are the
first
financial statements of IPR Industries Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. In previous years the company prepared in accordance with FRS 105. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received
for management fees and investment income,
and
is shown net of VAT
.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
3 years straight line
1.4
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
IPR INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 5 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs
.
Financial assets classified as receivable within one year are not amortised.
Current asset investments
Other investments are measured at cost. The investments are assed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors
and
loans are
recognised at transaction price
.
Financial liabilities classified as payable within one year are not amortised.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
1.10
Employee benefits
The cost of any material unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2018 - 3
).
IPR INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2019 and 31 December 2019
7,303
Depreciation and impairment
At 1 January 2019
7,018
Depreciation charged in the year
143
At 31 December 2019
7,161
Carrying amount
At 31 December 2019
142
At 31 December 2018
285
4
Fixed asset investments
2019
2018
£
£
Investments
1,533,204
1,557,162
Movements in fixed asset investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 January 2019 & 31 December 2019
11
1,605,804
1,605,815
Impairment
At 1 January 2019
-
48,653
48,653
Impairment losses
-
23,958
23,958
At 31 December 2019
-
72,611
72,611
Carrying amount
At 31 December 2019
11
1,533,193
1,533,204
At 31 December 2018
11
1,557,151
1,557,162
IPR INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 7 -
5
Subsidiaries
Details of the company's subsidiaries at 31 December 2019 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
IPR Properties Limited
IPR House, 37 Guilford Road, Lightwater, Surrey, GU18 5SA
Property rental
Ordinary
100.00
0
IPR INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 8 -
6
Financial instruments
2019
2018
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
135,696
92,888
7
Debtors
2019
2018
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
596,597
598,433
Other debtors
1,373
1,199
597,970
599,632
8
Current asset investments
2019
2018
£
£
Other investments
135,696
92,888
Listed investments included above:
Listed investments carrying amount
135,696
92,888
Market value if different from carrying amount
1,512,000
1,478,000
9
Creditors: amounts falling due within one year
2019
2018
£
£
Other creditors
13,827
14,227
10
Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
8,016
8,016
The aggregate amount of creditors for which security has been given amounted to £8,016 (2018 - £8,016) as detailed in a Deed of Security Assignment, dated 1 December 2010, and filed with the Registrar of Companies.
IPR INDUSTRIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 9 -
11
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
13,750 Ordinary shares of £1 each
13,750
13,750
12
Related party transactions
Included within debtors is an amount of £596,597 (2018 - £598,433), due from a connected company, which may not be recoverable within twelve months.
13
Directors' transactions
Included within debtors at the year end is an amount of £1,076 (2018 - £1,045) owed by P N E Martensson, director, the maximum amount overdrawn during the year was £1,234 (2018 - £1,045).
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