Company Registration No. 05247486 (England and Wales)
INSTITUTIONAL PROTECTION SERVICES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
INSTITUTIONAL PROTECTION SERVICES LIMITED
COMPANY INFORMATION
Directors
T J W Duthie
W D Eason
C J Goodman
R Leighton
J S Naughton
Sir A C D Yarrow
Secretary
J S Naughton
Company number
05247486
Registered office
Third Floor
1-3 Staple Inn
London
WC1V 7QH
Auditor
BDO LLP
55 Baker Street
London
W1U 7EU
INSTITUTIONAL PROTECTION SERVICES LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 4
Profit and loss account
5
Balance sheet
6
Notes to the financial statements
7 - 15
INSTITUTIONAL PROTECTION SERVICES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2018
- 1 -
The directors present their report and audited financial statements for the year ended 31 December 2018.
Principal activities
The principal activity of the company continued to be that of services for institutional investors including monitoring shareholder actions and financial antitrust cases around the world and providing recovery and advisory services to manage the risk of participation in investor actions.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
T J W Duthie
W D Eason
C J Goodman
R Leighton
J S Naughton
Sir A C D Yarrow
Results and dividends
The results for the year are set out on pages 5 to 16.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Going concern
The Board has prepared cash flow forecasts and formed a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditors
So far as each
of the directors
at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditors are
unaware. Additionally, the directors individually have taken all the steps that they ought to have taken to make themselves aware of a
ny
relevant audit information and to establish that the company’s
auditors are
aware of that information.
The directors are not aware of any relevant audit information of which the auditors are unaware.
In accordance with the company's articles, a resolution proposing that BDO LLP be reappointed as auditor of the company will be put at a General Meeting.
INSTITUTIONAL PROTECTION SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 2 -
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
J S Naughton
Director
29 July 2019
INSTITUTIONAL PROTECTION SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INSTITUTIONAL PROTECTION SERVICES LIMITED
- 3 -
Opinion
We have audited the financial statements of Institutional Protection Services Limited (the '
C
ompany') for the year ended 31 December 2018 which comprise the profit and loss account, the balance sheet and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including F
inancial Reporting Standard
102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the Company's affairs as at 31 December 2018 and of its loss for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements
section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the
Directors'
use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the
Directors have
not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the
C
ompany’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue
.
The
D
irector
s are
responsible for the other information. The other information comprises the information included in the
Directors'
report, other than the financial statements and our auditor’s report thereon. Our opinion on the
financial statements
does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the
Directors'
r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the Directors' report has been prepared in accordance with applicable legal requirements.
INSTITUTIONAL PROTECTION SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INSTITUTIONAL PROTECTION SERVICES LIMITED
- 4 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the
Directors' r
eport
.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of Directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.
Responsibilities of directors
As explained more fully in the
Directors'
r
esponsibilities
s
tatement, the
Directors are
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the
D
irectors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the
Directors are
responsible for assessing the
C
ompany’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the
Directors either intend
to liquidate the
C
ompany or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities
.
This description forms part of our auditor’s report.
This report is made solely to the
C
ompany’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the
C
ompany’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
C
ompany and the
C
ompany’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Andrew William Radford (Senior Statutory Auditor)
For and on behalf of BDO LLP, Statutory Auditor
London, United Kingdom
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127)
INSTITUTIONAL PROTECTION SERVICES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2018
- 5 -
2018
2017
Notes
£
£
Turnover
1,294,353
1,658,965
Cost of sales
(17,869)
(78,067)
Gross profit
1,276,484
1,580,898
Administrative expenses
(1,301,402)
(1,061,547)
Other operating income
28,021
3,992
Operating profit
2
3,103
523,343
Interest receivable
2,472
803
Profit before taxation
5,575
524,146
Taxation credit/(charge) on loss
5
(8,361)
(105,770)
(Loss)/profit for the financial year
(2,786)
418,376
The results stated above are derived from continuing activities
INSTITUTIONAL PROTECTION SERVICES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2018
31 December 2018
- 6 -
Company Registration No. 05247486
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
6
144,908
145,435
Tangible assets
7
63,356
30,551
208,264
175,986
Current assets
Debtors
8
464,119
414,207
Cash at bank and in hand
1,036,620
1,291,147
1,500,739
1,705,354
Creditors: amounts falling due within one year
9
(267,313)
(448,098)
Net current assets
1,233,426
1,257,256
Total assets less current liabilities
1,441,690
1,433,242
Provisions for liabilities
10
(27,163)
(15,929)
Net assets
1,414,527
1,417,313
Capital and reserves
Called up share capital
12
6,250
6,250
Share premium account
13
1,029,378
1,029,378
Profit and loss reserves
14
378,899
381,685
Total equity
1,414,527
1,417,313
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 July 2019 and are signed on its behalf by:
J S Naughton
Director
INSTITUTIONAL PROTECTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 7 -
1
Accounting policies
Company information
Institutional Protection Services Limited is a
private
company
, limited by shares,
incorporated in England and Wales.
The registered office is
Third Floor, 1-3 Staple Inn, London, WC1V 7QH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 Section 1A "Small Entities" 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 preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the accounting policies.
Advantage has been taken of the following disclosure exemptions for small companies under FRS 102:
- The requirement to present a statement of cash flow and related notes;
- The requirement to present a statement of changes in equity.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The Board has prepared cash flow forecasts and formed a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
1.3
Turnover
Turnover represents the fair value of services provided to clients net of value added tax. Fair value
reflects the amount expected to be recoverable from clients. Services provided to clients during the
year which at the year end have not been invoiced to clients are recognised in accordance with Section
23, Revenue, of FRS 102. Where revenue has been invoiced in advance of services provided, the
income is included within creditors as deferred income.
Revenue is generally not recognised on unbilled amounts where the right to receive payments is
contingent on factors outside the control of the company. Revenue from contingent work is recognised
where the amount of revenue can be measured reliably and it is probable that economic benefits
associated with the work will arise.
The members consider the business to have only one operating segment and therefore no further
disclosure has been made in this respect.
1.4
Intangible fixed assets other than goodwill
In the research phase of an internal project, it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be measured reliably. Where development expenditure increases the life of the asset the remaining economic life is reviewed.
Amortisation 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:
Software
7 years straight line
INSTITUTIONAL PROTECTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 8 -
1.5
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:
Leasehold improvements
20% straight line
Fixtures and fittings
25% reducing balance
Computers
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
Fixed assets do not require replacement parts or the cost of major inspections to be recognised
separately.
1.6
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
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 bank loans, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
INSTITUTIONAL PROTECTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 9 -
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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.
Tax is recognised in the profit and loss account, 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.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at
the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods
different from those in which they are recognised in financial statements. Deferred tax is measured
using tax rates and laws that have been enacted or substantively enacted by the year end and that are
expected to apply to the reversal of the timing difference.
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.
1.10
Provisions
Provisions are recognised when the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
No liability is recognised in respect of holiday pay as employees are unable to carry forward holiday into future periods.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
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.
The assets of the scheme are held separately from those of the company in an independently administered fund.
INSTITUTIONAL PROTECTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 10 -
1.13
Share-based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is
charged to profit or loss over the vesting period. Non-market vesting conditions are taken into
account by adjusting the number of equity instruments expected to vest at each balance sheet date so
that, ultimately, the cumulative amount recognised over the vesting period is based on the number of
options that eventually vest. Market vesting conditions are factored into the fair value of the options
granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors
beyond the control of either party (such as a target based on an index) or factors which are within the
control of one or other of the parties (such as the company keeping the scheme open or the employee
maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value
of the options, measured immediately before and after the modification, is also charged to profit or
loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, the profit and loss account is
charged with the fair value of goods and services received.
There exists a share based payment for a director. Management has considered the fair value of these
shares and does not consider them to be material to record in the financial statements.
1.14
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease
.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
1.16
Critical accounting judgements and key sources of estimation uncertainty
In preparing these financial statements, the directors have made the following judgements:
-
Revenue is recognised in respect of contingent revenues on confirmation of the amount of award to the company's clients following the outcome of a class action. Until this point, the directors do not consider revenue to be either probable or capable of reliable estimation.
-
Determine whether there are indicators of impairment of the company's tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
Key sources of estimation uncertainty include:
In determining the development costs to be capitalized in relation to Claims software, the directors make an estimate around the proportion of costs incurred which relate to the development of the intangible asset.
1.17
The VAT liability in the comparative information has been restated, increasing the tax and social security creditor by £31k and increasing administrative expenses by the same amount. The impact has been to reduce net assets and reduce profit by the same amount.
INSTITUTIONAL PROTECTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 11 -
2
Operating profit
2018
2017
£
£
Exchange losses/(gains)
77
(3,992)
Depreciation of owned tangible fixed assets
20,202
6,589
Amortisation of intangible assets
35,527
32,202
Operating lease charges
89,877
89,877
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2018
2017
Number
Number
Administration
17
15
Their aggregate remuneration comprised:
2018
2017
£
£
Wages and salaries
791,139
740,890
Social security costs
86,046
88,583
Pension costs
8,540
5,861
885,725
835,334
4
Directors' remuneration and dividends
2018
2017
£
£
Remuneration paid to directors
269,601
280,943
5
Taxation
2018
2017
£
£
Current tax
UK corporation tax on profits for the current period
2,147
103,307
Adjustments in respect of prior periods
(20)
-
Total current tax
2,127
103,307
INSTITUTIONAL PROTECTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
(Continued)
- 12 -
Deferred tax
Origination and reversal of timing differences
6,234
2,463
Total tax charge
8,361
105,770
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2018
2017
£
£
Profit before taxation
5,575
524,146
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2017: 19.00%)
1,059
99,587
Tax effect of expenses that are not deductible in determining taxable profit
571
605
Unutilised tax losses carried forward
-
(2,499)
Effect of change in corporation tax rate
(98)
1,342
Permanent capital allowances in excess of depreciation
-
4,272
Depreciation on assets not qualifying for tax allowances
615
-
Under/(over) provided in prior years
(20)
-
Deferred tax
6,234
2,463
Taxation charge for the year
8,361
105,770
6
Intangible fixed assets
Software
£
Cost
At 1 January 2018
177,637
Additions
35,000
At 31 December 2018
212,637
Amortisation and impairment
At 1 January 2018
32,202
Amortisation charged for the year
35,527
At 31 December 2018
67,729
Carrying amount
At 31 December 2018
144,908
At 31 December 2017
145,435
INSTITUTIONAL PROTECTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 13 -
7
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2018
13,452
19,199
17,990
50,641
Additions
925
-
52,082
53,007
At 31 December 2018
14,377
19,199
70,072
103,648
Depreciation and impairment
At 1 January 2018
4,142
5,845
10,103
20,090
Depreciation charged in the year
2,783
3,338
14,081
20,202
At 31 December 2018
6,925
9,183
24,184
40,292
Carrying amount
At 31 December 2018
7,452
10,016
45,888
63,356
At 31 December 2017
9,310
13,354
7,887
30,551
8
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
273,783
329,488
Corporation tax recoverable
3,938
-
Other debtors
36,891
28,358
Prepayments and accrued income
149,507
56,361
464,119
414,207
9
Creditors: amounts falling due within one year
2018
2017
Notes
£
£
Bank loans and overdrafts
-
80
Other borrowings
15,000
15,000
Trade creditors
51,074
32,319
Corporation tax
-
55,317
Other taxation and social security
30,192
83,808
Other creditors
138,061
220,854
Accruals and deferred income
32,986
40,720
267,313
448,098
Creditors include amounts owing to related parties totalling £123,039 (2017: £180,040) and further details are given in note 16.
INSTITUTIONAL PROTECTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 14 -
10
Provisions for liabilities
2018
2017
£
£
Dilapidations
15,125
10,125
Deferred tax liabilities
11
12,038
5,804
27,163
15,929
Movements on provisions apart from retirement benefits and deferred tax liabilities:
Dilapidations
£
At 1 January 2018
10,125
Additional provisions in the year
5,000
At 31 December 2018
15,125
11
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2018
2017
Balances:
£
£
Accelerated capital allowances
12,038
5,804
2018
Movements in the year:
£
Liability at 1 January 2018
5,804
Charge to profit or loss
6,234
Liability at 31 December 2018
12,038
12
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
625,047 Ordinary shares of 1p each
6,250
6,250
6,250
6,250
INSTITUTIONAL PROTECTION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 15 -
13
Share premium account
2018
2017
£
£
At the beginning and end of the year
1,029,378
1,029,378
14
Profit and loss reserves
2018
2017
£
£
At the beginning of the year as previously reported
407,212
(36,691)
Prior year adjustment
(25,527)
-
At the beginning of the year as restated
381,685
(36,691)
(Loss)/profit for the year
(2,786)
418,376
At the end of the year
378,899
381,685
15
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
Within one year
78,960
78,960
Between two and five years
78,960
162,030
157,920
240,990
16
Related party transactions
Included in creditors are amounts owing to directors totalling £88,414 (2017: £145,414). These amounts are interest free and repayable on demand.
Included in creditors is a balance of £34,625 (2017: £34,625) due to a company under the control of a director. This amount is interest free and repayable on demand.
17
Parent company
The ultimate controlling party is Caroline Goodman.
2018-12-31
2018-01-01
false
CCH Software
CCH Accounts Production 2019.200
T J W Duthie
W D Eason
C J Goodman
R Leighton
Sir A C D Yarrow
Sir A C D Yarrow
J S Naughton
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2018-12-31
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2018-12-31
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2018-12-31
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2017-12-31
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2018-01-01
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2018-01-01
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2017-12-31
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2017-12-31
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