Company registration number:
03566666
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FOR THE YEAR ENDED
31 DECEMBER 2021
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INDEPENDENT PROJECT ANALYSIS LIMITED
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INDEPENDENT PROJECT ANALYSIS LIMITED
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COMPANY INFORMATION
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Chartered Accountants
&
Statutory Auditor
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INDEPENDENT PROJECT ANALYSIS LIMITED
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CONTENTS
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Statement of financial position
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Notes to the financial statements
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INDEPENDENT PROJECT ANALYSIS LIMITED
REGISTERED NUMBER:
03566666
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STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
................................................
B T Lough
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The notes on pages 2 to 6 form part of these financial statements.
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INDEPENDENT PROJECT ANALYSIS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Independent Project Analysis Limited is a private company limited by shares, registered in England and Wales. The address of its registered office and principal place of business is disclosed on the company information page.
2.
Accounting policies
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Basis of preparation of financial statements
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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 the Republic of Ireland and the Companies Act 2006
.
The following principal accounting policies have been applied:
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion, costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Defined contribution pension plan
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 when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
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INDEPENDENT PROJECT ANALYSIS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated 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 so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Long-term leasehold property
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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.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including directors, during the year was 29
(2020 -
31
)
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INDEPENDENT PROJECT ANALYSIS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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Long-term leasehold property
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Charge for the year on owned assets
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INDEPENDENT PROJECT ANALYSIS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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Amounts owed by group undertakings
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Creditors: Amounts falling due within one year
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Amounts owed to parent company
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Amounts owed to group undertakings
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Other taxation and social security
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A prior year adjustment has been made in respect of revenue, and both intercompany management charge income and expenses, to reflect the true nature of transactions. Previously, balances had been offset against each other where activity was performed by or for other group entities, rather than being shown within income and expenditure separately. As the balances were previously being offset are are now shown separately, there has been no impact on the loss for the year ended 31 December 2020 and therefore no impact on the reserves brought forward as at 1 January 2021.
The directors consider the immediate and ultimate parent company to be Independent Project Analysis Inc. Their registered office is: 44426 Atwater Drive, Ashburn, VA 20147, United States of America. They are the smallest and the largest group for which consolidated financial statements are prepared which include Independent Project Analysis Limited.
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INDEPENDENT PROJECT ANALYSIS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
The auditors' report on the financial statements for the year ended 31 December 2021 was unqualified.
The audit report was signed on
28 September 2022
by
Tom Woods ACA
(Senior statutory auditor) on behalf of
Menzies LLP
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