REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021 |
|
FOR |
|
INDIVIDUAL PROTECTION SOLUTIONS LTD |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021 |
|
FOR |
|
INDIVIDUAL PROTECTION SOLUTIONS LTD |
INDIVIDUAL PROTECTION SOLUTIONS LTD (REGISTERED NUMBER: 10764140) |
|
|
|
|
|
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2021 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
INDIVIDUAL PROTECTION SOLUTIONS LTD |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2021 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
First Floor |
Ridgeland House |
15 Carfax |
Horsham |
West Sussex |
RH12 1DY |
INDIVIDUAL PROTECTION SOLUTIONS LTD (REGISTERED NUMBER: 10764140) |
|
BALANCE SHEET |
31 MAY 2021 |
|
31.5.21 | 31.5.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 3 |
|
|
Tangible assets | 4 |
|
|
|
|
|
CURRENT ASSETS |
Debtors | 5 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 6 |
|
|
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
( |
) |
|
CREDITORS |
Amounts falling due after more than one
year |
7 |
|
|
NET LIABILITIES | ( |
) | ( |
) |
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Share premium |
|
|
Reserved Share Capital |
|
|
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
|
|
|
|
|
The directors acknowledge their 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. |
INDIVIDUAL PROTECTION SOLUTIONS LTD (REGISTERED NUMBER: 10764140) |
|
BALANCE SHEET - continued |
31 MAY 2021 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the Board of Directors and authorised for issue on
|
|
|
|
|
|
|
|
INDIVIDUAL PROTECTION SOLUTIONS LTD (REGISTERED NUMBER: 10764140) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2021 |
|
1. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
These accounts are prepared on the basis of a going concern. However there are material uncertainties as to the ability of the company to adopt this basis of accounting in the future. It is only with continued support of the investors in the company that allows the company to continue to trade for the foreseeable future. This set of accounts does not include any adjustments that would be necessary if this basis is not appropriate. |
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
|
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
|
|
|
Tangible fixed assets |
|
|
Financial instruments |
The convertible loan note issued during the year is considered to be a hybrid financial instrument comprising a financial liability (loan) and an embedded derivative (share option). At the date of issue both elements were included in the balance sheet as liabilities and held at fair value. The fair value of the loan element was estimated using the prevailing market interest rate for similar non convertible debt. Subsequently the loan element was accounted for at amortised cost. On conversion of the loan note to equity, the difference between the nominal value of the equity issued and the contracted conversion price is credited to the share premium account. |
|
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
|
Pension costs and other post-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. |
|
2. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
INDIVIDUAL PROTECTION SOLUTIONS LTD (REGISTERED NUMBER: 10764140) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2021 |
|
3. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 June 2020 |
|
Additions |
|
At 31 May 2021 |
|
AMORTISATION |
At 1 June 2020 |
|
Charge for year |
|
At 31 May 2021 |
|
NET BOOK VALUE |
At 31 May 2021 |
|
At 31 May 2020 |
|
|
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 June 2020 |
and 31 May 2021 |
|
DEPRECIATION |
At 1 June 2020 |
|
Charge for year |
|
At 31 May 2021 |
|
NET BOOK VALUE |
At 31 May 2021 |
|
At 31 May 2020 |
|
|
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.21 | 31.5.20 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
Directors' current accounts | 334 | 334 |
VAT |
|
|
Prepayments and accrued income |
|
|
|
|
INDIVIDUAL PROTECTION SOLUTIONS LTD (REGISTERED NUMBER: 10764140) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2021 |
|
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.21 | 31.5.20 |
£ | £ |
Bank loans and overdrafts |
|
|
Trade creditors |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Directors' current accounts | - | 151,000 |
Accrued expenses |
|
|
|
|
|
7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.5.21 | 31.5.20 |
£ | £ |
Bank loans - 1-2 years |
|
|
Bank loans - 2-5 years |
|
|
Other loans - 1-2 years | 139,820 | - |
Other loans - 2-5 years |
|
|
|
|