Index Partners Limited Filleted accounts for Companies House (small and micro)

INDEX PARTNERS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04940909

Index Partners Limited

Filleted Unaudited Financial Statements

31 October 2022

Index Partners Limited

Statement of Financial Position

31 October 2022

	2022		2021
Note	£	£	£

Fixed assets

Investment in Associates	6	200	200
Tangible assets	7	8,486	11,315
		-------	--------
		8,686	11,515

Current assets

Debtors	8	58,616	27,210
Cash at bank and in hand		10,940	9,589
		--------	--------
		69,556	36,799

Creditors: amounts falling due within one year	9	57,090		17,276
		--------		--------
Net current assets			12,466	19,523
			--------	--------
Total assets less current liabilities			21,152	31,038

Creditors: amounts falling due after more than one year	10		18,721	21,252

Provisions

Taxation including deferred tax	537	( 3,050)
	--------	--------
Net assets	1,894	12,836
	--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	1,794	12,736
	-------	--------
Shareholders funds	1,894	12,836
	-------	--------

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 Section 1A of 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 income and retained earnings has not been delivered.

For the year ending 31 October 2022 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 year 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 .

Index Partners Limited

Statement of Financial Position (continued)

31 October 2022

These financial statements were approved by the board of directors and authorised for issue on 24 July 2023 , and are signed on behalf of the board by:

Mr D Banerjee

Director

Company registration number: 04940909

Index Partners Limited

Notes to the Financial Statements

Year ended 31 October 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1st Floor, Sutherland House, 5-6 Argyll Street, London, W1F 7TE.

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

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax, in respect of the principal activity.

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.

Investments in associates

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 only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

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:

Fixtures & Fittings	-	25% reducing balance
Equipments	-	25 % reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2021: 3 ).

5. Tax on profit

Major components of tax expense/(income)

	2022	2021
	£	£

Current tax:

UK current tax expense/(income)	9,735	( 10,802)
Adjustments in respect of prior periods	–	( 10,253)
	-------	--------
Total current tax	9,735	( 21,055)
	-------	--------

Deferred tax:

Origination and reversal of timing differences	3,587	3,314
	--------	--------
Tax on profit	13,322	( 17,741)
	--------	--------

Reconciliation of tax expense/(income)

The tax assessed on the profit on ordinary activities for the year is higher than (2021: lower than) the standard rate of corporation tax in the UK of 19 % (2021: 19 %).

	2022	2021
	£	£
Profit on ordinary activities before taxation	47,980	8,668
	--------	-------
Profit on ordinary activities by rate of tax	9,116	1,647
Adjustment to tax charge in respect of prior periods	–	(13,526)
Effect of expenses not deductible for tax purposes	81	–
Effect of capital allowances and depreciation	538	717
Utilisation of tax losses	–	( 9,893)
Other tax adjustment to increase/(decrease) -deferred tax	3,587	3,314
	--------	--------
Tax on profit	13,322	( 17,741)
	--------	--------

6. Investment in associates


	£
Cost
At 1 November 2021 and 31 October 2022	200
	----
Amortisation
At 1 November 2021 and 31 October 2022	–
	----
Carrying amount
At 31 October 2022	200
	----
At 31 October 2021	200
	----

This is a 20% holding in Projectset Limited which is currently a dormant Company. The remaining shares in the Company are owned by Mr Dhruva Banerjee.

7. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 November 2021 and 31 October 2022	28,113	22,896	51,009
	--------	--------	--------
Depreciation
At 1 November 2021	21,442	18,252	39,694
Charge for the year	1,668	1,161	2,829
	--------	--------	--------
At 31 October 2022	23,110	19,413	42,523
	--------	--------	--------
Carrying amount
At 31 October 2022	5,003	3,483	8,486
	--------	--------	--------
At 31 October 2021	6,671	4,644	11,315
	--------	--------	--------

8. Debtors

	2022	2021
	£	£
Trade debtors	57,549	–
Corporation tax repayable	1,067	21,055
Other debtors	–	6,155
	--------	--------
	58,616	27,210
	--------	--------

9. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	14,473	6,388
Social security and other taxes	4,501	–
Other creditors	38,116	10,888
	--------	--------
	57,090	17,276
	--------	--------

10. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	18,721	21,252
	--------	--------

11. Government grants

The amounts recognised in the financial statements for government grants are as follows:

	2022	2021
	£	£

Recognised in other operating income:

Government grants recognised directly in income	–	77,611
	----	--------

12. Directors' advances, credits and guarantees

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

	2022
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr D Banerjee	( 76)	( 27,828)	( 27,904)
	----	--------	--------

	2021
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr D Banerjee	( 10,000)	9,924	( 76)
	--------	-------	----

13. Related party transactions

During the year management charges of £14,833 were received from Projectset Limited, a company controlled by Mr D Banerjee .