I D S Leasing Limited Filleted accounts for Companies House (small and micro)

I D S LEASING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02755927

I D S Leasing Limited

Filleted Unaudited Financial Statements

31 October 2019

I D S Leasing Limited

Financial Statements

Year ended 31 October 2019

Contents	Page

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

I D S Leasing Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of I D S Leasing Limited

Year ended 31 October 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of I D S Leasing Limited for the year ended 31 October 2019, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of I D S Leasing Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of I D S Leasing Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than I D S Leasing Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that I D S Leasing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of I D S Leasing Limited. You consider that I D S Leasing Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of I D S Leasing Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

MOORE GREEN Chartered accountants

22 Friars Street Sudbury Suffolk CO10 2AA

11 September 2020

I D S Leasing Limited

Statement of Financial Position

31 October 2019

	2019	2018
Note	£	£

Fixed assets

Tangible assets	4	2,339,586	2,339,749
Investments	5	2,349	2,349
		------------	------------
		2,341,935	2,342,098

Current assets

Debtors	6	87,202	3,496
Cash at bank and in hand		186,573	214,887
		---------	---------
		273,775	218,383

Creditors: amounts falling due within one year	7	68,343	87,618
		---------	---------
Net current assets		205,432	130,765
		------------	------------
Total assets less current liabilities		2,547,367	2,472,863

Provisions	–	31
	------------	------------
Net assets	2,547,367	2,472,832
	------------	------------

Capital and reserves

Called up share capital	10,000	10,000
Revaluation reserve	271,398	271,398
Profit and loss account	2,265,969	2,191,434
	------------	------------
Shareholders funds	2,547,367	2,472,832
	------------	------------

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 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 2019 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 .

I D S Leasing Limited

Statement of Financial Position (continued)

31 October 2019

These financial statements were approved by the board of directors and authorised for issue on 10 September 2020 , and are signed on behalf of the board by:

Mrs L A M Manthorpe

Director

Company registration number: 02755927

I D S Leasing Limited

Notes to the Financial Statements

Year ended 31 October 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 22 Friars Street, Sudbury, Suffolk, C010 2AA.

2. 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

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

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.

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 and fittings	-	25% straight line

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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.

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.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2018: 4 ).

4. Tangible assets

	Freehold property	Fixtures and fittings	Total
	£	£	£
Cost
At 1 November 2018 and 31 October 2019	2,339,586	18,947	2,358,533
	------------	--------	------------
Depreciation
At 1 November 2018	–	18,784	18,784
Charge for the year	–	163	163
	------------	--------	------------
At 31 October 2019	–	18,947	18,947
	------------	--------	------------
Carrying amount
At 31 October 2019	2,339,586	–	2,339,586
	------------	--------	------------
At 31 October 2018	2,339,586	163	2,339,749
	------------	--------	------------

Following a review of the current market values of investment properties, the directors consider that no revaluation is appropriate at 31 October 2019.

5. Investments

	Other investments other than loans
	£
Cost
At 1 November 2018 and 31 October 2019	2,349
	-------
Impairment
At 1 November 2018 and 31 October 2019	–
	-------

Carrying amount
At 31 October 2019	2,349
	-------
At 31 October 2018	2,349
	-------

6. Debtors

	2019	2018
	£	£
Trade debtors	14,067	2,189
Other debtors	73,135	1,307
	--------	-------
	87,202	3,496
	--------	-------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	–	4,741
Corporation tax	37,895	22,471
Social security and other taxes	2,964	10,420
Other creditors	27,484	49,986
	--------	--------
	68,343	87,618
	--------	--------

8. Directors' advances, credits and guarantees

At the year end there was a balance of £53,675 due from Mrs L Manthorpe on her directors loan account. Interest has been charged on this balance.