IDF (Holdings) Limited - Accounts to registrar (filleted) - small 18.2
IDF (Holdings) Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| IDF (HOLDINGS) LIMITED |
| Financial Statements |
| for the Year Ended 31 December 2019 |
| IDF (HOLDINGS) LIMITED (REGISTERED NUMBER: 05603413) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2019 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 | to | 5 |
| IDF (HOLDINGS) LIMITED |
| Company Information |
| for the Year Ended 31 December 2019 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| 3 Castlegate |
| Grantham |
| Lincolnshire |
| NG31 6SF |
| IDF (HOLDINGS) LIMITED (REGISTERED NUMBER: 05603413) |
| Statement of Financial Position |
| 31 December 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investments | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
| IDF (HOLDINGS) LIMITED (REGISTERED NUMBER: 05603413) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2019 |
| 1. | STATUTORY INFORMATION |
| IDF (Holdings) Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Investments in subsidiaries and associates |
| Investments in subsidiary undertakings are recognised at cost less impairment. |
| Financial instruments |
| The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
| Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, 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. |
| At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
| Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. |
| Such assets are subsequently carried at fair value and the changes in fair value are recognised in the income statement, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
| Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
| Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 receipts discounted at a market rate of interest. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| IDF (HOLDINGS) LIMITED (REGISTERED NUMBER: 05603413) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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. |
| Foreign currencies |
| The accounts are expressed in pounds sterling. Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. The resulting profits or losses are dealt with in the income statement. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2018 - NIL). |
| 4. | FIXED ASSET INVESTMENTS |
| Shares in | Interest |
| group | in |
| undertakings | associate | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2019 | 753,750 |
| Additions | 1,558,595 |
| Reclassification/transfer | ( |
) | - |
| At 31 December 2019 | 2,312,345 |
| NET BOOK VALUE |
| At 31 December 2019 | 2,312,345 |
| At 31 December 2018 | 753,750 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Amounts owed by related parties | 5,255 | 5,255 |
| Amounts owed by parent company | 2 | 2 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Amounts owed to related |
| undertaking |
| Other creditors | 1,865 | 1,865 |
| IDF (HOLDINGS) LIMITED (REGISTERED NUMBER: 05603413) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2019 |
| 7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 8. | POST BALANCE SHEET EVENTS |
| After the year end, the company acquired the remaining 28% interest in Bennington Foods Limited for a consideration of £1,960,000. |
| 9. | ULTIMATE CONTROLLING PARTY |
| The ultimate parent company is Arrow Group Limited, a company incorporated in the Republic of Ireland. |
| The registered address of the ultimate controlling party: |
| Arrow Trust Limited Confederation House |
| Waterford Business Park Cork Road |
| Waterford |
| 999940 |
| Ireland |
| 10. | GOING CONCERN |
| The statement of financial position shows net assets of £122,555 (2018 - £74,284) and net current liabilities of £2,189,790 (2018 - £679,466). Arrow Group Limited have undertaken to support the company financially for the foreseeable future. |