Idgrang Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 02163616

Idgrang Limited

Filleted Unaudited Financial Statements

For the year ended

30 June 2020

Idgrang Limited

Statement of Financial Position

30 June 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5	35,563	1,249
Investments	6	2,277,719	2,233,933
		-------------	-------------
		2,313,282	2,235,182

Current assets

Debtors	7	400	2,686
Cash at bank and in hand		9,064	4,779
		-------	-------
		9,464	7,465

Creditors: amounts falling due within one year	8	34,643		125,349
		---------		----------
Net current liabilities			25,179	117,884
			-------------	-------------
Total assets less current liabilities			2,288,103	2,117,298

Creditors: amounts falling due after more than one year	9		1,392,505	1,231,441

Provisions

Taxation including deferred tax	31,818	20,869
	-------------	-------------
Net assets	863,780	864,988
	-------------	-------------

Idgrang Limited

Statement of Financial Position (continued)

30 June 2020

	2020		2019
Note	£	£	£

Capital and reserves

Called up share capital	25,000	25,000
Profit and loss account	838,780	839,988
	----------	----------
Shareholders funds	863,780	864,988
	----------	----------

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 comprehensive income has not been delivered.

For the year ending 30 June 2020 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 .

These financial statements were approved by the board of directors and authorised for issue on 22 March 2021 , and are signed on behalf of the board by:

D Blain

Director

Company registration number: 02163616

Idgrang Limited

Notes to the Financial Statements

Year ended 30 June 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tower House, Lucy Tower Street, Lincoln, LN1 1XW.

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.

Going concern

During year, the UK has experienced a pandemic of the coronavirus which has continued post year-end. The full effects to the company and its future prospects cannot be fully quantified but the directors remain committed to the protection of the business. This is being regularly reviewed by the directors. In addition the directors are mindful of the significant ongoing support being offered by the Government. Accordingly the financial statements have been prepared on a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) are those that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:- Revaluation of Investment properties Investment property is valued at market value at the year end date. Any gains or losses are taken to profit or loss.

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 material 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.

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:

Plant & Machinery	-	20% straight line
Motor Vehicles	-	25% straight line
Rented Property Furniture	-	15% straight line

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the 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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2019: 1 ).

5. Tangible assets

	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 July 2019	4,737	–	10,317	15,054
Additions	–	37,375	–	37,375
Disposals	( 2,022)	–	–	( 2,022)
	-------	---------	---------	---------
At 30 June 2020	2,715	37,375	10,317	50,407
	-------	---------	---------	---------
Depreciation
At 1 July 2019	4,097	–	9,708	13,805
Charge for the year	53	2,336	292	2,681
Disposals	( 1,642)	–	–	( 1,642)
	-------	---------	---------	---------
At 30 June 2020	2,508	2,336	10,000	14,844
	-------	---------	---------	---------
Carrying amount
At 30 June 2020	207	35,039	317	35,563
	-------	---------	---------	---------
At 30 June 2019	640	–	609	1,249
	-------	---------	---------	---------

6. Investments

	Investment properties
	£
Cost
At 1 July 2019	2,233,933
Revaluations	43,786
	-------------
At 30 June 2020	2,277,719
	-------------
Impairment
At 1 July 2019 and 30 June 2020	–
	-------------

Carrying amount
At 30 June 2020	2,277,719
	-------------
At 30 June 2019	2,233,933
	-------------

7. Debtors

	2020	2019
	£	£
Other debtors	400	2,686
	----	-------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	7,465	5,717
Social security and other taxes	1,482	9,243
Other creditors	25,696	110,389
	---------	----------
	34,643	125,349
	---------	----------

Bank loans and hire purchase agreements are secured against the assets to which they relate.

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

	2020	2019
	£	£
Bank loans and overdrafts	1,366,441	1,231,441
Other creditors	26,064	–
	-------------	-------------
	1,392,505	1,231,441
	-------------	-------------

Bank loans and hire purchase agreements are secured against the assets to which they relate.

10. Directors' advances, credits and guarantees

During the year the company operated a loan account with the director of the company. The balance remained in credit at the balance sheet date.