Ian Greaves International Limited - Period Ending 2021-05-31
Ian Greaves International Limited - Period Ending 2021-05-31
Registration number:
for the Period from 1 December 2019 to
Ian Greaves International Limited
(Registration number: 04810976)
Balance Sheet as at 31 May 2021
Note |
31 May 2021 |
30 November 2019 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial period ending 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Director
Ian Greaves International Limited
Notes to the Unaudited Financial Statements for the Period from 1 December 2019 to 31 May 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Judgements and key sources of estimation uncertainty
No significant judgements or key sources of estimation uncertainty have been made by management in preparing these financial statements. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Ian Greaves International Limited
Notes to the Unaudited Financial Statements for the Period from 1 December 2019 to 31 May 2021
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures, fittings and equipment |
20% written down value |
Web based audit system |
20% straight line |
Intangible assets
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
written off over 7 years |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Trade creditors
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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Ian Greaves International Limited
Notes to the Unaudited Financial Statements for the Period from 1 December 2019 to 31 May 2021
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Financial instruments
Classification
Recognition and measurement
Impairment
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Intangible assets |
Goodwill |
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Cost |
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At 1 December 2019 |
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At 31 May 2021 |
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Amortisation |
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At 1 December 2019 |
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Amortisation charge |
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At 31 May 2021 |
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Carrying amount |
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At 31 May 2021 |
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At 30 November 2019 |
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Ian Greaves International Limited
Notes to the Unaudited Financial Statements for the Period from 1 December 2019 to 31 May 2021
Tangible assets |
Fixtures and fittings |
Other tangibles |
Total |
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Cost |
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At 1 December 2019 |
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Additions |
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- |
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At 31 May 2021 |
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Depreciation |
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At 1 December 2019 |
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Charge for the year |
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- |
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At 31 May 2021 |
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Carrying amount |
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At 31 May 2021 |
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- |
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At 30 November 2019 |
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- |
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Debtors |
Note |
31 May 2021 |
30 November 2019 |
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Trade debtors |
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Directors' loan |
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Other debtors |
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- |
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Prepayments |
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Creditors |
Note |
31 May 2021 |
30 November 2019 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
- |
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Social security and other taxes |
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Accrued expenses |
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Corporation tax liability |
90,815 |
47,830 |
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Note |
2021 |
2019 |
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Due after one year |
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Loans and borrowings |
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- |
Ian Greaves International Limited
Notes to the Unaudited Financial Statements for the Period from 1 December 2019 to 31 May 2021
Loans and borrowings |
2021 |
2019 |
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Current loans and borrowings |
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Bank overdraft - secured |
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Other borrowings |
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- |
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2021 |
2019 |
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Non-current loans and borrowings |
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Other borrowings |
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- |
Related party transactions |
At the period end, the directors owed the company £128,004 (2019 - £57,771) in the form of a directors' loan account. The loan has no fixed repayment terms, is repayable on demand and no interest was charged in the year.