IEG Solutions International Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06674369 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2020

for

IEG Solutions International Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mrs J Wang

REGISTERED OFFICE:

287 Oakleigh Road North

London

England

N20 0DP

REGISTERED NUMBER:

06674369 (England and Wales)

ACCOUNTANTS:

SDF Accountancy

30 Norman Road

London

SE10 9QX

CURRENT ASSETS

Debtors

4

608,159

268,225

Cash at bank and in hand

4,007

3,851

612,166

272,076

CREDITORS

Amounts falling due within one year

5

734,765

395,812

NET CURRENT LIABILITIES

(122,599

)

(123,736

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(122,599

)

(123,736

)

CAPITAL AND RESERVES

Called up share capital

20,000

20,000

Retained earnings

(142,599

)

(143,736

)

(122,599

)

(123,736

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 August 2021 and were signed by:

Mrs J Wang - Director

1.	STATUTORY INFORMATION

IEG Solutions International Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

On the basis of long term financial support from its shareholders, the company will continue in operational existence in the foreseeable future. For this reason, the director continues to adopt going concern basis to preparing financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.

DEBTORS

31.8.20

31.8.19

£

£

Amounts falling due within one year:

Other debtors

86,083

189,559

Amounts falling due after more than one year:

Amounts owed by group undertakings

522,076

78,666

Aggregate amounts

608,159

268,225

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.20

31.8.19

£

£

Trade creditors

88,062

-

Other creditors

646,703

395,812

734,765

395,812

6.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2020 and 31 August 2019:

31.8.20

31.8.19

£

£

Mrs J Wang

Balance outstanding at start of year

(47,510

)

(47,510

)

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(47,510

)

(47,510

)