IFS Holdings Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 03819495

IFS Holdings Limited

Filleted Unaudited Accounts

31 December 2021

IFS Holdings Limited

Statement of Financial Position

31 December 2021

	2021		2020
Note	£	£	£

Fixed assets

Investments	4		10,000	10,000

Current assets

Debtors	5	314,921	322,421
Investments	6	1,111,512	1,007,348
Cash at bank and in hand		120,841	44,303
		------------	------------
		1,547,274	1,374,072

Creditors: amounts falling due within one year	7	( 381,406)		( 137,226)
		------------		------------
Net current assets			1,165,868	1,236,846
			------------	------------
Total assets less current liabilities			1,175,868	1,246,846
			------------	------------
Net assets			1,175,868	1,246,846
			------------	------------

Capital and reserves

Called up share capital	8	50	50
Profit and loss account		1,175,818	1,246,796
		------------	------------
Shareholders funds		1,175,868	1,246,846
		------------	------------

These accounts 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 income and retained earnings has not been delivered.

For the year ending 31 December 2021 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 accounts 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 accounts .

IFS Holdings Limited

Statement of Financial Position (continued)

31 December 2021

These accounts were approved by the board of directors and authorised for issue on 21 April 2022 , and are signed on behalf of the board by:

Mr M R Saunders

Director

Company registration number: 03819495

IFS Holdings Limited

Notes to the Accounts

Year ended 31 December 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 Cotman Close, London, NW11 6QD.

2. Statement of compliance

These accounts 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 accounts 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 accounts are prepared in sterling, which is the functional currency of the entity.

Going concern

The directors consider the company to be a going concern on the basis that it has sufficient resources to meet its future debt obligations and has the continuing operational and financial support of the directors.

Consolidation

The company has taken advantage of the option not to prepare consolidated accounts contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for management services supplied to its subsidiary company, net of Value Added Tax, plus amounts receivable from current asset investment returns in the form of dividends and interest.

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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2021 and 31 December 2021	10,000
	--------
Impairment
At 1 January 2021 and 31 December 2021	–
	--------

Carrying amount
At 31 December 2021	10,000
	--------
At 31 December 2020	10,000
	--------

The company owns 100% of the issued share capital of International Fiscal Services Ltd.

5. Debtors

	2021	2020
	£	£
Other debtors	314,921	322,421
	---------	---------

6. Investments

	2021	2020
	£	£
Other investments	1,111,512	1,007,348
	------------	------------

The above consists of an investment portfolio held for the short term and considered available for sale.

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	–	100,000
Corporation tax	53,638	34,726
Other creditors	327,768	2,500
	---------	---------
	381,406	137,226
	---------	---------

The overdraft balance brought forward and held through a facility with Barclays, repayable on demand at 1% above base rate, was fully repaid during the current year.

8. Called up share capital

Issued, called up and fully paid

	2021		2020
	No.	£	No.	£
Ordinary shares of £ 1 each	50	50	50	50
	----	----	----	----

9. Directors' advances, credits and guarantees

During the current period the company was in receipt of a short term advance from the directors. The balance owing to the directors at the year-end date was £325,268 and is reported within other creditors. The advance is considered repayable on demand and is interest free.

10. Related party transactions

Throughout the year the company provided a short term advance to its subsidiary, International Fiscal Services Ltd. At the balance sheet date the amount recoverable was £79,626 (2020: £84,626). The company also continued to provide a short term advance to related company IBSA Ltd. At the balance sheet date the amount owing was £235,296 (2020: £237,796). Both of the above are presented in Other debtors, are interest free and considered repayable on demand. No other transactions with related parties were undertaken such as are required to be disclosed under the Financial Reporting Standard 102 Section 1A.

11. Controlling party

The company was under the joint control of Mr M R Saunders and Mrs S R Saunders, throughout the current and previous year, by virtue of their equal shareholding in the company.