IG Maygrove OPCO Limited - Period Ending 2022-03-31
IG Maygrove OPCO Limited - Period Ending 2022-03-31
Registration number:
IG Maygrove OPCO Limited
formerly known as Maygrove Apartments Limited
for the Year Ended 31 March 2022
IG Maygrove OPCO Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
IG Maygrove OPCO Limited
Company Information
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Directors |
I Haim B Edgar |
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Registered office |
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Auditors |
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IG Maygrove OPCO Limited
(Registration number: 11027915)
Balance Sheet as at 31 March 2022
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Note |
2022 |
2021 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Retained earnings |
(749,426) |
(702,251) |
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Shareholders' deficit |
(749,425) |
(702,250) |
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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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IG Maygrove OPCO Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
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General information |
The company is a private company limited by share capital, incorporated in England.
The company was formerly known as Maygrove Apartments Limited.
The address of its registered office is:
United Kingdom
The principal place of business is:
Interland Group
73 Maygrove Road
London
NW6 2EG
United Kingdom
The company number is 11027915
These financial statements were authorised for issue by the
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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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Sterling, the functional currency of the company has been determined to be Sterling.
Going concern
The financial statements have been prepared on a going concern basis, notwithstanding the fact that as at 31 March 2022 total liabilities exceeded total assets by £749,425.
This basis is dependent upon the on-going support of the creditors of the company, none of whom have indicated their intention to withdraw their support.
The coronavirus pandemic (Covid-19) disrupted all sectors of the economy. The directors do not believe that it has had any effect on the financial results of the company for the year ended 31 March 2022. Directors are taking steps to preserve the company's ability to trade.
IG Maygrove OPCO Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
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.
The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the company's activities.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.
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 subsequently measured at amortised cost using the effective interest method.
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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
IG Maygrove OPCO Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
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Audit Information |
Audit report
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Debtors |
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Current |
2022 |
2021 |
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Trade debtors |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
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2022 |
2021 |
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Due within one year |
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Trade creditors |
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Accruals and deferred income |
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Other creditors |
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Charges held on properties |
Interland Capital Limited, a fellow subsidiary company, has borrowed funds from Secure Trust Bank PLC in order to provide finance across the group. Their borrowing is secured on the company's assets and undertakings.
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Share capital |
Allotted, called up and fully paid shares
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2022 |
2021 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
IG Maygrove OPCO Limited
Notes to the Financial Statements for the Year Ended 31 March 2022
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Parent and ultimate parent undertaking |
The company's immediate parent is