IW Topco Limited Filleted accounts for Companies House (small and micro)

IW Topco Limited Filleted accounts for Companies House (small and micro)

IW TOPCO LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 11159943
IW TOPCO LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2023
IW TOPCO LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
6
326,879
268,274
Investments
7
3
3
---------
---------
326,882
268,277
CURRENT ASSETS
Debtors
8
117,221
33,370
Cash at bank and in hand
250,188
1,440,419
---------
------------
367,409
1,473,789
CREDITORS: amounts falling due within one year
9
687,761
1,423,583
---------
------------
NET CURRENT (LIABILITIES)/ASSETS
( 320,352)
50,206
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
6,530
318,483
-------
---------
NET ASSETS
6,530
318,483
-------
---------
CAPITAL AND RESERVES
Called up share capital
10
100
100
Profit and loss account
11
6,430
318,383
-------
---------
SHAREHOLDERS FUNDS
6,530
318,483
-------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 March 2023 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 .
IW TOPCO LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 28 June 2023 , and are signed on behalf of the board by:
Mr B O'Grady
Director
Company registration number: 11159943
IW TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Badger's Holt, Lount Road, Osbaston, Nuneaton, Warwickshire, CV13 0HR.
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of Value Added Tax.
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.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Freehold property
-
4% straight line
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tax on profit
Reconciliation of tax income
The tax assessed on the profit on ordinary activities for the year is lower than (2022: lower than) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
242,047
315,989
---------
---------
Profit on ordinary activities by rate of tax
45,989
60,038
Effect of expenses not deductible for tax purposes
52
47
Effect of capital allowances and depreciation
( 11,359)
4,640
Effect of revenue exempt from tax
( 34,200)
( 37,810)
Group relief claimed
( 482)
( 26,915)
---------
---------
Tax on profit
–
–
---------
---------
6. Tangible assets
Freehold property
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2022
258,939
–
14,089
273,028
Additions
–
82,019
2,959
84,978
---------
--------
--------
---------
At 31 March 2023
258,939
82,019
17,048
358,006
---------
--------
--------
---------
Depreciation
At 1 April 2022
860
–
3,894
4,754
Charge for the year
2,580
20,505
3,288
26,373
---------
--------
--------
---------
At 31 March 2023
3,440
20,505
7,182
31,127
---------
--------
--------
---------
Carrying amount
At 31 March 2023
255,499
61,514
9,866
326,879
---------
--------
--------
---------
At 31 March 2022
258,079
–
10,195
268,274
---------
--------
--------
---------
7. Investments
Shares in group undertakings
£
Cost
At 1 April 2022 and 31 March 2023
3
----
Impairment
At 1 April 2022 and 31 March 2023
–
----
Carrying amount
At 31 March 2023
3
----
At 31 March 2022
3
----
The company owns the entire issued share capital of IW Midco Limited, a company registered in Jersey and IW GP Limited, a company registered in Scotland.
IW Midco Limited was wound up on 28 April 2023.
8. Debtors
2023
2022
£
£
Trade debtors
–
4,615
Amounts owed by group undertakings
48,813
24,614
Other debtors
68,408
4,141
---------
--------
117,221
33,370
---------
--------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
621,174
1,418,248
Accruals and deferred income
65,378
947
Social security and other taxes
1,209
4,388
---------
------------
687,761
1,423,583
---------
------------
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
11. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
12. Events after the end of the reporting period
On 3 April 2023, the business offices were sold to a subsidiary company, IW GP Limited, for £256,144. On 28 April 2023, two of the subsidiary entities, IW Holdings LP and IW Midco Limited, were wound up.
13. Related party transactions
During the year, the company made and received loans from some of its subsidiary companies. These loans are interest free and repayable on demand. A dividend of £180,000 (2022: £199,000) was received from IW GP Limited, a subsidiary company.