Index Finance Limited - Accounts to registrar (filleted) - small 23.2.5
Index Finance Limited - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 |
| FOR |
| INDEX FINANCE LIMITED |
| INDEX FINANCE LIMITED (REGISTERED NUMBER: 02403456) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| INDEX FINANCE LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 JUNE 2023 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chandler House |
| 7 Ferry Road Office Park |
| Riversway |
| Preston |
| Lancashire |
| PR2 2YH |
| INDEX FINANCE LIMITED (REGISTERED NUMBER: 02403456) |
| BALANCE SHEET |
| 30 JUNE 2023 |
| 30/6/23 | 30/6/22 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Capital redemption reserve |
| Fair value reserve | 11 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their 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. |
| INDEX FINANCE LIMITED (REGISTERED NUMBER: 02403456) |
| BALANCE SHEET - continued |
| 30 JUNE 2023 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| INDEX FINANCE LIMITED (REGISTERED NUMBER: 02403456) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2023 |
| 1. | STATUTORY INFORMATION |
| Index Finance Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Turnover |
| Turnover represents amounts receivable during the year in respect of services provided, excluding Value Added Tax. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Investment property |
| The freehold land and buildings are held by the company as investment properties. As such the assets are not subject to depreciation.The properties are included in the balance sheet at open market value. This is in compliance with the Financial Reporting Standard for Smaller Entities, but is a departure from the Companies Act 2006, stating that all tangible fixed assets should be depreciated over the useful economic life of the asset. Any depreciation charge on these assets would not, in the opinion of the Directors, be material since the properties are maintained to a high standard. |
| Going concern |
| The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| INDEX FINANCE LIMITED (REGISTERED NUMBER: 02403456) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2023 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and |
| fittings |
| £ |
| COST |
| At 1 July 2022 |
| and 30 June 2023 |
| DEPRECIATION |
| At 1 July 2022 |
| Charge for year |
| At 30 June 2023 |
| NET BOOK VALUE |
| At 30 June 2023 |
| At 30 June 2022 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 July 2022 |
| Additions |
| Disposals | ( |
) |
| Revaluations | (85,500 | ) |
| At 30 June 2023 |
| NET BOOK VALUE |
| At 30 June 2023 |
| At 30 June 2022 |
| Fair value at 30 June 2023 is represented by: |
| £ |
| Valuation in 2007 | 1,977,749 |
| Valuation in 2008 | (693,390 | ) |
| Valuation in 2009 | 283,000 |
| Valuation in 2015 | (5,487 | ) |
| Valuation in 2018 | (74,911 | ) |
| Valuation in 2019 | 17,954 |
| Valuation in 2020 | 10,761 |
| Valuation in 2022 | 94,710 |
| Valuation in 2023 | (275,402 | ) |
| Cost | 1,563,427 |
| 2,898,411 |
| INDEX FINANCE LIMITED (REGISTERED NUMBER: 02403456) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2023 |
| 5. | INVESTMENT PROPERTY - continued |
| If investment property had not been revalued it would have been included at the following historical cost: |
| 30/6/23 | 30/6/22 |
| £ | £ |
| Cost | 1,563,427 | 1,641,325 |
| Investment property was valued on an open market basis on 6 November 2018 by Independent Chartered Surveyors . |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30/6/23 | 30/6/22 |
| £ | £ |
| Other debtors |
| Prepayments and accrued income |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30/6/23 | 30/6/22 |
| £ | £ |
| Bank loans and overdrafts |
| Tax |
| Other creditors |
| Directors' current accounts | 143,670 | 131,801 |
| Accrued expenses |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 30/6/23 | 30/6/22 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| Bank loans repayable in more |
| than five years |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans repayable in more |
| than five years | 1,155,320 | 1,256,439 |
| 1,155,320 | 1,256,439 |
| INDEX FINANCE LIMITED (REGISTERED NUMBER: 02403456) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2023 |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 30/6/23 | 30/6/22 |
| £ | £ |
| Bank overdraft |
| Bank loans |
| The bank loans are secured by charges over the investment properties to which they relate. |
| 10. | PROVISIONS FOR LIABILITIES |
| 30/6/23 | 30/6/22 |
| £ | £ |
| Deferred tax | 148,158 | 193,736 |
| Deferred |
| tax |
| £ |
| Balance at 1 July 2022 |
| Utilised during year | ( |
) |
| Balance at 30 June 2023 |
| 11. | RESERVES |
| Fair |
| value |
| reserve |
| £ |
| At 1 July 2022 |
| Sale of property | (189,902 | ) |
| Revaluation of inv property | (67,197 | ) |
| At 30 June 2023 |
| 12. | RELATED PARTY DISCLOSURES |
| During the year, total dividends of £47,368 (2022 - £14,684) were paid to the directors . |
| During the year the company loaned £120,000 to Hodson Homes ( North West) Ltd , a company of which Mr N D Hodson is a director. At the year end the outstanding balance due from Hodson Homes (North West) Ltd was £332,041 (2022 £212,041). |
| During the year the company purchased goods and services for £256,599 from Hodson Homes (North West) Limited. At the year end the balance owing of £256,599 was included in accruals. |
| INDEX FINANCE LIMITED (REGISTERED NUMBER: 02403456) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2023 |
| 13. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling parties are Mr G D Hodson and Mrs C B Hodson by virtue of their shareholding. |