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Registration number: 11649406

IEC Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

IEC Holdings Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

IEC Holdings Limited

Company Information

Director

Mr Keith Wilson

Registered office

IEC House
Old Springs Farm
Market Drayton
Shropshire
TF9 2PG

 

IEC Holdings Limited

(Registration number: 11649406)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Investment property

4

2,194,344

366,795

Current assets

 

Debtors

5

238,425

3,611

Cash at bank and in hand

 

207,922

47,718

 

446,347

51,329

Creditors: Amounts falling due within one year

6

(37,886)

(13,558)

Net current assets

 

408,461

37,771

Total assets less current liabilities

 

2,602,805

404,566

Creditors: Amounts falling due after more than one year

6

(2,531,220)

(358,918)

Net assets

 

71,585

45,648

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

71,485

45,548

Shareholders' funds

 

71,585

45,648

For the financial 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.

Director's 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; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 25 August 2022
 

.........................................
Mr Keith Wilson
Director

 

IEC Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
IEC House
Old Springs Farm
Market Drayton
Shropshire
TF9 2PG
Great Britain

These financial statements were authorised for issue by the director on 25 August 2022.

2

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment property

Investment property is valued at the original cost of acquisition of the property at initial recognition including legal and other costs as required by FRS 102. The property will be subject to a fair valuation at each subsequent reporting date.

 

IEC Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2020 - 1).

4

Investment properties

2021
£

At 1 January

366,795

Additions

1,827,549

At 31 December

2,194,344

The director has concluded that the value of the property has not materially changed since date of acquisition.

 

IEC Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

5

Debtors

2021
£

2020
£

Trade debtors

7,416

3,511

Prepayments

27

-

Other debtors

100

100

VAT Refund due

230,882

-

238,425

3,611

6

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Trade creditors

249

-

Amounts owed to related parties

99

46

Taxation and social security

-

1,420

Accruals

2,663

1,313

Deferred income

24,398

-

Rent deposits

4,361

4,361

Corporation tax

6,116

6,418

37,886

13,558

Creditors: amounts falling due after more than one year

2021
£

2020
£

Due after one year

Loan from associated company

2,531,220

358,918