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REGISTERED NUMBER: 11166964 (England and Wales)















IGN Holdings Ltd

Unaudited Financial Statements for the Year Ended 30 April 2023






IGN Holdings Ltd (Registered number: 11166964)






Contents of the Financial Statements
for the Year Ended 30 April 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IGN Holdings Ltd

Company Information
for the Year Ended 30 April 2023







DIRECTOR: Mr O Ignatyev



REGISTERED OFFICE: 1 Narrowcliff
Newquay
Cornwall
TR7 2PS



REGISTERED NUMBER: 11166964 (England and Wales)



ACCOUNTANTS: Chris Syrimis & Co
Chartered Certified Accountants
97 Judd Street
London
WC1H 9JG



BANKERS: Bank of Scotland

IGN Holdings Ltd (Registered number: 11166964)

Balance Sheet
30 April 2023

30/4/23 30/4/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,440,420 3,667,669

CURRENT ASSETS
Debtors 5 82,021 1,927
Cash at bank and in hand - 75
82,021 2,002
CREDITORS
Amounts falling due within one year 6 1,515,650 1,704,017
NET CURRENT LIABILITIES (1,433,629 ) (1,702,015 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,791

1,965,654

CREDITORS
Amounts falling due after more than one
year

7

2,467,905

2,220,401
NET LIABILITIES (2,461,114 ) (254,747 )

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings (2,461,124 ) (254,757 )
(2,461,114 ) (254,747 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

IGN Holdings Ltd (Registered number: 11166964)

Balance Sheet - continued
30 April 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 October 2023 and were signed by:





Mr O Ignatyev - Director


IGN Holdings Ltd (Registered number: 11166964)

Notes to the Financial Statements
for the Year Ended 30 April 2023

1. STATUTORY INFORMATION

IGN Holdings Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

IGN Holdings Ltd (Registered number: 11166964)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2022 3,307,056 581,323 3,888,379
Impairments (2,107,056 ) - (2,107,056 )
At 30 April 2023 1,200,000 581,323 1,781,323
DEPRECIATION
At 1 May 2022 - 220,710 220,710
Charge for year - 120,193 120,193
At 30 April 2023 - 340,903 340,903
NET BOOK VALUE
At 30 April 2023 1,200,000 240,420 1,440,420
At 30 April 2022 3,307,056 360,613 3,667,669

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/4/23 30/4/22
£    £   
Other debtors 82,021 1,927

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/4/23 30/4/22
£    £   
Taxation and social security 15,229 -
Other creditors 1,500,421 1,704,017
1,515,650 1,704,017

A member of the Group has assisted with the financing of the redevelopment of the hotel and is shown in the 'Amounts owed to group underakings'.

IGN Holdings Ltd (Registered number: 11166964)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
30/4/23 30/4/22
£    £   
Bank loans 657,026 12,214
Amounts owed to group undertakings 1,810,879 2,208,187
2,467,905 2,220,401

8. ULTIMATE CONTROLLING PARTY

The controlling party is IGN Group Holdings Ltd.