Company Registration No. 12115786 (England and Wales)
IBV MANAGEMENT LONDON LIMITED
(PREVIOUSLY KNOWN AS LONDON VAULTS MANAGEMENT LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Unit 118, Craft Central
The Forge
397-411 Westferry Road
Isle of Dogs, London
E14 3AE
IBV MANAGEMENT LONDON LIMITED
(PREVIOUSLY KNOWN AS LONDON VAULTS MANAGEMENT LIMITED)
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
IBV MANAGEMENT LONDON LIMITED
(PREVIOUSLY KNOWN AS LONDON VAULTS MANAGEMENT LIMITED)
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
6,519
1,791
Current assets
Trade and other receivables
4
3,720,177
26,709
Cash and cash equivalents
2,827
7,211
3,723,004
33,920
Current liabilities
5
(370,413)
(205,249)
Net current assets/(liabilities)
3,352,591
(171,329)
Total assets less current liabilities
3,359,110
(169,538)
Non-current liabilities
6
(3,923,728)
(212,211)
Net liabilities
(564,618)
(381,749)
Equity
Called up share capital
100
100
Retained earnings
(564,718)
(381,849)
Total equity
(564,618)
(381,749)

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved and signed by the director and authorised for issue on 19 October 2023
Mr J J G Hoey
Director
Company Registration No. 12115786
IBV MANAGEMENT LONDON LIMITED
(PREVIOUSLY KNOWN AS LONDON VAULTS MANAGEMENT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

IBV Management London Limited is a private company limited by shares incorporated in England and Wales. The registered office is 46 Park Lane, London, W1K 1PW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for rental of safety deposit lockers in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts and, settlement discounts.

 

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office equipment
33.33% straight line
Fixtures and fittings
25% straight line
Computers
33.33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks,

IBV MANAGEMENT LONDON LIMITED
(PREVIOUSLY KNOWN AS LONDON VAULTS MANAGEMENT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

IBV MANAGEMENT LONDON LIMITED
(PREVIOUSLY KNOWN AS LONDON VAULTS MANAGEMENT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
6
6
3
Property, plant and equipment
Office equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2022
969
581
1,296
2,846
Additions
699
2,936
2,495
6,130
At 31 December 2022
1,668
3,517
3,791
8,976
Depreciation and impairment
At 1 January 2022
293
182
580
1,055
Depreciation charged in the year
447
293
662
1,402
At 31 December 2022
740
475
1,242
2,457
Carrying amount
At 31 December 2022
928
3,042
2,549
6,519
At 31 December 2021
676
399
716
1,791
4
Trade and other receivables
2022
2021
Amounts falling due within one year:
£
£
Trade receivables
32,231
1,399
Other receivables
919,072
3,986
Prepayments and accrued income
11,657
12,531
962,960
17,916
IBV MANAGEMENT LONDON LIMITED
(PREVIOUSLY KNOWN AS LONDON VAULTS MANAGEMENT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
4
Trade and other receivables
(Continued)
- 5 -
2022
2021
Amounts falling due after more than one year:
£
£
Other receivables
2,757,217
8,793
Total debtors
3,720,177
26,709
5
Current liabilities
2022
2021
£
£
Trade payables
13,078
26,753
Taxation and social security
34,192
14,894
Other payables
121,709
93,319
Accruals and deferred income
201,434
70,283
370,413
205,249
6
Non-current liabilities
2022
2021
£
£
Other payables
3,923,728
212,211
7
Related party transactions
IBV MANAGEMENT LONDON LIMITED
(PREVIOUSLY KNOWN AS LONDON VAULTS MANAGEMENT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
7
Related party transactions
(Continued)
- 6 -

As at 31 December 2022, IBV International Vaults (London) Ltd owed £3,368,669 (2021: owed by £236,788) to IBV Management London Limited. This loan is unsecured, interest free, repayable on demand and also long term in nature.

 

As at 31 December 2022, GBT Mayfair Limited owed £6,657 (2021: owed by £23,741) to IBV Management London Limited. This loan is unsecured, interest free, repayable on demand and also long term in nature.

 

As at 31 December 2022, IBV Management London Limited owed £374,704 (2021: owed by £22,420) to IBV Gold (London) Ltd. This loan is unsecured, interest free, repayable on demand and also long term in nature.

 

As at 31 December 2022, IBV Prive (London) Limited owed £289,647 (2021: £11,222) to IBV Management London Limited. This loan is unsecured, interest free, repayable on demand and also long term in nature.

 

As at 31 December 2022, London Gold Club Limited owed £9,789 (2021: £342) to IBV Management London Limited. This loan is unsecured, interest free, repayable on demand and also long term in nature.

 

As at 31 December 2022, IBV London Holdings Limited owed £1,528 (2021: £160) to IBV Management London Limited. This loan is unsecured, interest free, repayable on demand and also long term in nature.

 

As at 31 December 2022, Mr A Sewnarain owed £nil (2021: £215) to IBV Management London Limited. This loan is unsecured, interest free and repayable on demand.

 

As at 31 December 2022, IBV Management London Limited owed £3,231,613 (2021: £nil) to IBV Gold DMCC. This loan is unsecured, interest free, repayable on demand and also long term in nature.

 

As at 31 December 2022, IBV Management London Limited owed £411,088 (2021: £nil) to AS (Mauritius) International. This is a long term loan that is unsecured with interest at the rate of 3% per annum. However, the shareholder has confirmed that the loan will not be called to the detriment of a third party.

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