Company Registration No. 10441385 (England and Wales)
IBV INTERNATIONAL VAULTS (LONDON) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
Unit 118, Craft Central
The Forge
397-411 Westferry Road
Isle of Dogs, London
E14 3AE
IBV INTERNATIONAL VAULTS (LONDON) LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
IBV INTERNATIONAL VAULTS (LONDON) LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Non-current assets
Intangible assets
3
2,805
10,200
Property, plant and equipment
4
1,633,909
1,756,528
1,636,714
1,766,728
Current assets
Trade and other receivables
5
58,914
562,735
Current liabilities
6
(867,638)
(448,741)
Net current (liabilities)/assets
(808,724)
113,994
Total assets less current liabilities
827,990
1,880,722
Non-current liabilities
7
(2,526,502)
(3,249,362)
Net liabilities
(1,698,512)
(1,368,640)
Equity
Called up share capital
1
1
Retained earnings
(1,698,513)
(1,368,641)
Total equity
(1,698,512)
(1,368,640)

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 member has 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. 10441385
IBV INTERNATIONAL VAULTS (LONDON) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

IBV International Vaults (London) Ltd 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 beneficiary owner will provide 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
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Website
20% straight line
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:

Leasehold land and buildings
Equal instalments over the period of the lease
Lockers
Equal instalments over the period of the lease
Fixtures and fittings
Equal instalments over the period of the lease
IT equipments
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.

IBV INTERNATIONAL VAULTS (LONDON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash and cash equivalents

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

1.7
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.

1.8
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.

IBV INTERNATIONAL VAULTS (LONDON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

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

2022
2021
Number
Number
Total
-
0
-
0
3
Intangible fixed assets
Website
£
Cost
At 1 January 2022
25,500
Disposals
(11,475)
At 31 December 2022
14,025
Amortisation and impairment
At 1 January 2022
15,300
Amortisation charged for the year
2,805
Disposals
(6,885)
At 31 December 2022
11,220
Carrying amount
At 31 December 2022
2,805
At 31 December 2021
10,200
IBV INTERNATIONAL VAULTS (LONDON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
4
Property, plant and equipment
Leasehold land and buildings
Lockers
Fixtures and fittings
IT equipments
Total
£
£
£
£
£
Cost
At 1 January 2022
1,502,633
360,621
268,249
17,367
2,148,870
Additions
-
0
-
0
-
0
309
309
Disposals
(3,645)
-
0
-
0
-
0
(3,645)
At 31 December 2022
1,498,988
360,621
268,249
17,676
2,145,534
Depreciation and impairment
At 1 January 2022
265,921
67,997
43,922
14,502
392,342
Depreciation charged in the year
82,175
19,507
14,950
2,901
119,533
Eliminated in respect of disposals
(250)
-
0
-
0
-
0
(250)
At 31 December 2022
347,846
87,504
58,872
17,403
511,625
Carrying amount
At 31 December 2022
1,151,142
273,117
209,377
273
1,633,909
At 31 December 2021
1,236,712
292,624
224,327
2,865
1,756,528
5
Trade and other receivables
2022
2021
Amounts falling due within one year:
£
£
Other receivables
788
128,200
Prepayments and accrued income
58,126
54,519
58,914
182,719
2022
2021
Amounts falling due after more than one year:
£
£
Other receivables
-
0
380,016
Total debtors
58,914
562,735
IBV INTERNATIONAL VAULTS (LONDON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
6
Current liabilities
2022
2021
£
£
Trade payables
22,536
44,424
Taxation and social security
905
-
0
Other payables
842,297
403,367
Accruals and deferred income
1,900
950
867,638
448,741
7
Non-current liabilities
2022
2021
£
£
Other payables
2,526,502
3,249,362
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2022
2021
£
£
2,504,204
2,676,704
9
Related party transactions

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.

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