Registration number:
IDM South East Ltd
for the Year Ended 31 March 2023
IDM South East Ltd
(Registration number: 10813922)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
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Current assets |
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Stocks |
- |
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Debtors |
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Cash at bank and in hand |
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|
|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Total assets less current liabilities |
( |
|
|
Creditors: Amounts falling due after more than one year |
- |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
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 prepared and 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 Accounts has been taken.
Approved and authorised by the
A C Curtis
Director
IDM South East Ltd
Notes to the Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
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.
Basis of preparation
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including section 1A of Financial Reporting Standard 102 - 'The Financial Reporting standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102 1A'), and with the Companies Act 2006.
These financial statements have been prepared using the historical cost convention.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future due to ongoing support of the parent company and certain related parties. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historic experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
Specifically, judgements and estimates are required in determining the fair value of stock and recoverability of debtors.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
IDM South East Ltd
Notes to the Financial Statements for the Year Ended 31 March 2023
Financial instruments
Classification
Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.
Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.
Recognition and measurement
Impairment
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.
IDM South East Ltd
Notes to the Financial Statements for the Year Ended 31 March 2023
Trade and other debtors
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 transaction.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the average cost method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell, the impairment loss is recognised immediately in profit or loss.
Trade and other creditors
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method, except where the effect of discounting would be immaterial. In such cases creditors are stated at transaction price.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
IDM South East Ltd
Notes to the Financial Statements for the Year Ended 31 March 2023
Audit report
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Taxation |
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2023 |
2022 |
|
Profit/(loss) before tax |
|
( |
Corporation tax at standard rate |
|
( |
Effect of tax losses |
( |
- |
Tax increase from effect of unrelieved tax losses carried forward |
- |
|
Tax decrease arising from group relief |
( |
- |
Total tax charge/(credit) |
- |
- |
There are £Nil (2022 - £16,968) of unused tax losses for which no deferred tax asset is recognised in the Balance Sheet.
Stocks |
2023 |
2022 |
|
Work in progress |
- |
|
During the year borrowing costs of £Nil (2022 - £213,217) were capitalised within work in progress.
IDM South East Ltd
Notes to the Financial Statements for the Year Ended 31 March 2023
Debtors |
Note |
2023 |
2022 |
|
Amounts owed by group undertakings |
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|
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Other debtors |
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|
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Total current trade and other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
|
Due within one year |
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Amounts owed to group undertakings |
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Other creditors |
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Due after one year |
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Loans and borrowings |
- |
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Loans and borrowings |
2023 |
2022 |
|
Non-current loans and borrowings |
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Other borrowings |
- |
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Other borrowings
Loans have a carrying amount at the year end of £Nil (2022 - £3,426,544) and are secured by a legal charge over the property, a fixed and floating charge of the company's assets and a personal guarantee.
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
1,000 |
|
1,000 |
IDM South East Ltd
Notes to the Financial Statements for the Year Ended 31 March 2023
Related party transactions |
The smallest group for which consolidated financial statements are prepared which include the results of this company is that headed by IDM Investment Holdings Limited, whose registered office is at Office B, West Gainsborough Studios, 1 Poole Street, London, N1 5EA.
Summary of transactions with other related parties
During the year, invoices totalling £134,545 (2022: £162,500) were paid by the company to an LLP in which the director is a member.