IDM South East Ltd 10813922 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is Buying and selling of own real estate Digita Accounts Production Advanced 6.30.9574.0 true true 10813922 2022-04-01 2023-03-31 10813922 2023-03-31 10813922 bus:OrdinaryShareClass1 2023-03-31 10813922 core:RetainedEarningsAccumulatedLosses 2023-03-31 10813922 core:ShareCapital 2023-03-31 10813922 core:CurrentFinancialInstruments 2023-03-31 10813922 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 10813922 core:Non-currentFinancialInstruments 2023-03-31 10813922 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 10813922 bus:SmallEntities 2022-04-01 2023-03-31 10813922 bus:Audited 2022-04-01 2023-03-31 10813922 bus:FullAccounts 2022-04-01 2023-03-31 10813922 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 10813922 bus:RegisteredOffice 2022-04-01 2023-03-31 10813922 bus:Director2 2022-04-01 2023-03-31 10813922 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 10813922 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10813922 core:OtherRelatedParties 2022-04-01 2023-03-31 10813922 core:UKTax 2022-04-01 2023-03-31 10813922 countries:England 2022-04-01 2023-03-31 10813922 2021-04-01 2022-03-31 10813922 2022-03-31 10813922 bus:OrdinaryShareClass1 2022-03-31 10813922 core:RetainedEarningsAccumulatedLosses 2022-03-31 10813922 core:ShareCapital 2022-03-31 10813922 core:CurrentFinancialInstruments 2022-03-31 10813922 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 10813922 core:Non-currentFinancialInstruments 2022-03-31 10813922 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 10813922 core:UKTax 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10813922

IDM South East Ltd

Annual Report and Financial Statements

for the Year Ended 31 March 2023

 

IDM South East Ltd

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

IDM South East Ltd

(Registration number: 10813922)
Balance Sheet as at 31 March 2023

Note

2023
 £

2022
 £

Current assets

 

Stocks

5

-

4,374,413

Debtors

6

363,510

17,286

Cash at bank and in hand

 

5,087

6,383

 

368,597

4,398,082

Creditors: Amounts falling due within one year

7

(376,513)

(1,029,921)

Total assets less current liabilities

 

(7,916)

3,368,161

Creditors: Amounts falling due after more than one year

7

-

(3,426,544)

Net liabilities

 

(7,916)

(58,383)

Capital and reserves

 

Called up share capital

9

1,000

1,000

Profit and loss account

(8,916)

(59,383)

Total equity

 

(7,916)

(58,383)

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 director on 3 November 2023
 

A C Curtis

Director

 

IDM South East Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
Office B
West Gainsborough Studios
1 Poole Street
LONDON
N1 5EA

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.

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 instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.

 Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the asset have been affected.

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

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 7 November 2023 was Andrew Warren, who signed for and on behalf of McBrides Accountants LLP.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

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 19% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit/(loss) before tax

50,467

(2,295)

Corporation tax at standard rate

9,589

(436)

Effect of tax losses

(3,224)

-

Tax increase from effect of unrelieved tax losses carried forward

-

436

Tax decrease arising from group relief

(6,365)

-

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.

5

Stocks

2023
£

2022
£

Work in progress

-

4,374,413

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

6

Debtors

Note

2023
£

2022
£

Amounts owed by group undertakings

10

324,055

4,786

Other debtors

 

39,455

12,500

Total current trade and other debtors

 

363,510

17,286

7

Creditors

Creditors: amounts falling due within one year

Note

2023
 £

2022
 £

Due within one year

 

Amounts owed to group undertakings

10

374,013

1,021,771

Other creditors

 

2,500

8,150

 

376,513

1,029,921

Due after one year

 

Loans and borrowings

8

-

3,426,544

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

-

3,426,544

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.

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         
 

IDM South East Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

10

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

Amounts due to and from group undertakings are provided interest free and without security.

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.