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Registration number: 05915052

Igenix Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Igenix Limited

Contents


 

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Igenix Limited

Registration number: 05915052

Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

176,322

120,870

Current assets

 

Stocks

5

550

700

Debtors

6

60,381

38,273

Cash at bank and in hand

 

112,404

148,337

 

173,335

187,310

Creditors: Amounts falling due within one year

7

(37,316)

(22,314)

Net current assets

 

136,019

164,996

Total assets less current liabilities

 

312,341

285,866

Provisions for liabilities

(6,127)

(6,756)

Net assets

 

306,214

279,110

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

306,114

279,010

Total equity

 

306,214

279,110



The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.

 

Igenix Limited

Registration number: 05915052

Balance Sheet as at 28 February 2023 (continued)

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 November 2023
 


M A Gardiner
Director

 

Igenix Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

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

The address of its registered office is:
Hawthorne Lodge
Low Road North Tuddenham
Dereham
Norfolk
NR20 3DH
England

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Igenix Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

2

Accounting policies (continued)

Government grants

Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets. Government grants in relation to expenditure are credited when the expenditure is charged to profit and loss.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold properties

Straight line over the life of the lease

Fixtures, fittings and equipment

25% reducing balance

Motor vehicles

25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) 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 inventories 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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Igenix Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 13 (2022 - 7).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

239,269

82,267

39,946

361,482

Additions

70,246

9,458

-

79,704

Disposals

(10,570)

(15,699)

(3,225)

(29,494)

At 28 February 2023

298,945

76,026

36,721

411,692

Depreciation

At 1 March 2022

155,652

62,693

22,267

240,612

Charge for the year

11,573

6,261

4,420

22,254

Eliminated on disposal

(10,570)

(13,704)

(3,222)

(27,496)

At 28 February 2023

156,655

55,250

23,465

235,370

Carrying amount

At 28 February 2023

142,290

20,776

13,256

176,322

At 28 February 2022

83,617

19,574

17,679

120,870

Included within the net book value of land and buildings above is £142,290 (2022 - £83,617) in respect of short leasehold land and buildings.
 

 

Igenix Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

5

Stocks

2023
£

2022
£

Other inventories

550

700

6

Debtors

Current

2023
£

2022
£

Trade debtors

23,706

11,544

Prepayments

6,858

5,370

Other debtors

29,817

21,359

 

60,381

38,273

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

520

-

Director loan account

47

703

Taxation and social security

 

26,887

10,603

Other creditors

 

9,862

11,008

 

37,316

22,314

 

Igenix Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary 'A' shares of £1 each

90

90

90

90

Ordinary 'B' shares of £1 each

5

5

5

5

Ordinary 'C' shares of £1 each

5

5

5

5

 

100

100

100

100