2022-03-012023-02-282023-02-28false11828729IBG 1 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IBG 1 Ltd

Registered Number
11828729
(England and Wales)

Unaudited Financial Statements for the Year ended
28 February 2023

IBG 1 Ltd
Company Information
for the year from 1 March 2022 to 28 February 2023

Director

Mr P Stewart

Registered Address

Unit 2 , Tralin House
Chesham Close
Romford
RM7 7PJ

Registered Number

11828729 (England and Wales)
IBG 1 Ltd
Balance Sheet as at
28 February 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Investments7418,398418,398
418,398418,398
Current assets
Debtors96,2501,200
Cash at bank and on hand4,7603,997
11,0105,197
Creditors amounts falling due within one year10(439,206)(433,546)
Net current assets (liabilities)(428,196)(428,349)
Total assets less current liabilities(9,798)(9,951)
Net assets(9,798)(9,951)
Capital and reserves
Called up share capital22
Profit and loss account(9,800)(9,953)
Shareholders' funds(9,798)(9,951)
The financial statements were approved and authorised for issue by the Director on 22 November 2023, and are signed on its behalf by:
Mr P Stewart
Director
Registered Company No. 11828729
IBG 1 Ltd
Notes to the Financial Statements
for the year ended 28 February 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
The principal activity of the company continued to be that of the electrical trade.
4.Basis of measurement used in financial statements
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
5.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Investments policy
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Going concern
At the year end the company's balance sheet reported an insolvent position of £9,800 (2022 - £9,953). The company is reliant on the continued support of its director and creditors in order to fund its day to day working capital requirements. The directors have given their undertakings not to withdraw this support to the detriment of the company within twelve months from the date of signature of these financial statements, and accordingly consider it appropriate to prepare them on a going concern basis.
6.Employee information

20232022
Average number of employees during the year12
7.Fixed asset investments

Loans to groups1

Total

££
Cost or valuation
At 01 March 22418,398418,398
At 28 February 23418,398418,398
Net book value
At 28 February 23418,398418,398
At 28 February 22418,398418,398

Notes

1Loans to group undertakings and participating interests
8.Directors advances, credits and guarantees
At the year end the director owed the company £5,000 (2022 - £Nil) by way of their directors current account.
9.Debtors

2023

2022

££
Other debtors6,2501,200
Total6,2501,200
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
10.Creditors within one year

2023

2022

££
Trade creditors / trade payables8,160-
Amounts owed to related parties429,546432,046
Accrued liabilities and deferred income1,5001,500
Total439,206433,546
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.