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Registered Number: 08816197
England and Wales

 

 

 

IAC ACCOUNTANTS LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 April 2022

End date: 31 March 2023
Director Iftikhar Ahmad
Registered Number 08816197
Registered Office Regal Court
42-44 High Street
Slough
Berkshire
SL1 1EL
Accountants Anderson Ross Accounting & Tax Ltd
35 Beaufort Court
Admirals Way South Quay
London
E14 9XL
1
 
 
Notes
 
31/03/2023
£
  31/03/2022
£
Fixed assets      
Tangible fixed assets 3 18,035    11,760 
Investments 4 91,719    111,719 
109,754    123,479 
Current assets      
Debtors: amounts falling due within one year 5 111,543    95,497 
Cash at bank and in hand 61,839    136,486 
173,382    231,983 
Creditors: amount falling due within one year 6 (128,681)   (141,872)
Net current assets 44,701    90,111 
 
Total assets less current liabilities 154,455    213,590 
Creditors: amount falling due after more than one year 7   (24,286)
Net assets 154,455    189,304 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 154,355    189,204 
Shareholder's funds 154,455    189,304 
 


For the year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 24 December 2023 and were signed by:


-------------------------------
Iftikhar Ahmad
Director
2
General Information
IAC Accountants Limited is a private company, limited by shares, registered in England and Wales, registration number 08816197, registration address Regal Court, 42-44 High Street, Slough, Berkshire, SL1 1EL.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Financial Reporting Standard for Smaller Entities (effective January 2016). 

Turnover
Turnover is measured at the fair value of the consideration received or receivable in respect of services provided, excluding discounts, rebates, value added tax and other sale taxes.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 25 Reducing Balance
Computer Equipment 25 Reducing Balance
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
2.

Average number of employees

Average number of employees during the year was 5 (2022 : 5).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 April 2022   8,196    10,539    18,735 
Additions 4,521    8,094    4,264    16,879 
Disposals   (5,391)   (2,578)   (7,969)
At 31 March 2023 4,521    10,899    12,225    27,645 
Depreciation
At 01 April 2022   2,743    4,232    6,975 
Charge for year 94    2,038    2,496    4,628 
On disposals   (1,348)   (645)   (1,993)
At 31 March 2023 94    3,433    6,083    9,610 
Net book values
Closing balance as at 31 March 2023 4,427    7,466    6,142    18,035 
Opening balance as at 01 April 2022   5,453    6,307    11,760 


4.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 April 2022 111,719    111,719 
Additions  
Transfer to/from tangible fixed assets  
Disposals (20,000)   (20,000)
At 31 March 2023 91,719    91,719 

5.

Debtors: amounts falling due within one year

31/03/2023
£
  31/03/2022
£
Trade Debtors 37,122    27,334 
Amount Owed by Group Undertakings 20,137    19,895 
Amount Owed by Related Undertakings 32,835    36,719 
Other Debtors 21,449    11,549 
111,543    95,497 

6.

Creditors: amount falling due within one year

31/03/2023
£
  31/03/2022
£
Trade Creditors 17,852    5,384 
Bank Loans & Overdrafts 12,656    17,464 
Corporation Tax 30,200    23,655 
PAYE & Social Security 1,785    1,671 
Accrued Expenses 7,717    15,582 
Other Creditors 8,774    9,755 
Wages & Salaries Control Account 156    574 
Directors' Current Accounts 38,313    53,403 
VAT 11,228    14,384 
128,681    141,872 

7.

Creditors: amount falling due after more than one year

31/03/2023
£
  31/03/2022
£
Bank Loans & Overdrafts   24,286 
  24,286 

3