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Registration number: 07322149

IG3 Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

IG3 Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

IG3 Limited

(Registration number: 07322149)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,311

3,327

Current assets

 

Debtors

5

18,504

35,052

Cash at bank and in hand

 

37,075

9,006

 

55,579

44,058

Creditors: Amounts falling due within one year

6

(32,011)

(26,280)

Net current assets

 

23,568

17,778

Net assets

 

26,879

21,105

Capital and reserves

 

Called up share capital

10

10

Retained earnings

26,869

21,095

Shareholders' funds

 

26,879

21,105

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

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 March 2024 and signed on its behalf by:
 

.........................................
I K Goulding
Director

 

IG3 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

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

The address of its registered office is:
Suite I Windrush Court
Abingdon Business Park
Abingdon
Oxfordshire
OX14 1SY
United Kingdom

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.

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.

Tax

The tax expense for the period comprises current tax payable.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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

Office equipment

20% straight line basis

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.

 

IG3 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

IG3 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 September 2022

7,027

7,027

Additions

1,719

1,719

Disposals

(1,373)

(1,373)

At 31 August 2023

7,373

7,373

Depreciation

At 1 September 2022

3,700

3,700

Charge for the year

1,010

1,010

Eliminated on disposal

(648)

(648)

At 31 August 2023

4,062

4,062

Carrying amount

At 31 August 2023

3,311

3,311

At 31 August 2022

3,327

3,327

5

Debtors

Current

2023
£

2022
£

Trade debtors

15,331

29,972

Other debtors

3,173

5,080

 

18,504

35,052

 

IG3 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

30,437

24,833

Other creditors

1,574

1,447

32,011

26,280

7

Related party transactions

Transactions with directors

2023

At 1 September 2022
£

Repayments by director
£

At 31 August 2023
£

I K Goulding

Directors Loan

4,516

(1,343)

3,173

       
     

 

2022

At 1 September 2021
£

Advances to director
£

Repayments by director
£

At 31 August 2022
£

I K Goulding

Directors Loan

3,595

1,942

(1,021)

4,516