Registered number
08208286
Irugasa Group Ltd
Filleted Accounts
31 December 2023
Irugasa Group Ltd
Registered number: 08208286
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 194,176 194,648
Investments 4 148,858 139,069
343,034 333,717
Current assets
Debtors 5 571,706 674,325
Cash at bank and in hand 175,756 94,630
747,462 768,955
Creditors: amounts falling due within one year 7 (14,999) (40,823)
Net current assets 732,463 728,132
Net assets 1,075,497 1,061,849
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,075,397 1,061,749
Shareholder's funds 1,075,497 1,061,849
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr P W Johnston
Director
Approved by the board on 29 March 2024
Irugasa Group Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
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).
Turnover
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. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings
Fixtures, fittings, tools and equipment over 3 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. 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.
Debtors
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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2023 193,976 1,417 195,393
At 31 December 2023 193,976 1,417 195,393
Depreciation
At 1 January 2023 - 745 745
Charge for the year - 472 472
At 31 December 2023 - 1,217 1,217
Net book value
At 31 December 2023 193,976 200 194,176
At 31 December 2022 193,976 672 194,648
4 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 1 January 2023 150 138,919 139,069
Revaluation - 9,789 9,789
At 31 December 2023 150 148,708 148,858
5 Debtors 2023 2022
£ £
Trade debtors 160,000 310,000
Amounts owed by group undertakings and undertakings in which the company has a participating interest 407,772 360,052
Deferred tax asset 3,934 4,273
571,706 674,325
6 Investments held as current assets 2023 2022
£ £
Fair value
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Listed investments 9,789 (25,000)
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 57 -
Directors loan account 968 1,064
Trade creditors 108 15
Taxation and social security costs 11,895 10,254
Other creditors 1,971 29,490
14,999 40,823
8 Other information
Irugasa Group Ltd is a private company limited by shares and incorporated in England. Its registered office is:
The Old Chapel
20A Bradley Cottage
Consett
County Durham
DH8 6JZ
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