REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31st January 2024 |
for |
I&D Professional Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31st January 2024 |
for |
I&D Professional Ltd |
I&D Professional Ltd (Registered number: 09383025) |
Contents of the Financial Statements |
for the Year Ended 31st January 2024 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
I&D Professional Ltd (Registered number: 09383025) |
Balance Sheet |
31st January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Non distributable reserves | 8 |
Retained earnings | 8 | 26,885 | 10,909 |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
I&D Professional Ltd (Registered number: 09383025) |
Notes to the Financial Statements |
for the Year Ended 31st January 2024 |
1. | COMPANY INFORMATION |
I&D Professional Ltd is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue from the provision of professional services is recognised on delivery of the service. |
Tangible fixed assets |
Tangible Fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment loss. |
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis: |
Property improvements - 10% on cost |
Land and Buildings - Not depreciated |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss. |
Investment property |
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any attributable expenditure. |
Subsequently it is measured at fair value at the reporting date. The surplus or deficit on revaluation is recognised in profit or loss. |
Where the fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
I&D Professional Ltd (Registered number: 09383025) |
Notes to the Financial Statements - continued |
for the Year Ended 31st January 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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. |
Going concern |
At the time of approving the financial statements, the director has confirmed that he will continue to support the company and ensure it has adequate resources to continue in operational existence for the foreseeable future. Therefore, the director continues to adopt the going concern basis of accounting in preparing the financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Improvements |
Land and | to |
Buildings | property | Totals |
£ | £ | £ |
COST |
At 1st February 2023 |
and 31st January 2024 |
DEPRECIATION |
At 1st February 2023 |
Charge for year |
At 31st January 2024 |
NET BOOK VALUE |
At 31st January 2024 |
At 31st January 2023 |
Included in cost of land and buildings is freehold land of £ 3,522 (2023 - £ 3,522 ) which is not depreciated. |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st February 2023 |
Revaluations | 8,000 |
At 31st January 2024 |
NET BOOK VALUE |
At 31st January 2024 |
At 31st January 2023 |
I&D Professional Ltd (Registered number: 09383025) |
Notes to the Financial Statements - continued |
for the Year Ended 31st January 2024 |
5. | INVESTMENT PROPERTY - continued |
Investment property comprises of one residential property. In accordance with FRS102 1A, the costs of obtaining an external valuation were considered to be undue for the company. As such, fair value has been estimated by the directors on the basis of average rental yield. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Corporation tax payable |
Directors' current accounts | 151,324 | 150,425 |
Accrued expenses |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.1.24 | 31.1.23 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
8. | RESERVES |
Non |
Retained | distributable |
earnings | reserves | Totals |
£ | £ | £ |
At 1st February 2023 | 10,909 | 98,199 |
Profit for the year | - |
At 31st January 2024 | 114,175 |
Non distributable reserves represents the accumulative fair value adjustments in relation to investment properties, net of the deferred tax movement arising. |
9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31st January 2024 and 31st January 2023: |
31.1.24 | 31.1.23 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
The loans are repayable on demand and no interest was charged during the year. |
10. | CONTROL |
The ultimate controlling party is |