Company registration number SC050198 (Scotland)
INDUSTRIAL AND COMMERCIAL ADVANCES (1972) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
INDUSTRIAL AND COMMERCIAL ADVANCES (1972) LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
INDUSTRIAL AND COMMERCIAL ADVANCES (1972) LIMITED
COMPANY INFORMATION
- 1 -
Directors
A W Mann BLE MILT
B M Mann MCIBS BSc(Fin) (Chairman)
Secretary
Curle Stewart Limited
Company number
SC050198
Registered office
201 Bath Street
Glasgow
Scotland
G2 4HZ
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
INDUSTRIAL AND COMMERCIAL ADVANCES (1972) LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,773
28,595
Investment property
4
9,279,265
9,313,622
9,287,038
9,342,217
Current assets
Debtors
5
8,816
10,546
Cash at bank and in hand
63,988
50,621
72,804
61,167
Creditors: amounts falling due within one year
6
(6,289,793)
(3,947,560)
Net current liabilities
(6,216,989)
(3,886,393)
Total assets less current liabilities
3,070,049
5,455,824
Creditors: amounts falling due after more than one year
7
(2,466,665)
Net assets
3,070,049
2,989,159
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
3,069,949
2,989,059
Total equity
3,070,049
2,989,159
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
INDUSTRIAL AND COMMERCIAL ADVANCES (1972) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 18 March 2024 and are signed on its behalf by:
B M Mann MCIBS BSc(Fin) (Chairman)
Director
Company Registration No. SC050198
INDUSTRIAL AND COMMERCIAL ADVANCES (1972) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Industrial and Commercial Advances (1972) Limited is a private company limited by shares incorporated in Scotland. The registered office is 201 Bath Street, Glasgow, Scotland, G2 4HZ. The company's registration number is SC050198.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rental income earned during the year and is derived wholly from the United Kingdom.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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 bases:
Fixtures and fittings
50% straight line
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 and loss account.
1.4
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 directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in the profit and loss account.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
INDUSTRIAL AND COMMERCIAL ADVANCES (1972) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Total
INDUSTRIAL AND COMMERCIAL ADVANCES (1972) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 January 2023 and 31 December 2023
114,252
Depreciation and impairment
At 1 January 2023
85,657
Depreciation charged in the year
20,822
At 31 December 2023
106,479
Carrying amount
At 31 December 2023
7,773
At 31 December 2022
28,595
4
Investment property
2023
£
Fair value
At 1 January 2023
9,313,622
Additions
15,643
Disposals
(50,000)
At 31 December 2023
9,279,265
The fair value of the investment property has been arrived at on the basis of a valuation carried out in December 2019 by a firm of independent chartered surveyors. The valuation was made on an open market value basis with reference to market evidence of transaction prices for similar properties. The directors consider this valuation to be appropriate in the current year.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
8,816
10,546
INDUSTRIAL AND COMMERCIAL ADVANCES (1972) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
2,400,000
66,664
Amounts owed to group undertakings
1,850,000
1,850,000
Corporation tax
21,585
15,239
Other creditors
2,018,208
2,015,657
6,289,793
3,947,560
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,466,665
The bank loans are secured by fixed charges over the assets of the company.
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1
100
100
9
Related party transactions
The company has taken the advantage of exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries within the group.
No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".