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Registered number: 10612245









IGF TRADING LIMITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
IGF TRADING LIMITED
REGISTERED NUMBER: 10612245

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
12,500
15,000

  
12,500
15,000

Current assets
  

Debtors: amounts falling due within one year
 6 
169,858
175,859

Cash at bank and in hand
  
1,854,747
1,177,993

  
2,024,605
1,353,852

Creditors: amounts falling due within one year
 7 
(2,037,104)
(1,368,851)

Net current liabilities
  
 
 
(12,499)
 
 
(14,999)

Total assets less current liabilities
  
1
1

  

Net assets
  
1
1


Capital and reserves
  

Called up share capital 
 8 
1
1

  
1
1


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 June 2024.




................................................
J D Reid OBE
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
IGF TRADING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

IGF Trading Limited is a private company, limited by shares, domiciled in England & Wales, registration number 10612245. The address of the registered office is 24 Old Bond Street, London, W1S 4AP. The financial statements are prepared in pounds sterling and rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The Directors assess whether the use of going concern is appropriate ie whether there are any material uncertainties related to events or conditions that may cast doubt on the ability of the Company to continue as a going concern. The Directors make this assessment in respect of a period of one year from the date of approval of the financial statements. A rigorous review process has been undertaken using income and cost sensitivities on the cash position of the Company. The Directors believe that the Company is financially secure and there are no material uncertainties for the foreseeable future, thus continue to adopt the going concern basis of preparing the annual financial statements.

  
2.3

Foreign currency translation

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non- monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Revenue

Income is recognised when the entity has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be reliably measured.
Income is generated through sponsorship income, hosting fees, commission income, programme rights income and donations. Income received in advance is deferred until the criteria for income recognition is met.
Sponsorship income and hosting fee income are recognised on a straight line basis from the date of signing the agreement until the end of the agreement. Commission income and programme rights income is recognised when the company becomes entitled to the income. Donations are recognised on receipt.

Page 2

 
IGF TRADING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

 The estimated useful lives range as follows:
  Licences     - 10 years

 
2.6

Debtors

Debtors are measured at transaction price, less any impairment.

 
2.7

Cash and cash equivalents

Cash at bank and in hand includes cash held in bank accounts.

 
2.8

Creditors

Creditors are measured at the transaction price. Creditors are recognised when the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

  
2.9

Gift aid donation and tax relief thereon

Profits made by IGF Trading Limited are donated to the parent charity, Invictus Games Foundation.
A deed of covenant is in place therefore the donation of profits from IGF Trading Limited to Invictus Games Foundation is reflected in the year in which profits are made.

  
2.10

Agency arrangements

IGF Trading Limited acted as an agent in distributing sponsorship income from a sponsor to the hosts of the Games. The amounts received and paid, as well as any balances held are disclosed in note 11.

Page 3

 
IGF TRADING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements in conformity with UK GAAP requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.
In applying accounting policies it is considered that there are no critical judgements that have a significant effect on the amounts recognised in the financial statements.
The key assumption concerning the future and other key sources of estimation uncertainty at the reporting date that has a significant risk of causing a material adjustment to carrying amounts of liabilities within the next financial year is deferred income. Income is received in advance and deferred until the criteria for income recognition is met. The carrying amount at the year end for deferred income is £431,950 (2022: £379,673).


4.


Employees

The Company has no employees (2022: 0) other than the directors, who did not receive any remuneration (2022: £Nil).


5.


Intangible assets




Licence

£



Cost


At 1 January 2023
25,000



At 31 December 2023

25,000



Amortisation


At 1 January 2023
10,000


Charge for the year on owned assets
2,500



At 31 December 2023

12,500



Net book value



At 31 December 2023
12,500



At 31 December 2022
15,000



Page 4

 
IGF TRADING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
169,858
99,170

VAT debtor
-
1,000

Prepayments and accrued income
-
75,689

169,858
175,859



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
3,230
1,224

Amounts owed to group undertakings
1,581,597
982,003

Other taxation and social security
12,572
-

Accruals and deferred income
439,705
385,624

2,037,104
1,368,851



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1



9.


Controlling party

The parent company is Invictus Games Foundation, a charitable company whose registered office is 24 Old Bond Street, London, W1S 4AP.


10.


Contingent liabilities

The company is part of a group VAT registration and therefore is potentially liable for VAT liabilities of its parent.  As at 31 December 2023, its parent, Invictus Games Foundation had a creditor relating to value added tax of £38,035 (2022: debtor of £9,028).

Page 5

 
IGF TRADING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Agency arrangements

During 2023, IGF Trading Limited acted as agent on behalf of DMS Sports Consulting Limited. IGF Trading Limited and DMS Sports Consulting Limited received commission from sponsorship income received by the host of the Invictus Games Dusseldorf. This commission of £95,686 (2022 :£nil) was received by IGF Trading Limited as passed immediately to DMS Sports Consulting Limited. No amounts remain outstanding at the year-end (2022: Nil).
IGF Trading Limited acted as agent on behalf of Stitching Power of Freedom, the hosts of the Hague Games, and received income from sponsors which were distributed to the host immediately as part of the contract. IGF Trading Limited received £Nil (2022: £100,000)  and passed these amounts to the host of the games during the year. No amounts remain outstanding at the year-end (2022: Nil).


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 25 June 2024 by Aaron Widdows ACA FCCA (Senior Statutory Auditor) on behalf of Price Bailey LLP.


Page 6