IGL Capital Limited 13693494 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is Development of building projects Digita Accounts Production Advanced 6.30.9574.0 true true 13693494 2022-11-01 2023-10-31 13693494 2023-10-31 13693494 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-10-31 13693494 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-10-31 13693494 core:CurrentFinancialInstruments 2023-10-31 13693494 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 13693494 core:Non-currentFinancialInstruments 2023-10-31 13693494 core:Non-currentFinancialInstruments core:AfterOneYear 2023-10-31 13693494 core:AdditionsToInvestments 2023-10-31 13693494 core:MotorVehicles 2023-10-31 13693494 core:OfficeEquipment 2023-10-31 13693494 core:PlantMachinery 2023-10-31 13693494 core:AllJointVentures 2023-10-31 13693494 core:OtherRelatedParties 2023-10-31 13693494 1 2023-10-31 13693494 bus:SmallEntities 2022-11-01 2023-10-31 13693494 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 13693494 bus:FilletedAccounts 2022-11-01 2023-10-31 13693494 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 13693494 bus:RegisteredOffice 2022-11-01 2023-10-31 13693494 bus:Director1 2022-11-01 2023-10-31 13693494 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 13693494 core:MotorVehicles 2022-11-01 2023-10-31 13693494 core:OfficeEquipment 2022-11-01 2023-10-31 13693494 core:PlantMachinery 2022-11-01 2023-10-31 13693494 core:AllJointVentures 2022-11-01 2023-10-31 13693494 core:OtherRelatedParties 2022-11-01 2023-10-31 13693494 countries:EnglandWales 2022-11-01 2023-10-31 13693494 1 2022-11-01 2023-10-31 13693494 2022-10-31 13693494 core:MotorVehicles 2022-10-31 13693494 core:OfficeEquipment 2022-10-31 13693494 core:PlantMachinery 2022-10-31 13693494 core:AllJointVentures 2022-10-31 13693494 core:OtherRelatedParties 2022-10-31 13693494 1 2022-10-31 13693494 2021-10-20 2022-10-31 13693494 2022-10-31 13693494 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-10-31 13693494 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-10-31 13693494 core:CurrentFinancialInstruments 2022-10-31 13693494 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 13693494 core:Non-currentFinancialInstruments 2022-10-31 13693494 core:Non-currentFinancialInstruments core:AfterOneYear 2022-10-31 13693494 core:MotorVehicles 2022-10-31 13693494 core:OfficeEquipment 2022-10-31 13693494 core:PlantMachinery 2022-10-31 13693494 core:OtherRelatedParties 2022-10-31 13693494 1 2022-10-31 13693494 core:OtherRelatedParties 2021-10-20 2022-10-31 13693494 1 2021-10-20 2022-10-31 13693494 1 2021-10-19 iso4217:GBP xbrli:pure

Registration number: 13693494

IGL Capital Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

IGL Capital Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

IGL Capital Limited

(Registration number: 13693494)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

756

25,108

Investments

5

50

-

 

806

25,108

Current assets

 

Stocks

6

456,303

189,175

Debtors

7

58,497

3,178

Cash at bank and in hand

 

66,001

1,735

 

580,801

194,088

Creditors: Amounts falling due within one year

8

(291,968)

(110,569)

Net current assets

 

288,833

83,519

Total assets less current liabilities

 

289,639

108,627

Creditors: Amounts falling due after more than one year

8

(303,031)

(125,725)

Net liabilities

 

(13,392)

(17,098)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(13,393)

(17,099)

Shareholders' deficit

 

(13,392)

(17,098)

 

IGL Capital Limited

(Registration number: 13693494)
Balance Sheet as at 31 October 2023

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

Director's 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 director acknowledges his 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.

Approved and authorised by the director on 31 July 2024
 

Mr S Cachia
Director

   
     
 

IGL Capital Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
Unit 10 Lustleigh Close
Marsh Barton Trading Estate
Exeter
EX2 8PW
England

These financial statements were authorised for issue by the director on 31 July 2024.

2

Accounting policies

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.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

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.

Going concern

At the accounting date the company balance sheet shows negative reserves. Should it be required, the director will continue to support the company to ensure it meets it's commitments as and when they fall due. With this in mind, the financial statements have been prepared on a going concern basis.

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

IGL Capital Limited

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

Tax

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Motor vehicles

25% Reducing balance

Plant and machinery

33% Straight line

Office equipment

33% Straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

IGL Capital Limited

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

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.

Debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

IGL Capital Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 1 (2022 - 1).

 

IGL Capital Limited

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

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

-

-

33,477

33,477

Additions

479

650

-

1,129

Disposals

-

-

(33,477)

(33,477)

At 31 October 2023

479

650

-

1,129

Depreciation

At 1 November 2022

-

-

8,369

8,369

Charge for the year

158

215

-

373

Eliminated on disposal

-

-

(8,369)

(8,369)

At 31 October 2023

158

215

-

373

Carrying amount

At 31 October 2023

321

435

-

756

At 31 October 2022

-

-

25,108

25,108

5

Investments

2023
£

2022
£

Investments in joint ventures

50

-

Joint ventures

£

Cost

Additions

50

Provision

Carrying amount

At 31 October 2023

50

6

Stocks

2023
£

2022
£

Work in progress

456,303

189,175

 

IGL Capital Limited

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

7

Debtors

2023
£

2022
£

Other debtors

58,289

1,686

Prepayments

208

1,492

58,497

3,178

8

Creditors

Due within one year

Note

2023
£

2022
£

 

Loans and borrowings

9

-

5,919

Trade creditors

 

3,368

9,585

Amounts due to related parties

10

269,682

92,796

Social security and other taxes

 

13,074

-

Accruals

 

5,844

2,269

 

291,968

110,569

Due after one year

 

Loans and borrowings

9

303,031

125,725

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

303,031

104,885

Hire purchase contracts

-

20,840

303,031

125,725

The bank borrowings are secured by a fixed and floating charge over the freehold property held within work in progress.

The hire purchase is secured against the asset to which it relates.

 

IGL Capital Limited

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

Current loans and borrowings

2023
£

2022
£

Hire purchase contracts

-

5,919

The hire purchase is secured against the asset to which it relates.

10

Related party transactions

Transactions with the director

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Loans made to/(from) the director

(1,796)

51,198

(1,115)

48,287

 

2022

At 20 October 2021
£

Advances to director
£

Repayments by director
£

At 31 October 2022
£

Loans made to/(from) the director

-

1

(1,797)

(1,796)

 

Loans to the director are fully repayable on demand and interest is payable at 2% then at 2.25%.

Loans from the director are interest free and fully repayable on demand.

Loans from related parties

2023

BSN SW Property Ltd
£

BSN SW Ltd
£

Total
£

At start of period

-

91,000

91,000

Advanced

47,665

171,017

218,682

Repaid

-

(40,000)

(40,000)

At end of period

47,665

222,017

269,682

2022

BSN SW Ltd
£

Total
£

Advanced

91,000

91,000

At end of period

91,000

91,000

Terms of loans from related parties

The loans are interest free and repayable on demand.

BSN SW Property Limited, BSN SW Limited and IGL Capital Limited are companies under common control.