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REGISTERED NUMBER: 05166983 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH SEPTEMBER 2023

FOR

I & F LIMITED

I & F LIMITED (REGISTERED NUMBER: 05166983)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


I & F LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH SEPTEMBER 2023







DIRECTOR: Mr A Singh





REGISTERED OFFICE: 17 Moor Park Avenue
Preston
Lancashire
PR1 6AS





REGISTERED NUMBER: 05166983 (England and Wales)





ACCOUNTANTS: SBCA Chartered Accountants
17 Moor Park Avenue
Preston
Lancashire
PR1 6AS

I & F LIMITED (REGISTERED NUMBER: 05166983)

BALANCE SHEET
30TH SEPTEMBER 2023

30.9.23 30.9.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 144,017 25,820
Investment property 5 1,092,482 898,080
1,236,499 923,900

CURRENT ASSETS
Debtors 6 425,086 241,483
Cash at bank 206,928 383,244
632,014 624,727
CREDITORS
Amounts falling due within one year 7 (168,971 ) (153,880 )
NET CURRENT ASSETS 463,043 470,847
TOTAL ASSETS LESS CURRENT LIABILITIES 1,699,542 1,394,747

CREDITORS
Amounts falling due after more than
one year

8

(94,961

)

-

PROVISIONS FOR LIABILITIES 9 (36,004 ) (6,455 )
NET ASSETS 1,568,577 1,388,292

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 1,568,477 1,388,192
SHAREHOLDERS' FUNDS 1,568,577 1,388,292

I & F LIMITED (REGISTERED NUMBER: 05166983)

BALANCE SHEET - continued
30TH SEPTEMBER 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2023 in accordance with Section 476 of the Companies Act 2006.

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.

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

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 1st August 2024 and were signed by:





Mr A Singh - Director


I & F LIMITED (REGISTERED NUMBER: 05166983)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2023


1. STATUTORY INFORMATION

I & F Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 25% on cost
Computer equipment - 33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

I & F LIMITED (REGISTERED NUMBER: 05166983)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023


2. ACCOUNTING POLICIES - continued

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.

Basic financial assets:
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future cash flows discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities:
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities:
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if the payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.

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 & F LIMITED (REGISTERED NUMBER: 05166983)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023


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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2022 - 17 ) .

I & F LIMITED (REGISTERED NUMBER: 05166983)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023


4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1st October 2022 2,765 - 40,854 43,619
Additions 7,753 149,120 7,297 164,170
At 30th September 2023 10,518 149,120 48,151 207,789
DEPRECIATION
At 1st October 2022 777 - 17,022 17,799
Charge for year 1,686 31,067 13,220 45,973
At 30th September 2023 2,463 31,067 30,242 63,772
NET BOOK VALUE
At 30th September 2023 8,055 118,053 17,909 144,017
At 30th September 2022 1,988 - 23,832 25,820

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 149,120
At 30th September 2023 149,120
DEPRECIATION
Charge for year 31,067
At 30th September 2023 31,067
NET BOOK VALUE
At 30th September 2023 118,053

I & F LIMITED (REGISTERED NUMBER: 05166983)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st October 2022 898,080
Additions 194,402
At 30th September 2023 1,092,482
NET BOOK VALUE
At 30th September 2023 1,092,482
At 30th September 2022 898,080

Investment property was valued by the director at the year end.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Trade debtors 46,210 4,342
Amounts owed by group undertakings 209,005 46,953
Other debtors 169,871 190,188
425,086 241,483

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Hire purchase contracts 13,178 -
Trade creditors 82,581 57,330
Taxation and social security 65,330 95,288
Other creditors 7,882 1,262
168,971 153,880

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.9.23 30.9.22
£    £   
Hire purchase contracts 94,961 -

9. PROVISIONS FOR LIABILITIES
30.9.23 30.9.22
£    £   
Deferred tax 36,004 6,455

I & F LIMITED (REGISTERED NUMBER: 05166983)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023


9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1st October 2022 6,455
Charge to Statement of Income and Retained Earnings during
year

29,549
Balance at 30th September 2023 36,004

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.23 30.9.22
value: £    £   
100 Ordinary £1 100 100

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year amounts were advanced totalling £213,721 and amounts repaid totalled £255,681. Interest has been charged on overdrawn balances at the official rate. The maximum overdrawn amount during the year was £220,521. At the balance sheet date, amounts due from directors was £101,534 and were repayable on demand.

12. ULTIMATE CONTROLLING PARTY

The controlling party is A & J Singh Limited.

The company is a wholly owned subsidiary of A & J Singh Limited, a company which is 100%
controlled by the director, Mr Amerjit Singh.