Company registration number 10848251 (England and Wales)
INDIVUS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
INDIVUS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
INDIVUS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,500,004
4,500,294
Current assets
Debtors falling due after more than one year
4
1,259,492
1,325,100
Debtors falling due within one year
4
234,140
115,066
Cash at bank and in hand
4,272
14,133
1,497,904
1,454,299
Creditors: amounts falling due within one year
5
(130,741)
(110,019)
Net current assets
1,367,163
1,344,280
Total assets less current liabilities
5,867,167
5,844,574
Creditors: amounts falling due after more than one year
6
(2,560,575)
(2,314,787)
Net assets
3,306,592
3,529,787
Capital and reserves
Called up share capital
4,500,100
4,500,100
Profit and loss reserves
(1,193,508)
(970,313)
Total equity
3,306,592
3,529,787

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 30 June 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.

INDIVUS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 August 2024 and are signed on its behalf by:
Mr J Beswick
Director
Company registration number 10848251 (England and Wales)
INDIVUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

Indivus Limited is a private company limited by shares incorporated in England and Wales. The registered office is CP Buildings BCC Waste Transfer Station, Kings Weston Lane, Avonmouth, BRISTOL, BS11 0YS.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
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:

Computers
33.33% straight line

Plant and equipment is 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 profit or loss.

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.

INDIVUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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.

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.

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 receipts 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.

INDIVUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments 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 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 method.

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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

INDIVUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
5
7
3
Tangible fixed assets
Plant and equipment
Computers
Total
£
£
£
Cost or valuation
At 1 July 2022 and 30 June 2023
4,500,000
870
4,500,870
Depreciation and impairment
At 1 July 2022
-
0
576
576
Depreciation charged in the year
-
0
290
290
At 30 June 2023
-
0
866
866
Carrying amount
At 30 June 2023
4,500,000
4
4,500,004
At 30 June 2022
4,500,000
294
4,500,294

Fair value of plant and equipment

The directors have assessed that a better reflection of the plant and equipment will be achieved by adopting the revaluation model in respect of all plant and equipment assets. This has had no effect on the value of the fixed assets, which had not previously been shown as depreciated. The directors confirmed the fair value is the same as the carrying value for this class.

Plant and equipment are carried at fair value. If plant and equipment were measured using the cost model, the carrying amounts would have been approximately £4,140,000 (2022 - £4,320,000), being cost £4,500,000 (2022 - £4,500,000) and depreciation £180,000 (2022 - £180,000).

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
31,697
64,373
Corporation tax recoverable
150,000
-
0
Other debtors
52,443
50,693
234,140
115,066
INDIVUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
4
Debtors
(Continued)
- 7 -
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
1,259,492
1,325,100
Total debtors
1,493,632
1,440,166
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
4,560
-
0
Trade creditors
7,940
14,367
Taxation and social security
20,988
27,739
Other creditors
97,253
67,913
130,741
110,019

Included within bank loans is £4,560 (2022 - £nil) of loan liabilities which are secured by the UK Government under the Coronavirus Bounceback Loan scheme.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
32,760
41,880
Other creditors
2,527,815
2,272,907
2,560,575
2,314,787

Included within bank loans is £32,760 (2022 - £41,880) of loan liabilities which are secured by the UK Government under the Coronavirus Bounceback Loan scheme.

Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
14,520
19,080
INDIVUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
7
Related party transactions
2023
2022
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
2,140,829
2,192,253

The company has loans with related parties. One loan, with £863,000 outstanding at the year end, has interest charged at 7.5% and has no set repayment terms. The other loan, with £1,277,829 outstanding at the year end, has interest charged at market rate, and is repayable in monthly instalments.

8
Prior period adjustment

The following Prior Year Adjustments have been recognised:

Changes to the balance sheet
Adjustment
£
Current assets
Debtors due within one year
(80)
Bank and cash
80
Creditors due after one year
Other creditors
(65,342)
Net assets
(65,342)
Capital and reserves
Profit and loss reserves
(65,342)
Changes to the profit and loss account
Adjustment
Period ended 30 June 2022
£
Turnover
(48,694)
Other operating income
(50,773)
Taxation
99,467
Loss for the financial period
-
INDIVUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
8
Prior period adjustment
(Continued)
- 9 -
Adjustments to equity
1 August
30 June
2021
2022
Notes
£
£
Adjustments to prior year
Interest on preference shares
1
-
(65,342)
Analysis of the effect upon equity
Profit and loss reserves
-
(65,342)
Notes to adjustments
1. Preference shares

On preparation of the 2023 accounts, it was noted that the 5% interest payable on redemption of the Preference Shares was not accrued in the 2022 accounts. The interest of £65,342 has also now been recorded as a Prior Year Adjustment.

2. Research & Development tax credit

In the year ended 30 June 2022, the company received a tax credit in relation to an R & D Claim. This was reported within Turnover and Government Grants, and so a Prior Year Adjustment has been included to correct this matter.

3. Share capital

It was identified that the called up share capital was previously recorded as unpaid. However, it has since been acknowledged that £80 of these shares were paid up by the shareholders, and is being held in petty cash.

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