Company No:
Contents
DIRECTOR | Mr M C Duncan |
REGISTERED OFFICE | The Hive |
6 Beaufighter Road | |
Weston Super Mare | |
BS24 8EE | |
United Kingdom |
COMPANY NUMBER | 13812159 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Blackbrook Gate 1 | |
Blackbrook Business Park | |
Taunton | |
Somerset TA1 2PX |
Note | 31.01.2024 | 31.01.2023 | ||
£ | £ | |||
Fixed assets | ||||
Investments | 3 |
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3,222,401 | 3,789,401 | |||
Current assets | ||||
Cash at bank and in hand |
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3,787 | 2,363 | |||
Creditors: amounts falling due within one year | 4 | (
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Net current liabilities | (1,759,428) | (2,072,938) | ||
Total assets less current liabilities | 1,462,973 | 1,716,463 | ||
Creditors: amounts falling due after more than one year | 5 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 6 |
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Capital redemption reserve |
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Capital contribution reserve |
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Profit and loss account |
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Total shareholders' funds |
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Director's responsibilities:
The financial statements of ISWIFA Holdings Ltd (registered number:
Mr M C Duncan
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
ISWIFA Holdings Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Hive, 6 Beaufighter Road, Weston Super Mare, BS24 8EE, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that included within creditors due within one year are preference shares totalling £1,348,000 (2023: £1,350,000) which will not be redeemed until the Company is in a position to do so. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Group accounts exemption s399
The Company has taken advantage of the exemption in section 399 of the Companies Act 2006 not to prepare consolidated accounts, because the group it heads qualifies as small. The financial statements present information about the Company as an individual entity only.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares are measured at cost less impairment.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At inception the discount is recognised as a capital contribution within Equity. As the discount unwinds it is charged against profit.
An equivalent transfer is made annually between the Capital contribution reserve and the Profit and Loss reserve.
Year ended 31.01.2024 |
Period from 21.12.2021 to 31.01.2023 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Investments in subsidiaries
31.01.2024 | |
£ | |
Cost | |
At 01 February 2023 |
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At 31 January 2024 |
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Provisions for impairment | |
At 01 February 2023 |
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Impairment |
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At 31 January 2024 |
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Carrying value at 31 January 2024 |
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Carrying value at 31 January 2023 |
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31.01.2024 | 31.01.2023 | ||
£ | £ | ||
Bank loans (secured) |
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Trade creditors |
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Amounts owed to Group undertakings |
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Other creditors |
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Included within other creditors are preference shares totalling £1,348,000 (2023: £1,350,000)
31.01.2024 | 31.01.2023 | ||
£ | £ | ||
Bank loans (secured) |
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31.01.2024 | 31.01.2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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1,915,000 | 1,917,000 | ||
1,915,095 | 1,917,095 |