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COMPANY REGISTRATION NUMBER: 05549580
Independent Distribution Limited
Filleted Financial Statements
31 December 2023
Independent Distribution Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
3
Independent Distribution Limited
Officers and Professional Advisers
Director
Mr L Roeg
Registered office
Ground Floor Hanway House
24-26 Hanway Street
London
England
W1T 1UH
Auditor
Riverside Accountancy Lancaster Limited
Chartered accountants & statutory auditor
Second Floor, Riverside Offices
26 St George's Quay
Lancaster
LA1 1RD
Bankers
Coutts & Co
440 Strand
London
WC2R 0QS
Independent Distribution Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Current assets
Debtors
5
2,206
3,461
Cash at bank and in hand
1,914
3,212
-------
-------
4,120
6,673
Creditors: amounts falling due within one year
6
48,679
48,150
--------
--------
Net current liabilities
44,559
41,477
--------
--------
Total assets less current liabilities
( 44,559)
( 41,477)
--------
--------
Net liabilities
( 44,559)
( 41,477)
--------
--------
Capital and reserves
Called up share capital
7
1
1
Profit and loss account
( 44,560)
( 41,478)
--------
--------
Shareholders deficit
( 44,559)
( 41,477)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 23 August 2024 , and are signed on behalf of the board by:
Mr L Roeg
Director
Company registration number: 05549580
Independent Distribution Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ground Floor Hanway House, 24-26 Hanway Street, London, W1T 1UH, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
During the past few years the company has been developing its portfolio of digital rights. It is the intention of the company to continue these activities and accordingly will in a least the medium term, continue to be dependent upon the support of its parent company. Its parent company has undertaken not to seek repayment until at least 31 December 2024 unless the company is in a position to do so. The company's cash flow forecast for the period to 31 December 2024 suggests that the company will require additional support for at least that period. The company has received assurances from its parent that it anticipates being able to meet any funding requirements in that period. Based on these undertakings the directors considers its appropriate to prepare the financial statements on a going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Debtors
2023
2022
£
£
Trade debtors
3
Other debtors
2,203
3,461
-------
-------
2,206
3,461
-------
-------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
48,679
48,150
--------
--------
7. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
8. Summary audit opinion
The auditor's report dated 23 August 2024 was unqualified .
The senior statutory auditor was Lyndsay Nicholson ACA , for and on behalf of Riverside Accountancy Lancaster Limited .
9. Controlling party
The immediate parent company is Independent Film Productions Limited a company registered in England and Wales, and ultimate parent company is Living Capital Exploration & Renewals AB, a company incorporated in Sweden. The ultimate controlling party is Andreas Versteegh , a national and resident of Sweden. Mr Versteegh owns and controls 100% of Living Capital Exploration & Renewals AB. The ultimate controlling party that produces consolidated accounts is Living Capital Exploration & Renewals AB whose registered office is Karlavagen 46, 114 49 Stockholm, Sweden.