Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01false3Holding company.3truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 09579356 2023-01-01 2023-12-31 09579356 2022-01-01 2022-12-31 09579356 2023-12-31 09579356 2022-12-31 09579356 c:Director2 2023-01-01 2023-12-31 09579356 d:Buildings 2023-01-01 2023-12-31 09579356 d:Buildings 2023-12-31 09579356 d:Buildings 2022-12-31 09579356 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09579356 d:FreeholdInvestmentProperty 2023-01-01 2023-12-31 09579356 d:FreeholdInvestmentProperty 2023-12-31 09579356 d:CurrentFinancialInstruments 2023-12-31 09579356 d:CurrentFinancialInstruments 2022-12-31 09579356 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 09579356 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 09579356 d:ShareCapital 2023-12-31 09579356 d:ShareCapital 2022-12-31 09579356 d:RetainedEarningsAccumulatedLosses 2023-12-31 09579356 d:RetainedEarningsAccumulatedLosses 2022-12-31 09579356 c:FRS102 2023-01-01 2023-12-31 09579356 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 09579356 c:FullAccounts 2023-01-01 2023-12-31 09579356 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09579356 6 2023-01-01 2023-12-31 09579356 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 09579356 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 09579356 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 09579356










IAB - LAB (HOLDINGS) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
IAB - LAB (HOLDINGS) LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF IAB - LAB (HOLDINGS) LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Iab - Lab (Holdings) Limited for the year ended 31 December 2023 which comprise the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Iab - Lab (Holdings) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Iab - Lab (Holdings) Limited and state those matters that we have agreed to state to the Board of Directors of Iab - Lab (Holdings) Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Iab - Lab (Holdings) Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Iab - Lab (Holdings) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Iab - Lab (Holdings) Limited. You consider that Iab - Lab (Holdings) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Iab - Lab (Holdings) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Shorts
 
Chartered Accountants
  
2 Ashgate Road
Chesterfield
Derbyshire
S40 4AA
1 August 2024
Page 1

 
IAB - LAB (HOLDINGS) LIMITED
REGISTERED NUMBER: 09579356

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
172,157
175,900

Investments
 5 
102
102

Investment property
 6 
212,571
-

  
384,830
176,002

Current assets
  

Debtors: amounts falling due within one year
 7 
187,369
361,388

Cash at bank and in hand
  
762,399
739,442

  
949,768
1,100,830

Creditors: amounts falling due within one year
 8 
(16,793)
(7,737)

Net current assets
  
 
 
932,975
 
 
1,093,093

Provisions for liabilities
  

Deferred tax
 9 
(3,312)
(4,452)

Net assets
  
1,314,493
1,264,643


Capital and reserves
  

Called up share capital 
  
102
102

Profit and loss account
  
1,314,391
1,264,541

  
1,314,493
1,264,643


Page 2

 
IAB - LAB (HOLDINGS) LIMITED
REGISTERED NUMBER: 09579356
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 August 2024.




J M Arran
Director


The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
IAB - LAB (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

IAB-LAB (Holdings) Limited is a private company limited by shares, incorporated in England and Wales (registered number: 09579356). Its registered office is Unit 5 Parkwood Business Park, 1 Parkwood Street, Keighley, West Yorkshire, BD21 4QR. The principal activity of the Company throughout the year continued to be that of a holding company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 company's functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
IAB - LAB (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Current and deferred taxation

Tax is recognised in the Statement of income and retained earnings.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

The depreciation rates used are:

Freehold property
-
2%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 5

 
IAB - LAB (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction,  the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 6

 
IAB - LAB (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Freehold property

£



Cost


At 1 January 2023
187,142



At 31 December 2023

187,142



Depreciation


At 1 January 2023
11,242


Charge for the year on owned assets
3,743



At 31 December 2023

14,985



Net book value



At 31 December 2023
172,157



At 31 December 2022
175,900


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
102



At 31 December 2023
102







 

Page 7

 
IAB - LAB (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Investment property


Freehold investment property

£



Valuation


Additions at cost
212,571



At 31 December 2023
212,571

The 2023 valuations were made by the directors, on an open market value for existing use basis.



At 31 December 2023



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
212,571
-

212,571
-


7.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
186,163
358,598

Other debtors
1,206
1,207

Prepayments and accrued income
-
1,583

187,369
361,388


Page 8

 
IAB - LAB (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
4,328
3,131

Other taxation and social security
950
-

Other creditors
6,524
2,955

Accruals and deferred income
4,991
1,651

16,793
7,737



9.


Deferred taxation




2023


£






At beginning of year
4,452


Charged to profit or loss
1,140



At end of year
3,312

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
3,312
4,452

3,312
4,452


10.


Related party transactions

Included in other creditors are loans from related parties on which the transactions during the year were as follows:


Balance at 1 January 2023
Private payments made by company
Monies introduced
Balance at 31 December 2023
£
£
£
£

Directors
2,955
(127,431)
131,000
6,524

 
Page 9