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Registration number: 02812853

Iguana Exhibitions Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Iguana Exhibitions Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Iguana Exhibitions Limited

Company Information

Directors

Mr B D Murphy

Mr C P Murphy

Mrs R Mason

Mrs S Murphy

Registered office

Five Mile House
128 Hanbury Road
Stoke Prior
Bromsgrove
B60 4JZ

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Iguana Exhibitions Limited

(Registration number: 02812853)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

164,766

165,330

Investments

5

49

49

 

164,815

165,379

Current assets

 

Debtors

6

485,452

297,205

Cash at bank and in hand

 

473,410

1,113,699

 

958,862

1,410,904

Creditors: Amounts falling due within one year

7

(493,583)

(811,894)

Net current assets

 

465,279

599,010

Total assets less current liabilities

 

630,094

764,389

Creditors: Amounts falling due after more than one year

7

(198,065)

(287,244)

Net assets

 

432,029

477,145

Capital and reserves

 

Called up share capital

9,335

9,335

Capital redemption reserve

3,915

3,915

Retained earnings

418,779

463,895

Shareholders' funds

 

432,029

477,145

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Iguana Exhibitions Limited

(Registration number: 02812853)
Balance Sheet as at 30 November 2023

Approved and authorised by the Board on 28 August 2024 and signed on its behalf by:
 

.........................................
Mrs R Mason
Director

   
 

Iguana Exhibitions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Five Mile House
128 Hanbury Road
Stoke Prior
Bromsgrove
B60 4JZ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Iguana Exhibitions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% Reducing Balance

Computer Equipment

33.33% Straight Line

Fixtures and Fittings

33.33% Straight Line

Short Leasehold

Over the Lease Term

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Iguana Exhibitions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Iguana Exhibitions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2022 - 15).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

42,233

264,429

232,373

539,035

Additions

-

33,895

28,250

62,145

Disposals

-

-

(53,790)

(53,790)

At 30 November 2023

42,233

298,324

206,833

547,390

Depreciation

At 1 December 2022

42,233

248,504

82,967

373,704

Charge for the year

-

13,756

35,730

49,486

Eliminated on disposal

-

-

(40,566)

(40,566)

At 30 November 2023

42,233

262,260

78,131

382,624

Carrying amount

At 30 November 2023

-

36,064

128,702

164,766

At 30 November 2022

-

15,924

149,406

165,330

 

Iguana Exhibitions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Investments

2023
£

2022
£

Investments in associates

49

49

Associates

£

Cost

At 1 December 2022

49

Carrying amount

At 30 November 2023

49

At 30 November 2022

49

6

Debtors

2023
£

2022
£

Trade debtors

 

34,359

130,171

Owed by related parties

9

98,373

98,373

Other debtors

 

352,720

68,661

Total current trade and other debtors

 

485,452

297,205

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

110,623

106,406

Trade creditors

 

150,674

105,481

Taxation and social security

 

44,414

54,254

Accruals and deferred income

 

35,008

398,731

Other creditors

 

152,864

147,022

 

493,583

811,894

Due after one year

 

Loans and borrowings

8

198,065

287,244

 

Iguana Exhibitions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

129,599

211,702

Hire purchase contracts

68,466

75,542

198,065

287,244

2023
£

2022
£

Current loans and borrowings

Bank borrowings

81,852

81,600

Hire purchase contracts

28,771

24,806

110,623

106,406

9

Related party transactions

Summary of transactions with key management

At the end of the financial year, the company had an outstanding aggregate loan to two directors amounting to £286,378. This loan is interest-free and repayable on demand. The loan was fully repaid within 9 months of the year end.