Company registration number SC619856 (Scotland)
INDIGO 7 VENTURES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
INDIGO 7 VENTURES LIMITED
COMPANY INFORMATION
Directors
F C Duguid
M A Buchan
D M Duguid
D H Duguid
C A Hailes
Company number
SC619856
Registered office
Unit 1
Dunnottar House
Howe Moss Drive
Dyce
Aberdeen
Scotland
AB21 0FN
INDIGO 7 VENTURES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
INDIGO 7 VENTURES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
21
Investments
4
382,998
307,998
382,998
308,019
Current assets
Debtors
6
6,149,042
3,729,264
Cash at bank and in hand
414
5,193
6,149,456
3,734,457
Creditors: amounts falling due within one year
7
(4,243,350)
(1,499,874)
Net current assets
1,906,106
2,234,583
Total assets less current liabilities
2,289,104
2,542,602
Creditors: amounts falling due after more than one year
8
(35,481)
(42,031)
Net assets
2,253,623
2,500,571
Capital and reserves
Called up share capital
9
3,000,000
3,000,000
Profit and loss reserves
(746,377)
(499,429)
Total equity
2,253,623
2,500,571
The notes on pages 3 to 8 form part of these financial statements.
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 31 December 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.
INDIGO 7 VENTURES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 August 2024 and are signed on its behalf by:
M A BUCHAN
M A Buchan
Director
Company registration number SC619856 (Scotland)
INDIGO 7 VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Indigo 7 Ventures Limited is a private company limited by shares incorporated in Scotland. The registered office is Unit 1, Dunnottar House, Howe Moss Drive, Dyce, Aberdeen, Scotland, AB21 0FN.
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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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
3 years straight line
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.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for indicators of impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the statement of comprehensive income.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
INDIGO 7 VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
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.
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 only enters into basic financial transactions that result in the recognition of the financial assets and liabilities like trade and other debtors and creditors. These are measured at amortised cost and assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.
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
Employee benefits
The company operates a defined contribution plan for it's employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.
1.10
Retirement benefits
The company operates a defined contribution plan for it's employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the statement of comprehensive income.
INDIGO 7 VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
9
9
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
8,438
Depreciation and impairment
At 1 January 2023
8,417
Depreciation charged in the year
21
At 31 December 2023
8,438
Carrying amount
At 31 December 2023
-
At 31 December 2022
21
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
8,001
8,001
Other investments other than loans
374,997
299,997
382,998
307,998
The investment total includes investments in subsidiary companies Ingenii Resource Limited and I7V Renewables Limited. The total also includes investments in Xergy Group Limited.
INDIGO 7 VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2023
8,001
299,997
307,998
Additions
-
75,000
75,000
At 31 December 2023
8,001
374,997
382,998
Carrying amount
At 31 December 2023
8,001
374,997
382,998
At 31 December 2022
8,001
299,997
307,998
5
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Ingenii Resource Limited
Beacon Innovation Centre Beacon Park, Gorleston-On-Sea, Great Yarmouth, England, NR31 7RA
Ordinary
100.00
I7V Renewables Limited
Blackwood House, Union Grove Lane, Aberdeen, Scotland, AB10
Ordinary
80.00
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
-
133,351
Amounts owed by group undertakings
6,124,262
3,576,053
Other debtors
22,112
19,860
Prepayments and accrued income
2,668
-
6,149,042
3,729,264
INDIGO 7 VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
6,550
4,367
Trade creditors
470
50,016
Taxation and social security
6,553
7,860
Other creditors
4,223,820
1,426,956
Accruals and deferred income
5,957
10,675
4,243,350
1,499,874
The interest rate on the balance included under bank loans is 2.5% per annum.
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
35,481
42,031
The final repayment of this balance is due in May 2030. The interest rate on this loan is 2.5% per annum.
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A ordinary of £1 each
250,000
250,000
250,000
250,000
B ordinary of £1 each
250,000
250,000
250,000
250,000
C ordinary of £1 each
500,000
500,000
500,000
500,000
D ordinary of £1 each
500,000
500,000
500,000
500,000
E ordinary of £1 each
500,000
500,000
500,000
500,000
F ordinary of £1 each
500,000
500,000
500,000
500,000
G ordinary of £1 each
500,000
500,000
500,000
500,000
3,000,000
3,000,000
3,000,000
3,000,000
INDIGO 7 VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
10
Related party transactions
At the year end the company is due amounts from a subsidiary of £714,238 (2022 - £714,238), there were no advances or credits on this balance during the year.
During the period, the company made advances to another subsidiary of £2,996,708 and received credits of £448,499, resulting in a balance due at the year end of £5,410,023 (2022 - £2,861,814).
During the period, the company made advances to another subsidiary of £35,147 and received credits of £17,675, resulting in a balance due at the year end of £18,672 (2022 - £1,200).
During the period, the company received credits from another subsidiary of £2,775, resulting in a balance due at the year end of nil (2022 - £2,775).
During the period, the company made advances to another subsidiary of £20, resulting in a balance due at the year end of £20 (2022 - nil).
11
Directors' transactions
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Directors Loan
-
-
(175,000)
(175,000)
Directors Loan
-
(1,425,262)
(2,621,683)
(4,046,945)
(1,425,262)
(2,796,683)
(4,221,945)
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