Registered number
07073934
ILG Business Limited
Filleted Accounts
30 November 2023
ILG Business Limited
Registered number: 07073934
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,258,081 913,179
Current assets
Stocks 1,656,368 1,765,848
Debtors 4 448,115 513,766
Cash at bank and in hand 92,170 31,211
2,196,653 2,310,825
Creditors: amounts falling due within one year 5 (433,310) (459,875)
Net current assets 1,763,343 1,850,950
Total assets less current liabilities 4,021,424 2,764,129
Creditors: amounts falling due after more than one year 6 (2,432,706) (1,172,595)
Net assets 1,588,718 1,591,534
Capital and reserves
Called up share capital 1 1
Revaluation reserve 7 440,758 516,593
Profit and loss account 1,147,959 1,074,940
Shareholder's funds 1,588,718 1,591,534
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr R Groves
Director
Approved by the board on 13 May 2024
ILG Business Limited
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% straight line
Plant and machinery 20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 December 2022 650,000 250,444 106,571 1,007,015
Additions 1,300,000 79,932 14,000 1,393,932
At 30 November 2023 1,950,000 330,376 120,571 2,400,947
Depreciation
At 1 December 2022 - 68,339 25,497 93,836
Charge for the year - 27,020 22,010 49,030
At 30 November 2023 - 95,359 47,507 142,866
Net book value
At 30 November 2023 1,950,000 235,017 73,064 2,258,081
At 30 November 2022 650,000 182,105 81,074 913,179
4 Debtors 2023 2022
£ £
Trade debtors 443,743 297,467
Other debtors 4,372 216,299
448,115 513,766
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 60,680 60,680
Obligations under finance lease and hire purchase contracts 212,420 212,420
Trade creditors 43,323 116,981
Taxation and social security costs 113,299 62,919
Other creditors 3,588 6,875
433,310 459,875
6 Creditors: amounts falling due after one year 2023 2022
£ £
Director's loan account 1,055,230 98,143
Bank loans 283,075 345,142
Obligations under finance lease and hire purchase contracts 881,825 729,310
Other creditors 212,576 -
2,432,706 1,172,595
7 Revaluation reserve 2023 2022
£ £
At 1 December 2022 516,593 714,092
Gain on revaluation of motor vehicles - 28,001
Disposal of revalued motor vehicles (75,835) (225,500)
At 30 November 2023 440,758 516,593
8 Other information
ILG Business Limited is a private company limited by shares and incorporated in England. Its registered office is:
70 Gracechurch Street
3rd Floor
London
EC3V 0HR
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