Company registration number 04147103 (England and Wales)
IKO VENTURES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
IKO VENTURES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
IKO VENTURES LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
264,714
295,280
Current assets
Stocks
22,530
25,729
Debtors
4
89,467
25,838
Cash at bank and in hand
202,956
270,525
314,953
322,092
Creditors: amounts falling due within one year
5
(137,045)
(170,893)
Net current assets
177,908
151,199
Total assets less current liabilities
442,622
446,479
Creditors: amounts falling due after more than one year
6
(31,999)
(37,566)
Provisions for liabilities
(23,207)
(27,190)
Net assets
387,416
381,723
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
387,414
381,721
Total equity
387,416
381,723

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 January 2024 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.

IKO VENTURES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 September 2024 and are signed on its behalf by:
I Gordon
Director
Company registration number 04147103 (England and Wales)
IKO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information

IKO Ventures Limited is a private company limited by shares incorporated in England and Wales. The registered office is Trident House, 105 Derby Road, Liverpool, L20 8LZ.

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.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

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:

Leasehold improvements
5% Straight Line
Fixtures and fittings
15% Reducing Balance
Office Equipment
20% 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
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

IKO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.7
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.8
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

IKO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
24
23
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2023
352,093
200,671
552,764
Additions
-
0
6,393
6,393
At 31 January 2024
352,093
207,064
559,157
Depreciation and impairment
At 1 February 2023
150,500
106,984
257,484
Depreciation charged in the year
17,605
19,354
36,959
At 31 January 2024
168,105
126,338
294,443
Carrying amount
At 31 January 2024
183,988
80,726
264,714
At 31 January 2023
201,593
93,687
295,280
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
33,704
1,800
Amounts owed by group undertakings and undertakings in which the company has a participating interest
41,144
11,683
Other debtors
14,619
12,355
89,467
25,838
IKO VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
6,618
6,618
Trade creditors
39,601
30,381
Corporation tax
12,784
43,916
Other taxation and social security
29,342
32,303
Other creditors
48,700
57,675
137,045
170,893
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
31,999
37,566
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
2
2
2
2
2024-01-312023-02-01false03 September 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityI GordonK Gordonfalsefalse041471032023-02-012024-01-31041471032024-01-31041471032023-01-3104147103core:LandBuildings2024-01-3104147103core:OtherPropertyPlantEquipment2024-01-3104147103core:LandBuildings2023-01-3104147103core:OtherPropertyPlantEquipment2023-01-3104147103core:CurrentFinancialInstrumentscore:WithinOneYear2024-01-3104147103core:CurrentFinancialInstrumentscore:WithinOneYear2023-01-3104147103core:Non-currentFinancialInstrumentscore:AfterOneYear2024-01-3104147103core:Non-currentFinancialInstrumentscore:AfterOneYear2023-01-3104147103core:CurrentFinancialInstruments2024-01-3104147103core:CurrentFinancialInstruments2023-01-3104147103core:ShareCapital2024-01-3104147103core:ShareCapital2023-01-3104147103core:RetainedEarningsAccumulatedLosses2024-01-3104147103core:RetainedEarningsAccumulatedLosses2023-01-3104147103bus:Director12023-02-012024-01-3104147103core:LandBuildingscore:LongLeaseholdAssets2023-02-012024-01-3104147103core:FurnitureFittings2023-02-012024-01-3104147103core:ComputerEquipment2023-02-012024-01-31041471032022-02-012023-01-3104147103core:LandBuildings2023-01-3104147103core:OtherPropertyPlantEquipment2023-01-31041471032023-01-3104147103core:LandBuildings2023-02-012024-01-3104147103core:OtherPropertyPlantEquipment2023-02-012024-01-3104147103core:WithinOneYear2024-01-3104147103core:WithinOneYear2023-01-3104147103core:Non-currentFinancialInstruments2024-01-3104147103core:Non-currentFinancialInstruments2023-01-3104147103bus:PrivateLimitedCompanyLtd2023-02-012024-01-3104147103bus:SmallCompaniesRegimeForAccounts2023-02-012024-01-3104147103bus:FRS1022023-02-012024-01-3104147103bus:AuditExemptWithAccountantsReport2023-02-012024-01-3104147103bus:Director22023-02-012024-01-3104147103bus:FullAccounts2023-02-012024-01-31xbrli:purexbrli:sharesiso4217:GBP