Company registration number 14696547 (England and Wales)
INTERNATIONAL GAS DETECTORS LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
INTERNATIONAL GAS DETECTORS LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
INTERNATIONAL GAS DETECTORS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
Notes
£
£
Fixed assets
Investments
4
1,997
Current assets
Debtors
3
Net current assets
3
Net assets
2,000
Capital and reserves
Called up share capital
2,000
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 14 August 2024 and are signed on its behalf by:
Mr Andrew Collier
Director
Company registration number 14696547 (England and Wales)
INTERNATIONAL GAS DETECTORS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
Share capital
Notes
£
Balance at 1 March 2023
Period ended 31 December 2023:
Profit and total comprehensive income
-
Issue of share capital
432,000
Reduction of shares
(430,000)
Balance at 31 December 2023
2,000
INTERNATIONAL GAS DETECTORS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
International Gas Detectors Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Readon House, 2A Gatley Road, Cheadle, Greater Manchester, SK8 1PY.
1.1
Reporting period
The company has shortened its reporting period to the 31st December 2023 in order to align with the parent company, following it's acquisition.
1.2
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” 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.
1.3
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:
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 impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
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.
1.5
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.
INTERNATIONAL GAS DETECTORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2023
Number
Total
3
INTERNATIONAL GAS DETECTORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 5 -
3
Tangible fixed assets
Total
£
Cost
At 1 March 2023
Additions
430,000
Disposals
(430,000)
At 31 December 2023
Depreciation and impairment
At 1 March 2023 and 31 December 2023
Carrying amount
At 31 December 2023
4
Fixed asset investments
2023
£
Shares in group undertakings and participating interests
1,997
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 March 2023
-
Additions
431,997
At 31 December 2023
431,997
Impairment
At 1 March 2023
-
Disposals
430,000
At 31 December 2023
430,000
Carrying amount
At 31 December 2023
1,997
5
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
INTERNATIONAL GAS DETECTORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
5
Audit report information
(Continued)
- 6 -
Senior Statutory Auditor:
Lee Van Houplines FCA
Statutory Auditor:
MHA
Date of audit report:
14 August 2024
6
Capital reduction and reconstruction scheme
In May 2023 International Gas Detectors Ltd was inserted as the new group holding company via a share for share exchange. New A, and B, shares were issued to the shareholders, being 2,000 A, ordinary shares of £1 and 430,000 B, ordinary shares of £1. A dividend in species equivalent to the market value of the office property was paid to this company on 10 May 2023.
COANDA NW Ltd was incorporated outside the group by Andrew Collier, Colin Peake and David McCoy, who are current/former directors of the company. In satisfaction for the reduction in share capital of the B Ordinary shares, the office property was transferred by International Gas Detectors Ltd to COANDA NW Ltd at it's market value of £430,000.
COANDA NW Ltd issued 430,000 new consideration shares of £1 equivalent to the value of the B Ordinary shares cancelled by International Gas Detectors Ltd. The shareholders received no consideration other than the Ordinary shares issued to them in International Gas Detectors Ltd.