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REGISTERED NUMBER: 08875629 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Industrial Finance & Leasing Ltd

Industrial Finance & Leasing Ltd (Registered number: 08875629)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Industrial Finance & Leasing Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTOR: A Majid


SECRETARY: A Majid


REGISTERED OFFICE: 5-7 New Road
Radcliffe
Manchester
M26 1LS


REGISTERED NUMBER: 08875629 (England and Wales)


SENIOR STATUTORY AUDITOR: Amanjit Singh FCA


AUDITORS: KNAV Limited
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE


BANKERS: Barclays Bank Plc
Clapham Junction
London

Industrial Finance & Leasing Ltd (Registered number: 08875629)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
CURRENT ASSETS
Debtors 5 444,465 302,740
Cash at bank 222,575 278,038
667,040 580,778
CREDITORS
Amounts falling due within one year 6 651,175 566,109
NET CURRENT ASSETS 15,865 14,669
TOTAL ASSETS LESS CURRENT
LIABILITIES

15,865

14,669

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 15,863 14,667
SHAREHOLDERS' FUNDS 15,865 14,669

The 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, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 September 2024 and were signed by:





A Majid - Director


Industrial Finance & Leasing Ltd (Registered number: 08875629)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. 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.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in UK Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern
The financial statements have been prepared on the assumption that the company remains a going concern. The directors consider that the company will be able to meet its day-to-day working capital requirements through its ongoing commercial business contracts.

Turnover
Turnover comprises the fair value of the consideration received or receivable for the reimbursement of certain expenditure incurred by the company and an agreed fixed monthly fee for the company's role in servicing the leasing contracts.

Tax
The tax expense for the period comprises 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.

Foreign currency transactions and balances
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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.

Industrial Finance & Leasing Ltd (Registered number: 08875629)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
i. Financial assets

Basic financial assets, including trade and other debtors, and cash and bank balances, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method, unless they are receivable within one year. In these instances, assets are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be received.

At the end of each reporting period financial assets are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

ii. Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, and amounts due from fellow group undertakings, 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 receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method, unless they are payable within one year. In these instances, assets are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid.

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 or 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. 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 obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

Industrial Finance & Leasing Ltd (Registered number: 08875629)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other debtors 444,465 302,740

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Taxation and social security 21,097 16,318
Other creditors 630,078 549,791
651,175 566,109

7. CALLED UP SHARE CAPITAL

As of 31st December 2023, the company's share capital consisted of 2 ordinary shares with a nominal value of£1 each (2022 : 2 ordinary shares with a nominal value of £1 each). All shares are allocated, called up and fully paid.

8. CONTROLLING PARTY

The ultimate controlling party is Abid Majid, who exercises control over the entity's financial and operating policies.

9. AUDIT REPORT

The independent Auditor's Report was unqualified. The name of the Senior Statutory Audit who signed the audit report on / / was Amanjit Singh FCA who signed for and on behalf of KNAV.