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REGISTERED NUMBER: 11464895 (England and Wales)










IGNEOUS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






IGNEOUS LIMITED (REGISTERED NUMBER: 11464895)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


IGNEOUS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: P F Maggs
M R Stevens
P Hughes
K Burgess
D Hayhoe



REGISTERED OFFICE: 197 Newport Road
Cardiff
CF24 1AJ



REGISTERED NUMBER: 11464895 (England and Wales)



SENIOR STATUTORY AUDITOR: Henry Lloyd Davies



AUDITORS: Bevan Buckland LLP
Chartered Accountants
And Statutory Auditors
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

IGNEOUS LIMITED (REGISTERED NUMBER: 11464895)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Stocks - 943,226
Debtors 4 125,756 476,954
Cash at bank and in hand 504,520 280,602
630,276 1,700,782
CREDITORS
Amounts falling due within one year 5 294,620 427,662
NET CURRENT ASSETS 335,656 1,273,120
TOTAL ASSETS LESS CURRENT
LIABILITIES

335,656

1,273,120

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 335,655 1,273,119
335,656 1,273,120

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2024 and were signed on its behalf by:





P F Maggs - Director


IGNEOUS LIMITED (REGISTERED NUMBER: 11464895)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Igneous Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
The financial statements have been prepared on a going concern basis.

Igneous was established to carry out development of properties for open market sale. At the end of March 2024 they had completed their first scheme and all units were now sold. All loans relating to the property development have been repaid and the remaining profits (allowing for a small sum of reserves) will be gift aided to the parent, Cadwyn Housing Association.

Over the next 12 months the company will remain dormant until another scheme is acquired, with the only ongoing activity being the property management required on behalf of the leaseholders. The Company continues to adopt the going concern basis in preparing its financial statements. The directors have been given assurances from the board of the parent Association that their financial support will continue, if required.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover consists of the proceeds of property sales and related income which are recognised at the point of exchange of contract.

Work in progress
Work in progress relates to ongoing works on the scheme at The Wharf, Cardiff and is held at contractor valuation as at the year end.Work in progress is reviewed and is held at the lower of cost or net realisable value.


IGNEOUS LIMITED (REGISTERED NUMBER: 11464895)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

The Board have determined that all taxable profits will be donated to the parent charity Cadwyn as Gift Aid.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

IGNEOUS LIMITED (REGISTERED NUMBER: 11464895)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Cash at bank and cash in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at transaction price.

Provision for liabilities
Provisions are recognised when the company has a present obligation (legal and constructive) from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

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, 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.

IGNEOUS LIMITED (REGISTERED NUMBER: 11464895)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 298 158,618
Other debtors 125,458 218,336
125,756 376,954

Amounts falling due after more than one year:
Other debtors - 100,000

Aggregate amounts 125,756 476,954

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 2,890 4,447
Amounts owed to group undertakings 1,761 7,136
Taxation and social security 4,691 20,808
Other creditors 285,278 395,271
294,620 427,662

6. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Henry Lloyd Davies (Senior Statutory Auditor)
for and on behalf of Bevan Buckland LLP

7. ULTIMATE CONTROLLING PARTY

The controlling party is Cadwyn Housing Association Limited.