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COMPANY REGISTRATION NUMBER: 12357581
INJ Limited
Filleted Unaudited Financial Statements
31 December 2023
INJ Limited
Financial Statements
Year ended 31 December 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
INJ Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
155,184
158,558
Current assets
Debtors
6
101
Cash at bank and in hand
4,486
2,232
-------
-------
4,587
2,232
Creditors: amounts falling due within one year
7
( 70,904)
( 60,090)
--------
--------
Net current liabilities
( 66,317)
( 57,858)
---------
---------
Total assets less current liabilities
88,867
100,700
Creditors: amounts falling due after more than one year
8
( 97,391)
( 104,407)
--------
---------
Net liabilities
( 8,524)
( 3,707)
--------
---------
Capital and reserves
Called up share capital
9
3
3
Profit and loss account
( 8,527)
( 3,710)
-------
-------
Shareholders deficit
( 8,524)
( 3,707)
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
INJ Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 23 September 2024 , and are signed on behalf of the board by:
Mr J D Robertson
Mr I S Dolling
Director
Director
Mr N E Fisher
Director
Company registration number: 12357581
INJ Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 12 Westhill Avenue, Milford Haven, Pembrokeshire, SA73 2RD.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Tax on loss
Major components of tax (income)/expense
2023
2022
£
£
Current tax:
UK current tax expense
102
Adjustments in respect of prior periods
( 102)
----
----
Total current tax
( 102)
102
----
----
----
----
Tax on loss
( 102)
102
----
----
5. Tangible assets
Freehold property
£
Cost
At 1 January 2023 and 31 December 2023
168,680
---------
Depreciation
At 1 January 2023
10,122
Charge for the year
3,374
---------
At 31 December 2023
13,496
---------
Carrying amount
At 31 December 2023
155,184
---------
At 31 December 2022
158,558
---------
6. Debtors
2023
2022
£
£
Other debtors
101
----
----
Other debtors includes an amount of £nil (2022 - £nil) due after more than one year.
7. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
103
Other creditors
70,904
59,987
--------
--------
70,904
60,090
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts (secured)
97,391
104,407
--------
---------
Included within creditors: amounts falling due after more than one year is an amount of £97,391 (2022: £104,407) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Hampshire Trust Bank Plc have a fixed and floating charge dated 21 July 2020 over the assets of the company.
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares of £ 1 each
1
1
1
1
Ordinary B shares of £ 1 each
1
1
1
1
Ordinary C shares of £ 1 each
1
1
1
1
----
----
----
----
3
3
3
3
----
----
----
----
10. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.