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REGISTERED NUMBER: 09348043 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

IDAC Developments Limited

IDAC Developments Limited (Registered number: 09348043)






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

Chartered Accountants' Report 5

IDAC Developments Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: A Valiauga





REGISTERED OFFICE: 244 Munster Road
London
SW6 6BA





REGISTERED NUMBER: 09348043 (England and Wales)





ACCOUNTANTS: Deeks Evans Audit Services Limited
Chartered Accountants
First Floor, West Barn
North Frith Farm, Ashes Lane
Hadlow
Tonbridge
Kent
TN11 9QU

IDAC Developments Limited (Registered number: 09348043)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Stocks 4 1,468,260 2,336,018
Debtors 5 533,783 72
Cash at bank - 2,022
2,002,043 2,338,112
CREDITORS
Amounts falling due within one year 6 1,890,729 2,065,877
NET CURRENT ASSETS 111,314 272,235
TOTAL ASSETS LESS CURRENT
LIABILITIES

111,314

272,235

CAPITAL & RESERVES
Called up share capital 8 1 1
Retained earnings 111,313 272,234
SHAREHOLDERS' FUNDS 111,314 272,235

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 25 September 2024 and were signed by:





A Valiauga - Director


IDAC Developments Limited (Registered number: 09348043)

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

1. STATUTORY INFORMATION

IDAC Developments 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.

Turnover
Turnover is ascertained in a manner appropriate to the stage of completion of the long term contracts. For speculative developments turnover is recognised at the date of exchange of contracts.

Work in progress
Work in progress is valued at the lower of cost and net realisable value.

Cost includes all direct expenditure but excludes any non-directly attributable overheads.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

3. EMPLOYEES AND DIRECTORS

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

4. STOCKS
2023 2022
£    £   
Work-in-progress 1,468,260 2,336,018

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 533,783 72

IDAC Developments Limited (Registered number: 09348043)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans & overdrafts 29,274 -
Other loans 1,856,535 1,075,052
Trade creditors - 10,733
Tax - 26,190
Other creditors - 925,271
Directors' current accounts - 99
Accrued expenses 4,920 28,532
1,890,729 2,065,877

7. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Other loans 1,856,535 1,075,052

The Other Loans are secured on the freehold properties contained within Work in Progress.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary £1 1 1

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
A Valiauga
Balance outstanding at start of year (99 ) (609 )
Amounts advanced 173,002 74,010
Amounts repaid (172,903 ) (73,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (99 )

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A Valiauga.

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
IDAC Developments Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of IDAC Developments Limited for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of IDAC Developments Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of IDAC Developments Limited and state those matters that we have agreed to state to the director of IDAC Developments Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than IDAC Developments Limited and its director for our work or for this report.

It is your duty to ensure that IDAC Developments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of IDAC Developments Limited. You consider that IDAC Developments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of IDAC Developments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Deeks Evans Audit Services Limited
Chartered Accountants
First Floor, West Barn
North Frith Farm, Ashes Lane
Hadlow
Tonbridge
Kent
TN11 9QU


25 September 2024