REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
INIGO BUSINESS CENTRES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
INIGO BUSINESS CENTRES LIMITED |
INIGO BUSINESS CENTRES LIMITED (REGISTERED NUMBER: 03482701) |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
INIGO BUSINESS CENTRES LIMITED |
COMPANY INFORMATION |
For The Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
1 Carnegie Road |
Newbury |
Berkshire |
RG14 5DJ |
INIGO BUSINESS CENTRES LIMITED (REGISTERED NUMBER: 03482701) |
ABRIDGED BALANCE SHEET |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their 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. |
INIGO BUSINESS CENTRES LIMITED (REGISTERED NUMBER: 03482701) |
ABRIDGED BALANCE SHEET - continued |
31 December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
INIGO BUSINESS CENTRES LIMITED (REGISTERED NUMBER: 03482701) |
NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Inigo Business Centres Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The directors maintain an ongoing review of the company's activities. Working capital in the form of a bank loan is available to the company. The directors are of the opinion that there is sufficient working capital to allow the company to operate for the foreseeable future. |
Investment in subsidiary |
Investment in the subsidiary undertaking is recognised at cost. |
Change of accounting period |
For operational reasons, the company year end was shortened to 31 December 2022 in the prior year, giving a 9 month period. The comparatives are therefore not entirely comparable to the 12 month period this year. |
Preparation of consolidated financial statements |
The financial statements contain information about Inigo Business Centres Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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 recognised at the fair value of the consideration received or receivable from the provision of serviced office facilities provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
INIGO BUSINESS CENTRES LIMITED (REGISTERED NUMBER: 03482701) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
During the year the directors reorganised the asset categories. In addition the depreciation rates of each category were changed. The effect on the depreciation charge was not material. |
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: |
Land and buildings Over the period of the lease |
Plant and machinery Variable rates |
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. |
Impairment of fixed assets |
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash generating unit to which the asset belongs. |
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cashflows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cashflows have not been adjusted. |
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. |
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. |
INIGO BUSINESS CENTRES LIMITED (REGISTERED NUMBER: 03482701) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 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. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Rent free periods granted to the company are accounted for over the period of the lease on a straight line basis. |
INIGO BUSINESS CENTRES LIMITED (REGISTERED NUMBER: 03482701) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks. |
The Bounce Back Loan is a basic financial instrument and reported in the financial statements at amortised cost. Any finance charges are calculated at the effective rate of interest and charged to the profit and loss on an accruals basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) |
Reclassification/transfer | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
Reclassification/transfer | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
INIGO BUSINESS CENTRES LIMITED (REGISTERED NUMBER: 03482701) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2023 |
6. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 | 262,471 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 | 262,471 |
The fixed asset investment represented 100% of the share capital of Pantiles Chambers Limited. |
7. | SECURED DEBTS |
Two rent deposit deeds are registered with Companies House. |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 85,000 | 85,000 |
9. | PENSIONS AND OTHER FINANCIAL COMMITMENTS |
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account during the period was £5,638 (period to 31.12.22 - £4,243). The balance outstanding at the year end was a debtor of £120 (2022 creditor - £1,165). |
At 31 December 2023, the company had total commitments under non-cancellable operating leases which are not included in the balance sheet of £3,471,209 (2022 - £2,580,970). |
10. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is UBC Holdings Ltd. |
The registered office of UBC Holdings Ltd is: |
1310 Solihull Parkway |
Birmingham Business Park |
Birmingham |
England |
B37 7YB |