Registration number:
IEC Holdings Limited
for the Year Ended 31 December 2023
IEC Holdings Limited
Contents
Company Information |
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Strategic Report |
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Director's Report |
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Accountants' Report |
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Profit and Loss Account and Statement of Retained Earnings |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
IEC Holdings Limited
Company Information
Director |
Mr Keith Wilson |
Registered office |
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Accountants |
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IEC Holdings Limited
Strategic Report for the Year Ended 31 December 2023
The director presents his strategic report for the year ended 31 December 2023.
Principal activity
The principal activity of the company is commercial letting.
Fair review of the business
During the year, the company acquired the shares in International Energy Crops via a share for share issue.
The business has invested monies loaned from its subsidiary in order to generate an ongoing income return, whilst also looking to long-term capital appreciation.
During the year, the company's turnover increased from the previous year. It continues to receive rents from the commercial properties it owns. It is envisaged that the company will support it's subsidiary and other related entities in the expansion of these related businesses as these should provide medium to long-term benefits to the company.
The company has continued to be profitable and forecasts show increased profits in the future.
Principal risks and uncertainties
The directors see the key business risk and uncertainty being the ongoing economic turmoil in the UK amd how this will affect interest rates as many of the related businesses have substantial loans to support capital expenditure and more capital investment is planned in the short to mediium term. Also it has been mentioned that there is the possibility of substantial changes to the taxation of agricultural businesses under a new government, although nothing has yet been annnounced.
The company and the related businesses have only a small amount of trade with the EU and are currently experiencing little disruption to trade, but are constantly reviewing the position.
Approved and authorised by the
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IEC Holdings Limited
Director's Report for the Year Ended 31 December 2023
The director presents his report and the financial statements for the year ended 31 December 2023.
Director of the company
The director who held office during the year was as follows:
Financial instruments
Objectives and policies
The company's activities expose it to financial risk, principally the risk of a market crash given the amount of investments. The investments have generated income - and continue to do so. There has also been capital growth in the investments. The investments are reviewed on a regular basis and the director constantly keeps a close eye on markets and the general economic position to ensure that the investments can be changed quickly should the need arise. Reviews are undertaken on a regular basis to ensure that the company is making best use of the money and other opportunities available.
Price risk, credit risk, liquidity risk and cash flow risk
The credit and liquidity risk arises from the investments the company has and also for the monies owed to the related parties, which may be needed in the future for development projects to diversify the various businesses. The company has procedures in place to keep a close tab on the valuation and return on the investments.
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
Approved and authorised by the
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Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
IEC Holdings Limited
for the Year Ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of IEC Holdings Limited for the year ended 31 December 2023 as set out on pages 5 to 14 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 at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of IEC Holdings Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of IEC Holdings Limited and state those matters that we have agreed to state to the Board of Directors of IEC Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than IEC Holdings Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that IEC Holdings Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of IEC Holdings Limited. You consider that IEC Holdings 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 accounts of IEC Holdings 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 accounts.
......................................
Whalley
Clitheroe
Lancashire
BB7 9RT
IEC Holdings Limited
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2023
Note |
2023 |
2022 |
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Turnover |
|
|
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Administrative expenses |
( |
( |
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Operating profit |
|
|
|
Other interest receivable and similar income |
|
- |
|
200,000 |
- |
||
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
|
Retained earnings brought forward |
117,870 |
71,485 |
|
Dividends paid |
( |
- |
|
Retained earnings carried forward |
192,549 |
117,870 |
IEC Holdings Limited
(Registration number: 11649406)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
|||
Tangible assets |
|
|
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Investment property |
|
|
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Investments |
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- |
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Other financial assets |
134,694 |
134,694 |
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|
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Current assets |
|||
Debtors |
|
|
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Investments |
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- |
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Cash at bank and in hand |
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|
|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
|
|
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Total assets less current liabilities |
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|
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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|
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Capital and reserves |
|||
Called up share capital |
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|
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Revaluation reserve |
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- |
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Retained earnings |
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|
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Shareholders' funds |
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IEC Holdings Limited
(Registration number: 11649406)
Balance Sheet as at 31 December 2023
For the financial 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.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
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IEC Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
Great Britain
These financial statements were authorised for issue by the
Accounting policies |
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.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
IEC Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Modular building |
5% SL |
Furniture and fittings |
25% RB |
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
IEC Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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 recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Turnover |
The analysis of the company's revenue for the year from continuing operations is as follows:
2023 |
2022 |
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Rental income from investment property |
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Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 |
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Depreciation expense |
|
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Other interest receivable and similar income |
2023 |
2022 |
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Dividend income |
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- |
Staff costs |
The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:
2023 |
2022 |
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Directors paid by other group companies |
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IEC Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Taxation |
Tax charged/(credited) in the profit and loss account
2023 |
2022 |
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Current taxation |
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UK corporation tax |
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Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
|||
At 1 January 2023 |
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|
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Additions |
|
|
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At 31 December 2023 |
|
|
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Depreciation |
|||
At 1 January 2023 |
- |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Included within the net book value of land and buildings above is £170,600 (2022 - £175,145) in respect of freehold land and buildings.
Investment properties |
2023 |
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At 1 January |
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At 31 December |
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There has been no valuation of investment property by an independent valuer.. The director is of the opinion that there has been no material change in the valuation of the properties since acquisition.
IEC Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Investments |
2023 |
2022 |
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Investments in subsidiaries |
|
- |
Subsidiaries |
£ |
Cost or valuation |
|
Additions |
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Provision |
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Carrying amount |
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At 31 December 2023 |
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Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
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Non-current financial assets |
||
Cost or valuation |
||
At 1 January 2023 |
134,694 |
134,694 |
At 31 December 2023 |
134,694 |
134,694 |
Impairment |
||
Carrying amount |
||
At 31 December 2023 |
|
134,694 |
IEC Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
|
|
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Amounts owed by related parties |
|
- |
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Other debtors |
|
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Prepayments |
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|
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Current asset investments |
2023 |
2022 |
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Other investments |
|
- |
The current asset investment comprises an initial amount of £2.8 million invested in a wide-ranging portfolio of unit trusts and money market cash bonds, together with the increase in value of those investments since they were taken out.
Cash and cash equivalents |
2023 |
2022 |
|
Cash at bank |
|
|
Creditors |
Note |
2023 |
2022 |
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Due within one year |
|||
Trade creditors |
- |
|
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Social security and other taxes |
|
- |
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Rent deposits and Accrued expenses |
|
|
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Corporation Tax due |
21,594 |
3,836 |
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Deferred income |
|
|
|
|
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Due after one year |
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Other non-current financial liabilities |
|
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IEC Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
800 |
|
100 |
New shares allotted
During the year 700 |
Dividends |
Interim dividends paid
2023 |
2022 |
|||
Interim dividend of £ |
|
- |
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