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Registration number: 11649406

IEC Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

IEC Holdings Limited

Contents

Company Information

1

Strategic Report

2

Director's Report

3

Accountants' Report

4

Profit and Loss Account and Statement of Retained Earnings

5

Balance Sheet

6 to 7

Notes to the Unaudited Financial Statements

8 to 14

 

IEC Holdings Limited

Company Information

Director

Mr Keith Wilson

Registered office

IEC House
Old Springs
Market Drayton
Shropshire
TF9 2PG

Accountants

DSM CA Limited
Station House Station Road
Whalley
Clitheroe
Lancashire
BB7 9RT

 

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 director on 25 September 2024
 

.........................................
Mr Keith Wilson
Director

 

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:

Mr Keith Wilson

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 director on 25 September 2024
 

.........................................
Mr Keith Wilson
Director

 

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.

......................................

DSM CA Limited
Station House Station Road
Whalley
Clitheroe
Lancashire
BB7 9RT

25 September 2024

 

IEC Holdings Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

3

240,378

144,659

Administrative expenses

 

(160,605)

(94,438)

Operating profit

4

79,773

50,221

Other interest receivable and similar income

5

200,000

-

 

200,000

-

Profit before tax

 

279,773

50,221

Taxation

7

(21,594)

(3,836)

Profit for the financial year

 

258,179

46,385

Retained earnings brought forward

 

117,870

71,485

Dividends paid

 

(183,500)

-

Retained earnings carried forward

 

192,549

117,870

 

IEC Holdings Limited

(Registration number: 11649406)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

8

197,541

198,214

Investment property

9

2,637,741

2,637,741

Investments

10

700

-

Other financial assets

11

134,694

134,694

 

2,970,676

2,970,649

Current assets

 

Debtors

12

77,265

54,218

Investments

13

2,909,886

-

Cash at bank and in hand

 

40,080

115,830

 

3,027,231

170,048

Creditors: Amounts falling due within one year

15

(84,293)

(56,975)

Net current assets

 

2,942,938

113,073

Total assets less current liabilities

 

5,913,614

3,083,722

Creditors: Amounts falling due after more than one year

15

(5,610,379)

(2,965,752)

Net assets

 

303,235

117,970

Capital and reserves

 

Called up share capital

800

100

Revaluation reserve

109,886

-

Retained earnings

192,549

117,870

Shareholders' funds

 

303,235

117,970

 

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 director on 25 September 2024
 

.........................................
Mr Keith Wilson
Director

 

IEC Holdings Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
IEC House
Old Springs
Market Drayton
Shropshire
TF9 2PG
Great Britain

These financial statements were authorised for issue by the director on 25 September 2024.

2

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

Investment property is valued at the original cost of acquisition of the property at initial recognition including legal and other costs as required by FRS 102. The property will be subject to a fair valuation at each subsequent reporting date.

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.

3

Turnover

The analysis of the company's revenue for the year from continuing operations is as follows:

2023
 £

2022
 £

Rental income from investment property

240,378

144,659

4

Operating profit

Arrived at after charging/(crediting)

2023
 £

2022
 £

Depreciation expense

16,358

691

5

Other interest receivable and similar income

2023
 £

2022
 £

Dividend income

200,000

-

6

Staff costs

The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:

2023
No.

2022
No.

Directors paid by other group companies

1

1

1

1

 

IEC Holdings Limited

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

7

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

21,594

3,836

8

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

175,145

23,760

198,905

Additions

4,433

11,251

15,684

At 31 December 2023

179,578

35,011

214,589

Depreciation

At 1 January 2023

-

691

691

Charge for the year

8,979

7,378

16,357

At 31 December 2023

8,979

8,069

17,048

Carrying amount

At 31 December 2023

170,599

26,942

197,541

At 31 December 2022

175,145

23,069

198,214

Included within the net book value of land and buildings above is £170,600 (2022 - £175,145) in respect of freehold land and buildings.
 

9

Investment properties

2023
£

At 1 January

2,637,741

At 31 December

2,637,741

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

10

Investments

2023
 £

2022
 £

Investments in subsidiaries

700

-

Subsidiaries

£

Cost or valuation

Additions

700

Provision

Carrying amount

At 31 December 2023

700

11

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

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

134,694

 

IEC Holdings Limited

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

12

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

62,710

42,072

Amounts owed by related parties

11,000

-

Other debtors

 

2,029

2,482

Prepayments

 

1,526

9,664

   

77,265

54,218

13

Current asset investments

2023
 £

2022
 £

Other investments

2,909,886

-

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.

14

Cash and cash equivalents

2023
 £

2022
 £

Cash at bank

40,080

115,830

15

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Trade creditors

 

-

17,712

Social security and other taxes

 

9,602

-

Rent deposits and Accrued expenses

 

10,711

7,556

Corporation Tax due

7

21,594

3,836

Deferred income

 

42,386

27,871

 

84,293

56,975

Due after one year

 

Other non-current financial liabilities

 

5,610,379

2,965,752

 

IEC Holdings Limited

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

16

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

800

800

100

100

         

New shares allotted

During the year 700 Ordinary shares having an aggregate nominal value of £700 were allotted for an aggregate consideration of £700. Acquisition of subsidiary.

17

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £229.375 (2022 - £Nil) per each Ordinary shares

 

183,500

 

-