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Registration number: 05915052

Igenix Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Igenix Limited

Contents


 

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Igenix Limited

Registration number: 05915052

Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

180,243

176,322

Current assets

 

Stocks

5

610

550

Debtors

6

83,151

60,381

Cash at bank and in hand

 

192,721

112,404

 

276,482

173,335

Creditors: Amounts falling due within one year

7

(57,468)

(37,316)

Net current assets

 

219,014

136,019

Total assets less current liabilities

 

399,257

312,341

Provisions for liabilities

(9,701)

(6,127)

Net assets

 

389,556

306,214

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

389,456

306,114

Shareholders' funds

 

389,556

306,214



The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.

 

Igenix Limited

Registration number: 05915052

Balance Sheet as at 29 February 2024 (continued)

For the financial year ending 29 February 2024 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 18 September 2024
 

M A Gardiner
Director

   
     

 

Igenix Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
Hawthorne Lodge
Low Road North Tuddenham
Dereham
Norfolk
NR20 3DH
England

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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.

 

Igenix Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

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

Leasehold properties

Straight line over the life of the lease

Fixtures, fittings and equipment

25% reducing balance

Motor vehicles

25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Igenix Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 16 (2023 - 13).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

298,945

76,026

36,721

411,692

Additions

9,282

10,675

14,400

34,357

Disposals

-

(18,493)

(5,000)

(23,493)

At 29 February 2024

308,227

68,208

46,121

422,556

Depreciation

At 1 March 2023

156,655

55,250

23,465

235,370

Charge for the year

12,036

6,518

6,387

24,941

Eliminated on disposal

-

(15,107)

(2,891)

(17,998)

At 29 February 2024

168,691

46,661

26,961

242,313

Carrying amount

At 29 February 2024

139,536

21,547

19,160

180,243

At 28 February 2023

142,290

20,776

13,256

176,322

Included within the net book value of land and buildings above is £139,536 (2023: £142,290) in respect of short leasehold land and buildings.
 

 

Igenix Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

5

Stocks

2024
£

2023
£

Other inventories

610

550

6

Debtors

Current

2024
£

2023
£

Trade debtors

32,519

23,706

Prepayments

11,340

6,858

Other debtors

39,292

29,817

 

83,151

60,381

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

-

520

Directors loan account

254

47

Taxation and social security

 

48,939

26,887

Other creditors

 

8,275

9,862

 

57,468

37,316

 

Igenix Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary 'A' shares of £1 each

90

90

90

90

Ordinary 'B' shares of £1 each

5

5

5

5

Ordinary 'C' shares of £1 each

5

5

5

5

100

100

100

100