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14 October 2024
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No description of principal activity
2023-03-01
Sage Accounts Production Advanced 2024 - FRS102_2024
5,507,262
10,858
5,496,404
4,364,330
168,294
4,532,624
963,780
1,142,932
xbrli:pure
xbrli:shares
iso4217:GBP
10437460
2023-03-01
2023-08-31
10437460
2023-08-31
10437460
2023-02-28
10437460
2022-03-01
2023-02-28
10437460
2023-02-28
10437460
2022-02-28
10437460
bus:Director1
2023-03-01
2023-08-31
10437460
core:WithinOneYear
2023-08-31
10437460
core:WithinOneYear
2023-02-28
10437460
core:ShareCapital
2023-08-31
10437460
core:ShareCapital
2023-02-28
10437460
core:RetainedEarningsAccumulatedLosses
2023-08-31
10437460
core:RetainedEarningsAccumulatedLosses
2023-02-28
10437460
core:CostValuation
core:Non-currentFinancialInstruments
2023-02-28
10437460
core:AdditionsToInvestments
core:Non-currentFinancialInstruments
2023-08-31
10437460
core:CostValuation
core:Non-currentFinancialInstruments
2023-08-31
10437460
core:Non-currentFinancialInstruments
core:ProvisionsForImpairmentInvestments
2023-02-28
10437460
core:ImpairmentLossProvisionsForImpairmentInvestments
core:Non-currentFinancialInstruments
2023-08-31
10437460
core:Non-currentFinancialInstruments
core:ProvisionsForImpairmentInvestments
2023-08-31
10437460
core:Non-currentFinancialInstruments
2023-08-31
10437460
core:Non-currentFinancialInstruments
2023-02-28
10437460
bus:SmallEntities
2023-03-01
2023-08-31
10437460
bus:Audited
2023-03-01
2023-08-31
10437460
bus:SmallCompaniesRegimeForAccounts
2023-03-01
2023-08-31
10437460
bus:PrivateLimitedCompanyLtd
2023-03-01
2023-08-31
10437460
bus:FullAccounts
2023-03-01
2023-08-31
10437460
core:KeyManagementPersonnel
2023-03-01
2023-08-31
10437460
core:AllAssociates
2023-03-01
2023-08-31
COMPANY REGISTRATION NUMBER:
10437460
Filleted Financial Statements |
|
Period from 1 March 2023 to 31 August 2023
Statement of financial position |
1 |
|
|
Notes to the financial statements |
2 |
|
|
Statement of Financial Position |
|
31 August 2023
|
31 Aug 23 |
28 Feb 23 |
|
|
(restated) |
Note |
£ |
£ |
|
|
|
Fixed assets
Investments |
5 |
963,780 |
1,142,932 |
|
|
|
|
Current assets
Debtors |
6 |
791,556 |
743,698 |
Cash at bank and in hand |
1,836 |
225 |
|
--------- |
--------- |
|
793,392 |
743,923 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
6,424,749 |
6,372,329 |
|
------------ |
------------ |
Net current liabilities |
5,631,357 |
5,628,406 |
|
------------ |
------------ |
Total assets less current liabilities |
(
4,667,577) |
(
4,485,474) |
|
------------ |
------------ |
Net liabilities |
(
4,667,577) |
(
4,485,474) |
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
100 |
100 |
Profit and loss account |
(
4,667,677) |
(
4,485,574) |
|
------------ |
------------ |
Shareholders deficit |
(
4,667,577) |
(
4,485,474) |
|
------------ |
------------ |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
1 October 2024
, and are signed on behalf of the board by:
Mr M A H Kachingwe |
|
Director |
|
|
|
Company registration number:
10437460
Notes to the Financial Statements |
|
Period from 1 March 2023 to 31 August 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 27 New Dover Road, Canterbury, CT1 3DN, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have considered going concern with particular reference to the amounts owed to the company by other group companies. The directors have received confirmation of support from the other companies in the group and the group has also received confirmation from the ultimate shareholder that they will continue to support the entity to meet its liabilities as they fall due. The directors have no reason to believe that this will not be received, if required, and continue to prepare the accounts on this basis.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Ilektra Limited as at 31st August 2023 which can be obtained from 27 New Dover Road, Canterbury, Kent, United Kingdom, CT1 3DN. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. (c) Disclosures in respect of share-based payments have not been presented. (d) No disclosure has been given for the aggregate remuneration of key management personnel. These exemptions have been applied on the basis that Ilektra Limited includes equivalent disclosures for
Wiesloch Limited
in its consolidated financial statements prepared in accordance with UK GAAP.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4.
Employees
There were no employees during the current or comparative period.
5.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 March 2023 as restated |
5,507,262 |
Additions |
(
10,858) |
|
------------ |
At 31 August 2023 |
5,496,404 |
|
------------ |
Impairment |
|
At 1 March 2023 as restated |
4,364,330 |
Impairment losses |
168,294 |
|
------------ |
At 31 August 2023 |
4,532,624 |
|
------------ |
|
|
Carrying amount |
|
At 31 August 2023 |
963,780 |
|
------------ |
At 28 February 2023 |
1,142,932 |
|
------------ |
|
|
6.
Debtors
|
31 Aug 23 |
28 Feb 23 |
|
|
(restated) |
|
£ |
£ |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
791,556 |
741,556 |
Other debtors |
– |
2,142 |
|
--------- |
--------- |
|
791,556 |
743,698 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
31 Aug 23 |
28 Feb 23 |
|
|
(restated) |
|
£ |
£ |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
2,203,975 |
1,971,744 |
Other creditors |
4,220,774 |
4,400,585 |
|
------------ |
------------ |
|
6,424,749 |
6,372,329 |
|
------------ |
------------ |
|
|
|
8.
Prior period errors
The prior period has been adjusted to reflect the impairment of investments and presentation of group balances. The impact of this adjustment is present below:
|
|
Previously stated |
Adjustment |
Re-stated |
|
|
£ |
£ |
£ |
|
Investments |
1,599,903 |
(456,971) |
1,142,932 |
|
Amounts owed to group undertakings |
1,845,274 |
126,470 |
1,971,744 |
|
Profit and Loss account |
4,643,140 |
(158,115) |
4,485,025 |
|
Amounts owed by group undertakings |
– |
741,556 |
741,556 |
|
|
|
|
|
9.
Contingencies
The company has a contingent liability of £3,659,260 relating to cross company gurantees for security given to IGF Business Credit Ltd.
10.
Summary audit opinion
The auditor's report dated
14 October 2024
was
unqualified
.
The senior statutory auditor was
Richard Stewart
, for and on behalf of
Burgess Hodgson LLP
.
11.
Related party transactions
At the balance sheet date the company owed the Director £4,008,717 (2023: £4,008,717).
Related party transactions with group companies have not been disclosed as consolidated accounts are prepared by the parent entity.
12.
Controlling party
The parent company is Ilektra Limited, a company registered in England and Wales. The ultimate controlling party is
Mr M A H Kachingwe
who owns 100% of the shares of the parent company. His service address is Unit 1, Soverign Park, Cleveland Way, Hemel Hemmpstead Industrial Estate, Hemel Hempstead, Hertfordshire, England, HP2 7DA.