Company registration number 04423826 (England and Wales)
IFM HOLDINGS (UK) LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
IFM Holdings (UK) Limited
IFM HOLDINGS (UK) LIMITED
Company Information
Directors
S E McInnes
(Resigned 14 March 2023)
J L Medina
(Resigned 14 March 2023)
A Fairclough
(Appointed 14 March 2023)
J L Gallienne
(Appointed 14 March 2023)
Secretary
Praxis Secretaries (UK) Limited
Company number
04423826
Registered office
5th Floor
2 Copthall Avenue
London
United Kingdom
EC2R 7DA
IFM HOLDINGS (UK) LIMITED
CONTENTS
Page
Directors' report
1
Statement of comprehensive income
2
Statement of Financial Position
3
Statement of changes in equity
4
Notes to the financial statements
5 - 8
IFM HOLDINGS (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The Directors present their annual report and unaudited financial statements of IFM Holdings (UK) Limited (the “Company”) for the year ended 31 December 2023.
Principal activities
The principal activity of the Company continued to be that of investment holding.
Results and dividends
The Statement of Comprehensive Income for the year is set out on page 2.
Dividends paid for the year under review amounted to £NIL (2022: £NIL).
Directors
The Directors who held office during the year and through to the date of signing of the financial statements were as follows:
S E McInnes
(Resigned 14 March 2023)
J L Medina
(Resigned 14 March 2023)
A Fairclough
(Appointed 14 March 2023)
J L Gallienne
(Appointed 14 March 2023)
Going Concern
After making all reasonable enquiries the directors believe that it is appropriate to continue to adopt the going concern basis in the preparation of the financial statements. In forming their assessment, the directors have considered the impact of the ongoing global events on the Company and its counterparties and its ability to continue to pay its liabilities as they fall due.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
A Fairclough
Director
31 October 2024
IFM HOLDINGS (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
2023
2022
£
£
Turnover
-
-
Administrative expenses
90,258
Profit before taxation
90,258
Tax on profit
Profit for the financial year
90,258
The income statement has been prepared on the basis that all operations are continuing operations.
IFM HOLDINGS (UK) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -
2023
2022
Notes
£
£
£
£
Non-current assets
Investments
4
77,262
68,258
Current assets
Debtors
5
1,940,909
1,578,891
Creditors: amounts falling due within one year
6
(1,948,931)
(1,668,167)
Net current liabilities
(8,022)
(89,276)
Net assets/(liabilities)
69,240
(21,018)
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
69,238
(21,020)
Total equity
69,240
(21,018)
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the Company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
A Fairclough
Director
Company registration number 04423826 (England and Wales)
IFM HOLDINGS (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
2
(21,020)
(21,018)
Year ended 31 December 2022:
Profit and total comprehensive income
-
Balance at 31 December 2022
2
(21,020)
(21,018)
Year ended 31 December 2023:
Profit and total comprehensive income
-
90,258
90,258
Balance at 31 December 2023
2
69,238
69,240
IFM HOLDINGS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
1
Accounting policies
Company information
IFM Holdings (UK) Limited is a private company limited by shares incorporated in England and Wales on 24 April 2002. The registered office is 5th Floor, 2 Copthall Avenue, London, United Kingdom, EC2R 7DA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the UK Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in £, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the Company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
1.4
Financial instruments
The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of Financial Position 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.
IFM HOLDINGS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the Company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
IFM HOLDINGS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2
Judgements and key sources of estimation uncertainty
In the application of the Company’s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
2023
2022
Number
Number
Total
2
2
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
77,262
68,258
Movements in investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
68,258
Additions
9,004
At 31 December 2023
77,262
Carrying amount
At 31 December 2023
77,262
At 31 December 2022
68,258
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,940,909
1,578,891
IFM HOLDINGS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Debtors
(Continued)
- 8 -
The debtors balance is made up of the following loans:
IFM Trust SA - £1,673,914 (2022: £1,578,889)
Praxis Group Limited - £266,993 (2022: £Nil)
IFM Group Limited - £2 (2022: £2)
The loans are unsecured, interest free and repayable on demand.
6
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
1,948,931
1,668,167
The creditors balance is made up of the following loans:
IFM Trust SA - £271,759 (2022: Nil)
IFM Group Limited - £1,677,172 (2022: £1,668,167)
The loans are unsecured, interest free and repayable on demand.
7
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1.00 each
2
2
2
2
8
Events after the reporting date
There were no material event subsequent to the reporting period.
9
Parent company
The ultimate controlling party is PraxisIFM Group Limited, a company registered in Guernsey on 15 December 1995, with registered number 30367.
10
Related party transactions
The Company has taken advantage of the exemption in FRS 102 section 1AC.35 “Related Party Disclosures” from disclosing transactions with wholly owned members of the Group.
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