Company registration number 08977604 (England and Wales)
ID2 Holdings Limited
Unaudited financial statements
For the year ended 31 March 2024
ID2 Holdings Limited
Contents
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
ID2 Holdings Limited
Statement of financial position
As at 31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
356,482
356,482
Investments
4
88
88
356,570
356,570
Current assets
Debtors
5
23,623
650
Cash at bank and in hand
4,696
6,918
28,319
7,568
Creditors: amounts falling due within one year
6
(151,285)
(109,204)
Net current liabilities
(122,966)
(101,636)
Total assets less current liabilities
233,604
254,934
Creditors: amounts falling due after more than one year
7
(148,171)
(146,518)
Provisions for liabilities
(6,200)
(6,200)
Net assets
79,233
102,216
Capital and reserves
Called up share capital
102
102
Non-distributable profits reserve
9
26,206
26,206
Distributable profit and loss reserves
52,925
75,908
Total equity
79,233
102,216
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2024 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ID2 Holdings Limited
Statement of financial position (continued)
As at 31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 November 2024 and are signed on its behalf by:
Mr M A Poole
Director
Company registration number 08977604 (England and Wales)
ID2 Holdings Limited
Statement of changes in equity
For the year ended 31 March 2024
- 3 -
Share capital
Non-distri-butable profits
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
102
26,206
183,513
209,821
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
64,595
64,595
Dividends
-
-
(172,200)
(172,200)
Balance at 31 March 2023
102
26,206
75,908
102,216
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
47,917
47,917
Dividends
-
-
(70,900)
(70,900)
Balance at 31 March 2024
102
26,206
52,925
79,233
ID2 Holdings Limited
Notes to the financial statements
For the year ended 31 March 2024
- 4 -
1
Accounting policies
Company information
ID2 Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Glades, Festival Way, Festival Park, Stoke on Trent, Staffordshire, ST1 5SQ.
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 requirements of the 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 sterling, 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. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.3
Fixed asset investments
Interests in subsidiaries are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised 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.
1.4
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, and bank overdrafts.
1.5
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.
ID2 Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 5 -
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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.
1.6
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.
1.7
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.
1.8
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
ID2 Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
356,482
Investment property comprises residential properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2024 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
88
88
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
23,623
650
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
8,931
8,736
Amounts owed to group undertakings
139,825
69,886
Taxation and social security
683
921
Other creditors
1,846
29,661
151,285
109,204
ID2 Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 7 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
148,171
146,518
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
108,145
108,550
8
Security
The bank loans are secured by way of a legal charge over the investment properties and personal guarantees given by the directors.
9
Non-distributable profits reserve
2024
2023
£
£
At the beginning and end of the year
26,206
26,206
10
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
The advance is unsecured, repayable on demand and interest is charged at HMRC's official rate of interest per annum, where the balance exceeds £10,000.
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Mr M A Poole - Directors loan account
-
-
22,522
22,522
-
22,522
22,522