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Registration number: 08887009

Indy V Limited

Unaudited Financial Statements

for the Year Ended 29 February 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Indy V Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Indy V Limited

Company Information

Directors

Ms I Varma

Mr C D Tierney

Company secretary

Mr C D Tierney

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Indy V Limited

Statement of Financial Position as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

604

-

Other financial assets

5

421,677

373,062

 

422,281

373,062

Current assets

 

Debtors

6

56,286

17,554

Cash at bank and in hand

 

633,495

521,454

 

689,781

539,008

Creditors: Amounts falling due within one year

7

(77,165)

(56,406)

Net current assets

 

612,616

482,602

Total assets less current liabilities

 

1,034,897

855,664

Provisions for liabilities

(8,388)

(2,243)

Net assets

 

1,026,509

853,421

Capital and reserves

 

Called up share capital

1

1

Retained earnings

1,026,508

853,420

Shareholders' funds

 

1,026,509

853,421

 

Indy V Limited

Statement of Financial Position as at 29 February 2024

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.

Directors' 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 directors acknowledge their 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 25 November 2024 and signed on its behalf by:
 

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

Ms I Varma

Director

Company registration number: 08887009

 

Indy V 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 and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of the provision of performing arts services.

2

Accounting policies

Statement of compliance

The financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company had net assets at 29 February 2024 amounting to £1,026,509 including cash in bank of £633,495.

The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. The company recognises revenue when it has fulfilled the contractual obligation under its service contracts based on the stage of completion and is shown net of sales/value added tax, rebates and discounts. Income from royalties is recognised over the period to which the royalties arise.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Indy V Limited

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Furniture, fittings and equipment

33% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at cost, 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.

Other investments in non-listed shares are stated at deemed original cost less any provisions for diminution in value.

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.

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.

 

Indy V Limited

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

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.

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.

3

Staff numbers

The average number of persons employed by the company during the year, was 2 (2023 - 1).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

3,301

3,301

Additions

905

905

At 29 February 2024

4,206

4,206

Depreciation

At 1 March 2023

3,301

3,301

Charge for the year

301

301

At 29 February 2024

3,602

3,602

Carrying amount

At 29 February 2024

604

604

 

Indy V Limited

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

5

Other financial assets (non-current)

Listed Investments
£

Total
£

Non-current financial assets

Fair value

At 1 March 2023

373,062

373,062

Fair value adjustments

48,615

48,615

At 29 February 2024

421,677

421,677

Carrying amount

At 29 February 2024

421,677

421,677

At 28 February 2023

373,062

373,062

 

Indy V Limited

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

6

Debtors

2024
£

2023
£

Trade debtors

2,032

2,227

Other debtors

54,254

15,327

56,286

17,554

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

1,890

-

Taxation and social security

64,084

48,396

Accruals and deferred income

11,191

8,010

77,165

56,406

8

Transactions with Directors

At 29 February 2024 an amount of £30,483 (2023: £7,425) was due from a director. During the year there were advances of £55,459 and repayments of £32,761. Interest of £360 (2023: £NIL) was payable to the company at 2.25% per annum. There are no set terms.

9

Profit and Loss Reserve

The profit and loss account includes all current and prior year retained earnings and accumulated losses. Of the amount standing to the credit of the profit and loss account an amount of £56,644 (2023: £14,174) is not distributable in accordance with the Companies Act 2006.