Registration number:
Indy V Limited
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Indy V Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Indy V Limited
Company Information
Directors |
Ms I Varma Mr C D Tierney |
Company secretary |
Mr C D Tierney |
Registered office |
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Accountants |
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Indy V Limited
Statement of Financial Position as at 29 February 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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- |
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Other financial assets |
421,677 |
373,062 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Retained earnings |
1,026,508 |
853,420 |
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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:
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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
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Ms I Varma
Director
Company registration number: 08887009
Indy V Limited
Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of the provision of performing arts services.
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
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.
Staff numbers |
The average number of persons employed by the company during the year, was
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 March 2023 |
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Additions |
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At 29 February 2024 |
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Depreciation |
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At 1 March 2023 |
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Charge for the year |
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At 29 February 2024 |
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Carrying amount |
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At 29 February 2024 |
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Indy V Limited
Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024
Other financial assets (non-current) |
Listed Investments |
Total |
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Non-current financial assets |
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Fair value |
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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 |
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At 29 February 2024 |
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421,677 |
At 28 February 2023 |
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373,062 |
Indy V Limited
Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024
Debtors |
2024 |
2023 |
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Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Trade creditors |
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- |
Taxation and social security |
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Accruals and deferred income |
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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.
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.
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