Company registration number 12562744 (England and Wales)
IFG.VC LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
IFG.VC LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
IFG.VC LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
60,265
60,265
Current assets
Debtors
4
1,149,025
357,419
Cash at bank and in hand
609,361
461,841
1,758,386
819,260
Creditors: amounts falling due within one year
5
(313,359)
(219,444)
Net current assets
1,445,027
599,816
Net assets
1,505,292
660,081
Capital and reserves
Called up share capital
6
98,499
98,499
Profit and loss reserves
1,406,793
561,582
Total equity
1,505,292
660,081

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered 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 22 August 2024 and are signed on its behalf by:
M Patel
Director
Company registration number 12562744 (England and Wales)
IFG.VC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information

IFG.VC Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71-75 Shelton Street, London, WC2H 9JQ.

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.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors are not aware of any material uncertainties affecting the company and consider that the company will have sufficient resources to continue trading for the foreseeable future. As a result the directors have continued to adopt the going concern basis in preparing the financial statements.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.4
Fixed asset investments

Investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

1.5
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. Bank overdrafts are shown within borrowings in current liabilities.

1.6
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 balance sheet 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.

IFG.VC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
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, 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.

1.7
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Fixed asset investments
2024
2023
£
£
Other investments other than loans
60,265
60,265
IFG.VC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
95,159
94,513
Amounts owed by group undertakings
1,039,531
240,043
Other debtors
14,335
22,863
1,149,025
357,419
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
294
15,201
Other creditors
313,065
204,243
313,359
219,444
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
98,499
98,499
98,499
98,499
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Simon Diggle
Statutory Auditor:
Pierce C A Limited
Date of audit report:
22 August 2024
2024-04-302023-05-01falsefalsefalse22 August 2024CCH SoftwareCCH Accounts Production 2024.310No description of principal activityM I KhanM PatelOpinion of auditors on entity125627442023-05-012024-04-30125627442024-04-30125627442023-04-3012562744core:CurrentFinancialInstrumentscore:WithinOneYear2024-04-3012562744core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3012562744core:CurrentFinancialInstruments2024-04-3012562744core:CurrentFinancialInstruments2023-04-3012562744core:ShareCapital2024-04-3012562744core:ShareCapital2023-04-3012562744core:RetainedEarningsAccumulatedLosses2024-04-3012562744core:RetainedEarningsAccumulatedLosses2023-04-3012562744bus:Director22023-05-012024-04-30125627442022-05-012023-04-3012562744core:WithinOneYear2024-04-3012562744core:WithinOneYear2023-04-3012562744bus:PrivateLimitedCompanyLtd2023-05-012024-04-3012562744bus:SmallCompaniesRegimeForAccounts2023-05-012024-04-3012562744bus:FRS1022023-05-012024-04-3012562744bus:Audited2023-05-012024-04-3012562744bus:Director12023-05-012024-04-3012562744bus:FullAccounts2023-05-012024-04-30xbrli:purexbrli:sharesiso4217:GBP