Company registration number SC322792 (Scotland)
IWC INTERVENTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 2 MAY 2024
PAGES FOR FILING WITH REGISTRAR
IWC INTERVENTIONS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
IWC INTERVENTIONS LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF IWC INTERVENTIONS LIMITED
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of IWC Interventions Limited for the year ended 2 May 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.
This report is made solely to the board of directors of IWC Interventions Limited, as a body, in accordance with the terms of our engagement letter dated 23 January 2023. Our work has been undertaken solely to prepare for your approval the financial statements of IWC Interventions Limited and state those matters that we have agreed to state to the board of directors of IWC Interventions Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than IWC Interventions Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that IWC Interventions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of IWC Interventions Limited. You consider that IWC Interventions Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of IWC Interventions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
A.J.B. Scholes Ltd
Chartered Accountants
10 Albyn Place
Aberdeen
AB10 1YH
23 January 2025
IWC INTERVENTIONS LIMITED
BALANCE SHEET
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
12
Investments
5
421,364
387,028
421,364
387,040
Current assets
Debtors
6
12,890
12,296
Cash at bank and in hand
62,672
117,175
75,562
129,471
Creditors: amounts falling due within one year
7
(2,784)
(3,574)
Net current assets
72,778
125,897
Net assets
494,142
512,937
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
494,140
512,935
Total equity
494,142
512,937
For the financial year ended 2 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 23 January 2025
I Crighton
Director
Company registration number SC322792 (Scotland)
IWC INTERVENTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 2 MAY 2024
- 3 -
1
Accounting policies
Company information
IWC Interventions Limited is a private company limited by shares incorporated in Scotland. The registered office is 10 Albyn Place, Aberdeen, AB10 1YH. The company's trading address is Kelliebeck House, Brathinch, Brechin, Angus, DD9 7QZ.
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, as modified by the revaluation of investments measured at fair value through the profit and loss account. The principal accounting policies adopted are set out below.
1.2
Going concern
No material uncertainties that cast significant doubt about the ability of the company to continue as a going concern have been identified by the director. The director is of the opinion that the company can continue to meet its obligations as they fall due for the foreseeable future. As a consequence, the director has prepared the financial statements on the going concern basis.true
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
25% straight line
Motor vehicles
25% straight line
1.4
Fixed asset investments
Listed investments are measured at fair value with changes in fair value being recognised in profit and loss account.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Financial instruments
The following assets and liabilities are classified as financial instruments, bank, investments and loan to and from related parties. Cash at bank in the balance sheet is held on demand. Investments in initially measured at transaction price plus costs. Investments are revalued at the year end and the fair value adjustments are recognised in the profit and loss account. Loans to and from related parties are measured at the undiscounted amounts receivable and payable.
IWC INTERVENTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 2 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current tax, including UK corporation tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet 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 profit and loss account, 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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
IWC INTERVENTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 2 MAY 2024
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 3 May 2023 and 2 May 2024
30,383
Depreciation and impairment
At 3 May 2023
30,371
Depreciation charged in the year
12
At 2 May 2024
30,383
Carrying amount
At 2 May 2024
At 2 May 2023
12
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
421,364
387,028
Movements in fixed asset investments
Investments
Cash in portfolio
Total
£
£
£
Cost or valuation
At 3 May 2023
377,108
9,920
387,028
Additions
53,054
-
53,054
Valuation changes
32,596
-
32,596
Disposals
(48,846)
(2,468)
(51,314)
At 2 May 2024
413,912
7,452
421,364
Carrying amount
At 2 May 2024
413,912
7,452
421,364
At 2 May 2023
377,108
9,920
387,028
Listed investments are shown at market value at the year end date.
The cost price of the listed investments held at 2nd May 2024 is £391,348 (2023: £390,052).
IWC INTERVENTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 2 MAY 2024
- 6 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
361
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
12,890
11,935
Total debtors
12,890
12,296
7
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
434
1,349
Other creditors
2,350
2,225
2,784
3,574
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
9
Directors' transactions
Interest free loans have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
I Crighton
-
271
2,452
(2,723)
-
271
2,452
(2,723)
-