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Registration number: 10712002

Independent London Investments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Independent London Investments Limited

Contents
__________________________________________________________________________

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Independent London Investments Limited

Company Information
__________________________________________________________________________

Directors

David Gape

Stephen Sedgwick

Registered office

342 Regents Park Road
Finchley
London
N3 2LJ


 

Accountants

Brooks Green
Chartered AccountantsAbbey House
342 Regents Park Road
London
N3 2LJ

 

Independent London Investments Limited

(Registration number: 10712002)
Balance Sheet as at 30 April 2024
__________________________________________________________________________

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

3

 

574,747

 

575,934

Current assets

   

 

Debtors

4

44,941

 

22,146

 

Cash at bank and in hand

 

139,454

 

139,255

 

 

184,395

 

161,401

 

Creditors: Amounts falling due within one year

5

(657,147)

 

(662,240)

 

Net current liabilities

   

(472,752)

 

(500,839)

Net assets

   

101,995

 

75,095

Capital and reserves

   

 

Called up share capital

6

100

 

100

 

Retained earnings

101,895

 

74,995

 

Shareholders' funds

   

101,995

 

75,095

For the financial year ending 30 April 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 January 2025 and signed on its behalf by:
 

.........................................
David Gape
Director

.........................................
Stephen Sedgwick
Director

 

Independent London Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
__________________________________________________________________________

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These 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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

Tangible assets

Tangible assets are stated in the balance sheet 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

Commercial motor vehicles

25% RB

Land and buildings

Not depreciated

 

Independent London Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
__________________________________________________________________________

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

2

Staff numbers

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

 

Independent London Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
__________________________________________________________________________

3

Tangible assets

Land and buildings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

571,188

9,000

580,188

At 30 April 2024

571,188

9,000

580,188

Depreciation

At 1 May 2023

-

4,254

4,254

Charge for the year

-

1,187

1,187

At 30 April 2024

-

5,441

5,441

Carrying amount

At 30 April 2024

571,188

3,559

574,747

At 30 April 2023

571,188

4,746

575,934

Included within the net book value of land and buildings above is £571,188 (2023 - £571,188) in respect of freehold land and buildings.
 

4

Debtors

Current

2024
£

2023
£

Other debtors

44,941

22,146

 

44,941

22,146

 

Independent London Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
__________________________________________________________________________

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

534,117

539,918

Taxation and social security

 

6,610

5,902

Other creditors

 

116,420

116,420

 

657,147

662,240

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

7

Loans and borrowings