Registered number
06286457
IFA UK Ltd
Filleted Accounts
31 December 2024
IFA UK Ltd
Registered number: 06286457
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 286 377
Current assets
Debtors 4 10,398 11,768
Cash at bank and in hand 18,036 6,008
28,434 17,776
Creditors: amounts falling due within one year 5 (5,252) (5,632)
Net current assets 23,182 12,144
Total assets less current liabilities 23,468 12,521
Creditors: amounts falling due after more than one year 6 (1,728) (6,221)
Net assets 21,740 6,300
Capital and reserves
Called up share capital 1,000 1,000
Share premium 65,925 65,925
Profit and loss account (45,185) (60,625)
Shareholders' funds 21,740 6,300
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Powell
Director
Approved by the board and authorised for issue on 3 February 2025
IFA UK Ltd
Notes to the Accounts
for the period from 19 December 2023 to 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes commission earned from the rendering of services.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 20% on reducing balance basis
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 19 December 2023 3,926
At 31 December 2024 3,926
Depreciation
At 19 December 2023 3,549
Charge for the period 91
At 31 December 2024 3,640
Net book value
At 31 December 2024 286
At 18 December 2023 377
4 Debtors 2024 2023
£ £
Trade debtors 590 452
Deferred tax asset 9,808 11,316
10,398 11,768
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 4,147 4,147
Trade creditors 148 -
Corporation tax 8 -
Other taxes and social security costs 647 24
Other creditors 302 1,461
5,252 5,632
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,728 6,221
7 Controlling party
The company is controlled by Mrs J Powell who owns 56.7% of the issued share capital.
8 Other information
IFA UK Ltd is a private company limited by shares and incorporated in England. Its registered office is: 11 Ladyfields, Broomfield, Herne Bay, Kent, CT6 7BF.
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