Company No:
Contents
DIRECTOR | I D Fern |
REGISTERED OFFICE | Tutsham Farm |
West Farleigh | |
Maidstone | |
ME15 0NE | |
United Kingdom |
COMPANY NUMBER | 12218327 (England and Wales) |
ACCOUNTANT | Evelyn Partners (South East) Limited |
Brockbourne House | |
77 Mount Ephraim | |
Royal Tunbridge Wells | |
TN4 8BS |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
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Investments | 4 |
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11,840,014 | 9,615,514 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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993,270 | 1,436,276 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current liabilities | (6,075,186) | (4,719,457) | ||
Total assets less current liabilities | 5,764,828 | 4,896,057 | ||
Creditors: amounts falling due after more than one year | 7 | (
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Provision for liabilities | 8 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Revaluation reserve |
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Profit and loss account | (
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Total shareholders' funds |
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Director's responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of IDF Investments Limited (registered number:
I D Fern
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
IDF Investments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Tutsham Farm, West Farleigh, Maidstone, Kent, ME15 0NE, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The functional currency of IDF Investments Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
Monetary amounts within these financial statements are rounded to the nearest whole £1.
The financial statements have been prepared on a going concern basis.
The director has made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.
Revenue is from the rental of the held investment properties.
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
The fair value is determined annually by the director, on an open market value for existing use basis.
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Associates and Joint Ventures are held at cost less impairment.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Investment property | |
£ | |
Valuation | |
As at 01 June 2023 |
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Additions | 1,033,450 |
Fair value movement | 1,191,050 |
As at 31 May 2024 |
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The 2024 valuations were made by the director, on an open market value for existing use basis.
Investments in associates | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 01 June 2023 |
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At 31 May 2024 |
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Carrying value at 31 May 2024 |
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Carrying value at 31 May 2023 |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by Group undertakings |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Amounts repayable after more than 5 years are included in creditors falling due over one year:
2024 | 2023 | ||
£ | £ | ||
Bank loans |
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2024 | 2023 | ||
£ | £ | ||
At the beginning of financial year | (
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Charged to the Profit and Loss Account | (
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At the end of financial year | (
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Other related party transactions
At the balance sheet date and included with in other creditors is an amount of £2,252,131 (2023: £2,302,131) owed to the directors of the company. These balances are interest free and repayable on demand.