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Registered number: 13552985












IGMC CAPITAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

 

IGMC CAPITAL LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 10


 

IGMC CAPITAL LIMITED
 
COMPANY INFORMATION


Directors
C M Perrett 
M Perrett 




Registered number
13552985



Registered office
16 Great Queen Street
Covent Garden

London

WC2A 5AH




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:13552985
IGMC CAPITAL LIMITED

BALANCE SHEET
AS AT 31 MARCH 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Listed investments
 4 
31,918,673
31,048,817

Unlisted investments
 4 
19,992,628
19,772,345

  
51,911,301
50,821,162

Current assets
  

Debtors: amounts falling due after more than
one year
 5 
60,177
-

Debtors: amounts falling due within due
within one year
 5 
266,323
111,470

Cash at bank and in hand
  
2,248,581
1,075,024

  
2,575,081
1,186,494

Creditors: amounts falling due within one year
 6 
(32,481,065)
(32,768,681)

Net current liabilities
  
 
 
(29,905,984)
 
 
(31,582,187)

Provisions for liabilities
  

Deferred tax
 7 
(368,110)
-

  
 
 
(368,110)
 
 
-

Net assets
  
21,637,207
19,238,975


Capital and reserves
  

Called up share capital 
 8 
19,134,872
19,134,872

Profit and loss account
  
2,502,335
104,103

Total equity
  
21,637,207
19,238,975


Page 2


 
REGISTERED NUMBER:13552985
IGMC CAPITAL LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




C M Perrett
Director

Date: 6 March 2025

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 

IGMC CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

IGMC Capital Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 16 Great Queen Street, Covent Garden, London,WC2B 5AH.
These financial statements have been prepared for the year ended 31 March 2023 and therefore the comparative amounts presented in the financial statements are not entirely comparable.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

  
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. At the balance sheet date the company owed the directors £19,740,001. The directors have indicated their willingness to continue supporting the company and have undertaken not to facilitate a repayment of the loan, unless the company has sufficient resources to make payment and continue to meet its obligations as they fall due for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is Sterling (£).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 

IGMC CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.7

Valuation of investments

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.


2.8

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes 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. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including other debtors, cash and bank balances are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including other creditors, bank loans 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Page 5

 

IGMC CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)





Financial instruments (continued)

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

  
2.9

Cash at bank and in hand

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

  
2.10

Share capital

Ordinary shares are classified as equity.

Page 6

 

IGMC CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the period.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the period was 2 (2023 - 2).

Page 7

 

IGMC CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

4.


Fixed asset investments





Listed investments
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 April 2023 (as previously stated)
23,934,973
19,772,345
43,707,318


Prior Year Adjustment

7,113,844
-
7,113,844


At 1 April 2023 (as restated)
31,048,817
19,772,345
50,821,162


Additions
22,105,127
220,283
22,325,410


Disposals
(23,260,067)
-
(23,260,067)


Revaluations
2,024,796
-
2,024,796



At 31 March 2024
31,918,673
19,992,628
51,911,301





5.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
60,177
-


2024
2023
£
£

Due within one year

Prepayments and accrued income
266,323
74,802

Deferred taxation
-
36,668

266,323
111,470


Page 8

 

IGMC CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

6.


Creditors: amounts falling due within one year

2024
2023
£
£

Bank overdrafts
3,076,293
787,932

Bank loan
8,615,307
8,090,800

Corporation tax
364,400
31,077

Other creditors
20,396,841
23,785,538

Accruals and deferred income
28,224
73,334

32,481,065
32,768,681


The bank loan is secured by way of a fixed charge over the company's listed investment portfolio.


7.


Deferred taxation




2024


£






At beginning of year
36,668


Charged to profit or loss
(404,778)



At end of year
(368,110)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Revaluation of investments
(368,110)
36,668

(368,110)
36,668


8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



19,134,872 (2023 - 19,134,872) Ordinary shares of £1.00 each
19,134,872
19,134,872


Page 9

 

IGMC CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

9.


Prior year adjustment

The prior year balance sheet has been restated whereby current asset investments of £7,113,844 have been reclassified to fixed asset investments. This has no impact on net assets or the profit and loss account.


10.


Capital commitments


At 31 March 2024 the company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
406,877
473,601


11.


Related party transactions

At the balance sheet date, included within other creditors is an amount of £19,740,001 (2023: £23,769,938) due to the directors. The loan is provided interest free and is unsecured. There are no formal terms and conditions regarding repayment of the loan.
At the balance sheet date, included within other creditors is an amount of £650,000 (2023: £-) due to a company under common control.  The loan is provided interest free and is unsecured. There are no formal terms and conditions regarding repayment of the loan.
At the balance sheet date, included within other debtors over one year is an amount of £60,177 (2023: £-) due from a company under common control. The loan is formaly agreed at an interest rate of 15% per annum and is secured agianst all assets of the borrower. There are formal repayment conditions regarding the repayment of the loan.
 

12.


Post balance sheet events

In February 2025 the company invested approximately £1.1m into Tower 18 Topco Limited, an existing unlisted fixed asset investment.

Page 10