2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2024 - FRS102_2024 2,175,340 178,340 1,997,000 1,997,000 2,175,340 xbrli:pure xbrli:shares iso4217:GBP 02163616 2023-07-01 2024-06-30 02163616 2024-06-30 02163616 2023-06-30 02163616 2022-07-01 2023-06-30 02163616 2023-06-30 02163616 2022-06-30 02163616 core:PlantMachinery 2023-07-01 2024-06-30 02163616 core:MotorVehicles 2023-07-01 2024-06-30 02163616 bus:Director1 2023-07-01 2024-06-30 02163616 core:PlantMachinery 2023-06-30 02163616 core:MotorVehicles 2023-06-30 02163616 core:PlantMachinery 2024-06-30 02163616 core:WithinOneYear 2024-06-30 02163616 core:WithinOneYear 2023-06-30 02163616 core:AfterOneYear 2024-06-30 02163616 core:AfterOneYear 2023-06-30 02163616 core:ShareCapital 2024-06-30 02163616 core:ShareCapital 2023-06-30 02163616 core:RetainedEarningsAccumulatedLosses 2024-06-30 02163616 core:RetainedEarningsAccumulatedLosses 2023-06-30 02163616 core:CostValuation core:Non-currentFinancialInstruments 2023-06-30 02163616 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2024-06-30 02163616 core:CostValuation core:Non-currentFinancialInstruments 2024-06-30 02163616 core:Non-currentFinancialInstruments 2024-06-30 02163616 core:Non-currentFinancialInstruments 2023-06-30 02163616 core:PlantMachinery 2023-06-30 02163616 core:MotorVehicles 2023-06-30 02163616 bus:SmallEntities 2023-07-01 2024-06-30 02163616 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 02163616 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 02163616 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 02163616 bus:FullAccounts 2023-07-01 2024-06-30 02163616 core:FurnitureFittings 2023-07-01 2024-06-30 02163616 core:FurnitureFittings 2023-06-30 02163616 core:FurnitureFittings 2024-06-30 02163616 core:AfterOneYear 2023-07-01 2024-06-30
COMPANY REGISTRATION NUMBER: 02163616
Idgrang Limited
Filleted Unaudited Financial Statements
For the year ended
30 June 2024
Idgrang Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
572
7,892
Investments
6
1,997,000
2,175,340
-------------
-------------
1,997,572
2,183,232
Current assets
Debtors
7
1,145
2,294
Cash at bank and in hand
66
5,463
-------
-------
1,211
7,757
Creditors: amounts falling due within one year
8
122,305
117,860
----------
----------
Net current liabilities
121,094
110,103
-------------
-------------
Total assets less current liabilities
1,876,478
2,073,129
Creditors: amounts falling due after more than one year
9
1,310,185
1,311,793
Provisions
Taxation including deferred tax
( 20,904)
27,682
-------------
-------------
Net assets
587,197
733,654
-------------
-------------
Idgrang Limited
Statement of Financial Position (continued)
30 June 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
25,000
25,000
Profit and loss account
562,197
708,654
----------
----------
Shareholders funds
587,197
733,654
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 11 March 2025 , and are signed on behalf of the board by:
D Blain
Director
Company registration number: 02163616
Idgrang Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tower House, Lucy Tower Street, Lincoln, LN1 1XW. The trading address is Field View Barn, 1 Simpsons Place, Ancaster, Grantham, NG32 3RL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
Going concern
The company has made a loss for the year but has sufficient reserves to ensure it can meet it's financial obligations as they fall due. For this reason the directors consider it appropriate to prepare the financial statements on a going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) are those that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:- Revaluation of Investment properties Investment property is valued at market value at the year end date. Any gains or losses are taken to profit or loss.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
20% straight line
Motor Vehicles
-
25% straight line
Rented Property Furniture
-
15% straight line
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 July 2023
1,994
37,375
1,600
40,969
Additions
145
145
Disposals
( 37,375)
( 37,375)
-------
---------
-------
---------
At 30 June 2024
1,994
1,745
3,739
-------
---------
-------
---------
Depreciation
At 1 July 2023
1,168
30,368
1,541
33,077
Charge for the year
399
1,557
59
2,015
Disposals
( 31,925)
( 31,925)
-------
---------
-------
---------
At 30 June 2024
1,567
1,600
3,167
-------
---------
-------
---------
Carrying amount
At 30 June 2024
427
145
572
-------
---------
-------
---------
At 30 June 2023
826
7,007
59
7,892
-------
---------
-------
---------
6. Investments
Investment properties
£
Cost
At 1 July 2023
2,175,340
Revaluations
( 178,340)
-------------
At 30 June 2024
1,997,000
-------------
Impairment
At 1 July 2023 and 30 June 2024
-------------
Carrying amount
At 30 June 2024
1,997,000
-------------
At 30 June 2023
2,175,340
-------------
7. Debtors
2024
2023
£
£
Other debtors
1,145
2,294
-------
-------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1,623
1,600
Trade creditors
8,622
7,109
Social security and other taxes
27
Other creditors
112,060
109,124
----------
----------
122,305
117,860
----------
----------
Bank loans and hire purchase agreements are secured against the assets to which they relate.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,310,185
1,311,793
-------------
-------------
Bank loans and hire purchase agreements are secured against the assets to which they relate.
During a previous year the company received a Coronavirus business interruption loan. The lender has been provided with a partial guarantee from the UK Government.
10. Directors' advances, credits and guarantees
During the year the company operated a loan account with the director of the company. The balance remained in credit throughout the year.