REGISTERED NUMBER: |
ICG-longbow Partners Development |
Investments Limited |
Financial Statements |
for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
ICG-longbow Partners Development |
Investments Limited |
Financial Statements |
for the Year Ended 31 December 2023 |
ICG-longbow Partners Development |
Investments Limited (Registered number: 09335553) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
ICG-longbow Partners Development |
Investments Limited |
Company Information |
for the year ended 31 December 2023 |
Directors: |
Registered office: |
Registered number: |
ICG-longbow Partners Development |
Investments Limited (Registered number: 09335553) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investments | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
7 |
Net assets |
Capital and reserves |
Called up share capital | 8 |
Capital redemption reserve | 9 |
Retained earnings | 9 |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company. |
ICG-longbow Partners Development |
Investments Limited (Registered number: 09335553) |
Balance Sheet - continued |
31 December 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
ICG-longbow Partners Development |
Investments Limited (Registered number: 09335553) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | Statutory information |
ICG-longbow Partners Development Investments Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number and registered office address can be found on the Company Information page. |
2. | Accounting policies |
Basis of preparing the financial statements |
The accounts are presented in Sterling (£). |
Amounts in these financial statements are rounded to the nearest £. |
Financial instruments |
Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the financial instrument. The Company holds financial instruments which comprise cash and cash equivalents, trade and other receivables, equity investments, trade and other payables and equity instruments. The Company has chosen to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments in full. |
Financial assets and liabilities - classified as basic financial instruments |
(i) Cash and cash equivalents |
This includes cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. |
(ii) Trade and other receivables |
Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and subsequently measured at amortised cost including the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment. |
At the end of each reporting period, the Company assesses whether there is objective evidence that a receivable amount may be impaired. A provision for impairment 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. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in the income statement. |
(iii) Trade and other payables and loans and borrowings |
Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method. |
Investments |
Fixed asset investments are stated at cost less provision for diminution in value. |
ICG-longbow Partners Development |
Investments Limited (Registered number: 09335553) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | Accounting policies - continued |
Turnover |
Turnover represents fee income from investments which are recognised in the period in which the Company is entitled, consistent with the accruals basis. |
Going concern |
These financial statements have been prepared on a going concern basis. |
The current economic conditions present increased risks for all businesses. In response to such conditions, the directors have carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis. |
Based on assessment, the directors consider that the Company maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations and external debt liabilities. |
In addition, the Company's assets are assessed for recoverability on a regular basis, and the directors consider that the Company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis. |
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the Company's ability to continue as a going concern. Thus the directors have continued to adopt the going concern basis of accounting in preparing these financial statements. |
3. | Employees and directors |
The average number of employees during the year was NIL (2022 - NIL). |
4. | Fixed asset investments |
Other |
investments |
£ |
Cost |
At 1 January 2023 |
Disposals | ( |
) |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
ICG-longbow Partners Development |
Investments Limited (Registered number: 09335553) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
5. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Amounts owed by participating interests | 87,499 | 87,499 |
Other debtors |
Called up share capital not paid |
6. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Tax |
Other creditors |
7. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Amounts owed to shareholders | 522,211 | 1,750,543 |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary A Shares | £0.10 | 1 | 140 |
Ordinary B Shares | £0.10 | 10,000 | 10,000 |
10,001 | 10,140 |
All shares carry rights to receive notice of, attend and vote at general meetings. One share carries one vote; rights to dividends - all share rank pari passu. |
9. | Reserves |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2023 | 293,943 |
Deficit for the year | ( |
) | ( |
) |
Purchase of own shares | - | 139 | 139 |
At 31 December 2023 | 290,074 |
ICG-longbow Partners Development |
Investments Limited (Registered number: 09335553) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
10. | Related party disclosures |
The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Included within amounts owed by participating interests is £87,499 (2022: £87,499) owed by a company controlled by the directors. |
Included within amounts owed to shareholders is £Nil (2022: £1,750,543) owed to a company controlled by the directors. |
11. | Ultimate controlling party |
The ultimate controlling parties are Kevin Cooper and Martin Wheeler. |