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Registration number: 11612139

IB Holdings (South West) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

IB Holdings (South West) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

IB Holdings (South West) Limited

Company Information

Director

Mr I D Brown

Registered office

Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

Accountants

Ross & Partners (Bristol) Limited
Accountants and Tax Consultants
Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

 

IB Holdings (South West) Limited

(Registration number: 11612139)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

3

70

70

Current assets

 

Debtors

4

1,963,468

1,964,100

Cash at bank and in hand

 

72

959

 

1,963,540

1,965,059

Creditors: Amounts falling due within one year

5

(459,096)

(1,773,799)

Net current assets

 

1,504,444

191,260

Net assets

 

1,504,514

191,330

Capital and reserves

 

Called up share capital

6

192

192

Retained earnings

1,504,322

191,138

Shareholders' funds

 

1,504,514

191,330

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

IB Holdings (South West) Limited

(Registration number: 11612139)
Balance Sheet as at 31 March 2024

Approved and authorised by the director on 28 March 2025
 

.........................................
Mr I D Brown
Director

 

IB Holdings (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

IB Holdings (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 3).

 

IB Holdings (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Investments

2024
£

2023
£

Investments in subsidiaries

60

60

Investments in associates

10

10

70

70

Subsidiaries

£

Cost or valuation

At 1 April 2023

60

Provision

Carrying amount

At 31 March 2024

60

At 31 March 2023

60

Associates

£

Cost

At 1 April 2023

10

Provision

Carrying amount

At 31 March 2024

10

At 31 March 2023

10

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

IB Holdings (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Prestige Developments (Bristol) Limited

Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

England

Ordinary shares

100%

100%

Prestige Retirement Living Limited

Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

England

Ordinary shares

100%

100%

Associates

G L Developments (Henfield) Limited

Leonard Curtis House
Elms Square
Bury New Road
Whitefield
Greater Manchester
M45 7TA

Ordinary shares

50%

50%

England

Subsidiary undertakings

Prestige Developments (Bristol) Limited

The principal activity of Prestige Developments (Bristol) Limited is the development of building projects.

Prestige Retirement Living Limited

The principal activity of Prestige Retirement Living Limited is the development of building projects.

Associates

G L Developments (Henfield) Limited

The principal activity of G L Developments (Henfield) Limited is the construction of domestic buildings.

 

IB Holdings (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

7

1,963,468

1,964,088

Other debtors

 

-

12

   

1,963,468

1,964,100

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

7

-

1,381,651

Accruals and deferred income

 

1,080

1,320

Other creditors

 

458,016

390,828

 

459,096

1,773,799

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

64

64

64

64

Ordinary A shares of £1 each

64

64

64

64

Ordinary B shares of £1 each

64

64

64

64

192

192

192

192

 

IB Holdings (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Related party transactions

Loans to related parties

2024

Subsidiary
£

Total
£

At start of period

1,964,088

1,964,088

Repaid

(620)

(620)

At end of period

1,963,468

1,963,468

2023

Subsidiary
£

Total
£

At start of period

193,917

193,917

Advanced

1,770,279

1,770,279

Repaid

(108)

(108)

At end of period

1,964,088

1,964,088

Loans from related parties

2024

Subsidiary
£

Key management
£

Total
£

At start of period

1,381,651

390,828

1,772,479

Advanced

-

67,200

67,200

Repaid

(1,381,651)

(12)

(1,381,663)

At end of period

-

458,016

458,016

2023

Subsidiary
£

Key management
£

Total
£

Advanced

1,381,651

1,540,479

2,922,130

Repaid

-

(1,149,651)

(1,149,651)

At end of period

1,381,651

390,828

1,772,479