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Registered number: 00538054










INDUSTRIAL AND DOMESTIC FINANCE CO. LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

 
INDUSTRIAL AND DOMESTIC FINANCE CO. LIMITED
 

CONTENTS



Page
Balance sheet
 
1
Notes to the financial statements
 
2 - 4

 
INDUSTRIAL AND DOMESTIC FINANCE CO. LIMITED
REGISTERED NUMBER: 00538054

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
150,000

Current assets
  

Debtors
  
146,107
-

Cash at bank and in hand
  
107,926
100,362

Creditors: amounts falling due within one year
 5 
(21,430)
(906)

Net current assets
  
 
 
232,603
 
 
99,456

Total assets less current liabilities
  
232,603
249,456

Provisions for liabilities
  

Deferred tax
  
-
(15,618)

Net assets
  
232,603
233,838


Capital and reserves
  

Called up share capital 
  
5,500
5,500

Revaluation reserve
  
-
118,868

Profit and loss account
  
227,103
109,470

  
232,603
233,838


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 year 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 statement of comprehensive income 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 on 14 April 2025.


J P Foster
Director

The notes on pages 2 to 4 form part of these financial statements.
Page 1

 
INDUSTRIAL AND DOMESTIC FINANCE CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Industrial and Domestic Finance Co. Limited is a private company limited by shares, incorporated and domiciled in England. The address of its registered office is 302 Charminster Road, Bournemouth, England, BH8 9RU.

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

Revenue

Turnover comprises revenue recognised by the company in respect of rent receivable for the year.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both a straight-line and reducing balance method..

Depreciation is provided on the following basis:

Office equipment
-
15% reducing balance
Computer equipment
-
33.33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Investment property

Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the statement of comprehensive income.
Page 2

 
INDUSTRIAL AND DOMESTIC FINANCE CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.5

Financial instruments

The company only enters into basic financial intrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

Interest income

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

 
2.8

Current and deferred taxation

The tax expense for the year 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.
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. 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 year was 1 (2023 - 1).

Page 3

 
INDUSTRIAL AND DOMESTIC FINANCE CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Tangible fixed assets





Freehold property
Computer
Office equipment
Total

£
£
£
£





At 1 August 2023
150,000
2,341
783
153,124


Disposals
(150,000)
(2,341)
(783)
(153,124)



At 31 July 2024

-
-
-
-





At 1 August 2023
-
2,341
783
3,124


Disposals
-
(2,341)
(783)
(3,124)



At 31 July 2024

-
-
-
-



Net book value



At 31 July 2024
-
-
-
-



At 31 July 2023
150,000
-
-
150,000



 


5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
10,671
-

Other creditors
5,602
-

Accruals and deferred income
5,157
906

21,430
906


 
Page 4