Company registration number 13737293 (England and Wales)
IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
COMPANY INFORMATION
Directors
Mr A J Gomes Domingues
Mr D do Nascimento Duarte
Company number
13737293
Registered office
1 St Mark Street
London
E1 8DJ
Auditor
Simpson Wreford LLP
Wellesley House
Duke of Wellington Avenue
Royal Arsenal
London
SE18 6SS
IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Group income statement
9
Group statement of comprehensive income
10
Group statement of financial position
11 - 12
Group statement of changes in equity
13
Group statement of cash flows
14
Notes to the group financial statements
15 - 30
Parent company statement of financial position
31
Parent company statement of changes in equity
32
Notes to the parent company financial statements
33 - 34
IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

The IBG (International Business Group) Global Limited acquired a 4.16% holding in Carvela - Companhia de Seguros during the year, and continued to hold an 88% share of IBG Europe and 100% of Prima Triunfante. On 31 December 2023 the group sold its 10% share of IBG (International Business Group) Holding Limited.

 

At the 31 December 2023 the Group had net assets of €14,526,664 of which €6,271,905 was attributable to non controlling interests.

Principal risks and uncertainties

The Directors are well aware of the risks inherent in the construction industry generally and keep these under constant review.

 

Due to the nature of the work undertaken there is a risk to staff safety. This is minimised through dedicating their efforts to training, prevention and awareness, helping to build a future in which accidents at work become increasingly rare and safety is an indisputable constant.

 

Uncertainties of exchange rate fluctuation and the economic conditions pose an ongoing risk to the business but these are closely monitored by the directors to minimise the Company’s exposure as far as possible.

Development and performance

This was the first full year of IBG (International Business Group) Global Limited holding their main subsidiary, IBG Europe, and this is reflected in the strong results shown in the financial statements. In addition the group acquired shares in another associate, Caravela - Companhia de Seguros S.A., At the year end the group sold its holding in its other associate, IBG (International Business Group) Holding Limited.

Key performance indicators

As these are the first accounts for IBG (International Business Group) Global Group there are limited key performance indicators that can be considered.

 

The gross profit percentage was 58.9% (2022 - 53.2%) for the year, and the net profit percentage was 5.6% (2022 - 11.5%), both of which indicate strong financial performance.

Other information and explanations

The auditors have issued an unqualified opinion in the Independent Auditors Report on pages 6-8 and have confirmed that they are of the opinion that the information given in the Strategic Report is consistent with the financial statements under section 496 of the Companies Act 2006.

 

Those entitled to obtain a full copy of the group's annual accounts and reports may request them from the company's directors.

S172 compliance

The Directors have performed their duty to promote the success of the company. They are working on the long term success of the group.

The success of the company relies on it's staff, and the company ensure that a safe working environment is created, and that employees are treated with care and respect. All employees are treated fairly.

Good relationships with customers and suppliers is another key part of the business, and the directors do everything they can to ensure that these relationships stay strong through clear communication. This helps to maintain the good reputation of the within the sector. The Directors ensure that all environmental laws, rules and regulations are followed to minimise any disruption in the community.

IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

On behalf of the board

Mr A J Gomes Domingues
D do Nascimento Durate
Director
Director
11 April 2025
IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

IBG (International Business Group) Global Limited is the parent for a group which manages a diversified portfolio of companies in the construction, coatings, real estate, industry and service sectors.

Branches

The Company's main subsidiary, IBG Europe, holds amongst its financial investments companies whose registered offices are in Europe, acting in Portugal, Switzerland, France and the UK on a permanent basis, with companies incorporated under local law, and occasionally in other geographical areas such as Africa and the Caribbean.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

No preference dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A J Gomes Domingues
Mr D do Nascimento Duarte
M Zahra
(Appointed 1 March 2023 and resigned 9 December 2024)
Supplier payment policy

The group's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

 

The group's current policy concerning the payment of trade creditors is to:

 

Trade creditors of the group at the year end were equivalent to 310 day's purchases, based on the average daily amount invoiced by suppliers during the year.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company's continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information of matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the group's performance.

IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Future developments

IBG (International Business Group) Global Limited plan to expand their operations during the forthcoming years, building on the success of their main subsidiary, IBG Europe.

Auditor

A resolution to reappoint Simpson Wreford LLP as auditors of the company will be proposed at the forthcoming annual general meeting.

Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the group and parent company financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 

In preparing these financial statements, International Accounting Standard 1 requires that directors:

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

 

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

On behalf of the board
Mr A J Gomes Domingues
Mr D do Nascimento Duarte
Director
Director
11 April 2025
IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
- 5 -

Qualified opinion on financial statements

We have audited the financial statements of IBG (International Business Group) Global Limited (the ‘parent company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2023 which comprise the group income statement, the group and parent company statement of financial position, the group and parent company statement of changes in equity, the group statement of cash flows and the group and parent company notes to the financial statements, including significant accounting policies. The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom.

In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:

Basis for qualified opinion

Financial data at the point of acquisition in the previous period was not available. As such, the trading results of the group were calculated on a time-apportioned basis, rather than an actual basis from the point of acquisition. This also led to the balance of cash introduced on acquisition in the cash flow statement to be a balancing figure, as the opening cash position could not be verified.

 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Except for the matter described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

As described in the basis for qualified opinion section of our report, we were unable to obtain data at the date of acquisition in the previous period. We have concluded that the comparative income statement may be materially misstated.

IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

Arising solely from the limitation on the scope of our work relating to income statement, referred to above:

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
- 7 -
Extent to which the audit was considered capable of detecting irregularities, including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

 

 

 

 

Audit response to risks identified

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

 

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
- 8 -

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Broder BSc FCA (Senior Statutory Auditor)
For and on behalf of Simpson Wreford LLP
16 April 2025
Chartered Accountants
Statutory Auditor
Wellesley House
Duke of Wellington Avenue
Royal Arsenal
London
SE18 6SS
IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
Year
Period
ended
ended
31 December
31 December
2023
2022
Notes
Revenue
3
110,705,215
15,490,327
Cost of sales
(45,537,174)
(7,245,920)
Gross profit
65,168,041
8,244,407
Other operating income
252,096
26,916
Administrative expenses
(59,106,665)
(7,282,850)
Operating profit
4
6,313,472
988,473
Share of profits of associates
662,943
772,522
Investment revenues
7
404,675
167,030
Finance costs
8
(1,153,823)
(145,101)
Profit before taxation
6,227,267
1,782,924
Income tax expense
9
(1,428,605)
(177,032)
Profit and total comprehensive income for the year
4,798,662
1,605,892
Profit for the financial year is attributable to:
- Owners of the parent company
4,276,008
1,503,364
- Non-controlling interests
522,654
102,528
4,798,662
1,605,892

The income statement has been prepared on the basis that all operations are continuing operations.

IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Year
Period
ended
ended
31 December
31 December
2023
2022
Profit for the year
4,798,662
1,605,892
Total comprehensive income for the year
4,798,662
1,605,892
Total comprehensive income for the year is attributable to:
- Owners of the parent company
4,276,008
1,503,364
- Non-controlling interests
522,654
102,528
4,798,662
1,605,892
IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
Non-current assets
Goodwill
10
1,385,428
1,546,555
Intangible assets
10
112,891
40,012
Property, plant and equipment
11
9,977,789
5,770,299
Investment property
12
-
0
291,375
Investments
13
28,472,000
19,206,410
Deferred tax asset
20
33,217
82,181
39,981,325
26,936,832
Current assets
Inventories
15
3,185,458
4,421,288
Trade and other receivables
16
27,225,208
38,762,682
Cash and cash equivalents
4,271,528
5,411,179
34,682,194
48,595,149
Current liabilities
Trade and other payables
19
43,453,943
54,980,853
Borrowings
18
10,565,309
9,114,811
54,019,252
64,095,664
Net current liabilities
(19,337,058)
(15,500,515)
Non-current liabilities
Trade and other payables
19
1,359,008
631,766
Borrowings
18
4,712,222
4,032,014
Deferred tax liabilities
20
46,373
40,989
6,117,603
4,704,769
Net assets
14,526,664
6,731,548
Equity
Called up share capital
21
10,000
10,000
Other equity instruments
22
1,252,148
-
Other changes in equity
23
2,202,064
-
0
Retained earnings
4,790,547
1,503,364
Equity attributable to owners of the parent company
8,254,759
1,513,364
Non-controlling interests
6,271,905
5,218,184
Total equity
14,526,664
6,731,548
IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
GROUP STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 12 -
The financial statements were approved by the board of directors and authorised for issue on 11 April 2025 and are signed on its behalf by:
Mr D do Nascimento Duarte
Director
Company registration number 13737293 (England and Wales)
IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Other equity instruments
Other changes in equity
Retained earnings
Total
Non-controlling interest
Total
Notes
Balance at 11 November 2021
-
0
-
-
0
-
0
-
-
-
Period ended 31 December 2022:
Profit and total comprehensive income
-
-
-
1,503,364
1,503,364
102,528
1,605,892
Transactions with owners:
Issue of share capital
21
10,000
-
-
-
10,000
-
10,000
Acquisition of subsidiary
-
-
-
-
-
5,115,656
5,115,656
Balance at 31 December 2022
10,000
-
-
0
1,503,364
1,513,364
5,218,184
6,731,548
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
4,276,008
4,276,008
522,654
4,798,662
Transactions with owners:
Other movements
-
1,252,148
2,202,064
(988,825)
2,465,387
531,067
2,996,454
Balance at 31 December 2023
10,000
1,252,148
2,202,064
4,790,547
8,254,759
6,271,905
14,526,664
IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
Notes
Cash flows from operating activities
Cash generated from operations
27
4,525,026
1,097,467
Interest paid
(1,153,823)
(145,101)
Income taxes paid
(1,374,257)
-
Net cash inflow from operating activities
1,996,946
952,366
Investing activities
Cash introduced on purchase of subsidiary
-
0
4,291,783
Purchase of intangible assets
(7,502)
-
Purchase of property, plant and equipment
(249,572)
-
Purchase of other assets
(200)
-
Purchase of investments
(3,224,059)
-
0
Subsidies
261,537
Interest received
22,923
5,001
Other income received from investments
31,414
162,029
Receipts from other assets
5,000
-
Net cash (used in)/generated from investing activities
(3,160,459)
4,458,813
Financing activities
Reduction in capital and other equity instruments
(1,000,000)
-
0
Proceeds from borrowings
11,593,754
-
0
Repayment of borrowings
(12,003,314)
-
Payment of lease liabilities
2,495,054
-
Interest paid
(1,061,632)
-
0
Net cash generated from/(used in) financing activities
23,862
-
Net (decrease)/increase in cash and cash equivalents
(1,139,651)
5,411,179
Cash and cash equivalents at beginning of year
5,411,179
-
0
Cash and cash equivalents at end of year
4,271,528
5,411,179

The notes on pages 15 to 30 form part of these group financial statements.

IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
1
Accounting policies
Company information

IBG (International Business Group) Global Limited is a private company limited by shares incorporated in England and Wales. The registered office is 111 Park Street, Mayfair, London, W1K 7JF. The company's principal activities and nature of its operations are disclosed in the directors' report.

 

The group consists of IBG (International Business Group) Global Limited and all of its subsidiaries.

1.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements are prepared in euros, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest €.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.

 

Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company IBG (International Business Group) Global Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -

Investments in joint ventures and associates are carried in the group statement of financial position at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the truegroup has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Revenue

Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The group recognises revenue when it transfers control of a product or service to a customer.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.6
Goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less impairment losses.

 

The gain on a bargain purchase is recognised in profit or loss in the period of the acquisition.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not subsequently reversed.

1.7
Intangible assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

 

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.8
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Nil
Leasehold land and buildings
2-50 years straight line
Fixtures and fittings
1-16 years straight line
Plant and equipment
4-24 years straight line
Motor vehicles
3-10 years straight line
Other tangible fixed assets
1-16 years straight line

Freehold land and assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.9
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

1.10
Non-current investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the parent company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.11
Impairment of tangible and intangible assets

At each reporting end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.12
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

 

Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.13
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.14
Financial assets

Financial assets are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the group’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

 

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The parent company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.

Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

 

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.15
Financial liabilities

The group recognises financial debt when the group becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the group’s obligations are discharged, cancelled, or they expire.

1.16
Equity instruments

Equity instruments issued by the parent company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer payable at the discretion of the company.

1.17
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the group has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.18
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
2
Critical accounting estimates and judgements

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

3
Revenue
2023
2022
Revenue analysed by class of business
Sales
14,564,306
3,173,852
Services rendered
101,392,744
13,335,437
Consolidation adjustment
(5,251,835)
(1,018,962)
110,705,215
15,490,327
4
Operating (loss)/profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
Fees payable to the company's auditor for the audit of the company's financial statements
19,560
19,560
Depreciation of property, plant and equipment
535,165
105,153
Depreciation of investment property
4,725
841
Amortisation of intangible assets
161,127
3,841
Cost of inventories recognised as an expense
45,537,174
7,245,920
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
For audit services
Audit of the financial statements of the group and company
19,560
19,560
IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
6
Employees

The average monthly number of persons (including directors) employed by the group during the year was:

2023
2022
Number
Number
554
464

Their aggregate remuneration comprised:

2023
2022
Wages and salaries
15,713,916
2,534,209
7
Investment income
2023
2022
Interest income
Financial instruments measured at amortised cost:
Other interest income on financial assets
161,080
5,001
Other income
Income from joint ventures
243,595
162,029
404,675
167,030
8
Finance costs
2023
2022
Interest on bank overdrafts and loans
1,153,823
145,101
9
Income tax expense
2023
2022
Current tax
UK corporation tax on profits for the current period
1,428,605
177,032
IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Income tax expense
2023
2022
(Continued)
- 23 -

The charge for the year can be reconciled to the profit per the income statement as follows:

2023
2022
Profit before taxation
6,227,267
1,782,924
Expected tax charge based on a corporation tax rate of 25.00% (2022: 19.00%)
1,556,817
338,756
Effect of overseas tax rates
(128,212)
(161,724)
Taxation charge for the year
1,428,605
177,032
10
Intangible assets
Goodwill
Software
Total
Cost
Additions
1,550,396
40,012
1,590,408
At 31 December 2022
1,550,396
40,012
1,590,408
Additions - purchased
-
0
65,378
65,378
Transfer to held for sale
-
0
7,501
7,501
At 31 December 2023
1,550,396
112,891
1,663,287
Amortisation and impairment
Charge for the year
3,841
-
0
3,841
At 31 December 2022
3,841
-
0
3,841
Charge for the year
161,127
-
0
161,127
At 31 December 2023
164,968
-
0
164,968
Carrying amount
At 31 December 2023
1,385,428
112,891
1,498,319
At 31 December 2022
1,546,555
40,012
1,586,567

 

 

IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
11
Property, plant and equipment
Freehold land and buildings
Leasehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Motor vehicles
Other tangible fixed assets
Total
Cost
At 11 November 2021
-
0
-
0
-
0
-
0
-
0
-
0
-
0
-
Business combinations
587,798
1,816,879
1,270,468
1,103,863
117,094
862,863
116,487
5,875,452
At 31 December 2022
587,798
1,816,879
1,270,468
1,103,863
117,094
862,863
116,487
5,875,452
Additions
-
0
76,314
3,807,231
185,648
64,645
245,237
43,619
4,422,694
Disposals
-
0
-
0
-
0
-
0
-
0
(4,152)
-
0
(4,152)
Transfer
78,750
236,250
-
0
-
0
-
0
-
0
-
0
315,000
At 31 December 2023
666,548
2,129,443
5,077,699
1,289,511
181,739
1,103,948
160,106
10,608,994
Accumulated depreciation and impairment
At 11 November 2021
-
0
-
0
-
0
-
0
-
0
-
0
-
0
-
0
Charge for the year
-
0
20,196
-
0
33,764
6,839
41,279
3,075
105,153
At 31 December 2022
-
0
20,196
-
0
33,764
6,839
41,279
3,075
105,153
Charge for the year
-
0
100,218
2,544
171,207
44,133
201,026
16,037
535,165
Impairment loss (profit or loss)
-
0
-
0
-
0
-
0
-
0
(1,844)
-
0
(1,844)
Eliminated on revaluation
-
0
28,350
-
0
-
0
-
0
(35,619)
-
0
(7,269)
At 31 December 2023
-
0
148,764
2,544
204,971
50,972
204,842
19,112
631,205
Carrying amount
At 31 December 2023
666,548
1,980,679
5,075,155
1,084,540
130,767
899,106
140,994
9,977,789
At 31 December 2022
587,798
1,796,683
1,270,468
1,070,099
110,255
821,584
113,412
5,770,299
IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
12
Investment property
2023
2022
Cost
At 1 January 2023
315,000
-
0
Additions through acquisition
-
0
296,100
Other transfers out
(315,000)
-
At 31 December 2023
-
0
315,000
Accumulated depreciation
At 1 January 2023
23,625
3,884
Charge for the year
4,725
841
Depreciation other
(28,350)
-
At 31 December 2023
-
0
23,625
Carrying value
At 31 December 2023
-
0
291,375
At 31 December 2022
291,375
-
13
Investments
Current
Non-current
2023
2022
2023
2022
Loans and receivables at amortised cost
-
0
-
0
14,782,010
11,100,796
Investments in subsidiaries
-
0
-
0
4,177,011
5,502,551
Other investments
-
-
9,512,979
2,603,063
-
0
-
0
28,472,000
19,206,410
Fair value of financial assets carried at amortised cost

The directors believe that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.

IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Investments
(Continued)
- 26 -

The directors have considered the carrying amounts of financial assets for potential impairment. The amounts stated above are at cost.

 

Fixed asset investments comprise of ordinary shares in Caravela - Companhia de Seguros, S.A., which is not publicly traded.

 

The company purchased 4.16% of the equity share capital of Caravela - Companhia de Seguros S.A. on 31 January 2023. Caravela is incorporated in Portugal. The address of the head office of Caravela is 14 Avenida Casal Ribeiro, Lisbon, Portugal.

 

14
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Address
Principal activities
Class of
% Held
shares held
Direct
IBG Europe, SGPA, S.A.
Portugal
Consutruction and engineering
Ordinary shares
88.00
Prisma Triunfante Unipessoal LDA
Portugal
Real estate
Ordinary shares
100.00

Registered office addresses:

1
IBG Europe, SGPS, S.A. Avenida do Infante no. 17, 9000-015 Funcha, Portugal
2
Prisma Triunfante Unipessoal LDA, Centro de Negócios de Oleiros, Rua do Monte n.º 283, Oleiros, VilaVerde, Portugal
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
IBG Europe, SGPA, S.A.
33,060,748
4,355,454
Prisma Triunfante Unipessoal LDA
(4,598)
(3,164)
15
Inventories
2023
2022
Raw materials
3,185,458
4,421,288
IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
16
Trade and other receivables
2023
2022
Trade receivables
28,115,955
22,928,006
Unpaid share capital
10,000
10,000
Amounts owed by related parties
1,199,267
1,278,514
Other receivables
(2,245,294)
14,215,715
Prepayments
145,280
330,447
27,225,208
38,762,682
17
Trade receivables - credit risk
Fair value of trade receivables

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

No significant receivable balances are impaired at the reporting end date.

18
Borrowings
Current
Non-current
2023
2022
2023
2022
Borrowings held at amortised cost:
Bank loans
10,565,309
9,114,811
4,712,222
4,032,014
19
Trade and other payables
Current
Non-current
2023
2022
2023
2022
Trade payables
22,020,701
16,688,052
-
0
-
0
Amounts owed to subsidiary undertakings
6,704,502
21,842,102
-
0
-
0
Amounts owed to related parties
2,026,786
1,859,879
-
0
-
0
Accruals
39,120
19,560
-
0
-
0
Deferred consideration
1,903,833
1,891,146
-
0
-
0
Other payables
10,759,001
12,680,114
1,359,008
631,766
43,453,943
54,980,853
1,359,008
631,766
IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
20
Deferred taxation
2023
2022
Deferred tax liabilities
46,373
40,989
Deferred tax assets
(33,217)
(82,181)
13,156
(41,192)
Deferred tax assets are expected to be recovered after more than one year

The following are the major deferred tax liabilities and assets recognised by the group and movements thereon during the current and prior reporting period.

ACAs
Balance at 1 January 2022
-
Deferred tax movements in prior year
Other
(41,192)
Liability at 1 January 2023
40,989
Asset at 1 January 2023
(82,181)
Deferred tax movements in current year
Other
13,156
Liability at 31 December 2023
46,373
Asset at 31 December 2023
(33,217)
21
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
Authorised
Ordinary shares of €1 each
10,000
10,000
10,000
10,000
Issued and not fully paid
Ordinary shares of €1 each
10,000
10,000
10,000
10,000

At the year end there were 10,000 Ordinary shares of €1 each issued, all of which were unpaid.

IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
22
Other equity instruments
2023
2022
Other movements
1,252,148
-
At the end of the year
1,252,148
-
23
Other changes in equity
2023
2022
Other movements
2,202,064
-
At the end of the year
2,202,064
-
0
24
Capital risk management

The group is not subject to any externally imposed capital requirements.

26
Controlling party

The ultimate controlling party is Isabel Maria De Araujo Rodrigues.

27
Cash generated from operations
2023
2022
Profit for the year before income tax
6,227,267
1,782,924
Adjustments for:
Share of results of associates and joint ventures
(906,538)
(772,522)
Finance costs
610,866
145,101
Investment income
(404,675)
(167,030)
Amortisation and impairment of intangible assets
161,127
3,841
Depreciation and impairment of property, plant and equipment
533,321
105,153
Impairment of investment properties
4,725
-
Movements in working capital:
Decrease in inventories
1,235,830
-
Increase in trade and other receivables
(9,054,845)
-
Increase in trade and other payables
6,117,948
-
Cash generated from operations
4,525,026
1,097,467
IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
28
Analysis of changes in net debt
1 January 2023
Cash flows
31 December 2023
Cash at bank and in hand
5,411,179
(1,139,651)
4,271,528
Borrowings excluding overdrafts
(13,146,825)
(2,130,706)
(15,277,531)
(7,735,646)
(3,270,357)
(11,006,003)
11 November 2021
Cash flows
31 December 2022
Prior year:
Cash at bank and in hand
-
5,411,179
5,411,179
Borrowings excluding overdrafts
-
(13,146,825)
(13,146,825)
-
(7,735,646)
(7,735,646)
IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 31 -
2023
2022
Notes
Non-current assets
Investments
31
27,138,600
21,842,382
Current assets
Trade and other receivables
32
860,282
61,000
Cash and cash equivalents
9,480
-
0
869,762
61,000
Current liabilities
Trade and other payables
33
28,090,722
21,913,662
Net current liabilities
(27,220,960)
(21,852,662)
Net liabilities
(82,360)
(10,280)
Equity
Called up share capital
34
10,000
10,000
Retained earnings
(92,360)
(20,280)
Total equity
(82,360)
(10,280)

As permitted by trues408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s loss for the year was €72,080 (2022 - €20,280 loss).

The financial statements were approved by the board of directors and authorised for issue on 11 April 2025 and are signed on its behalf by:
Mr D do Nascimento Duarte
Director
Company registration number 13737293 (England and Wales)
IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 32 -
Share capital
Retained earnings
Total
Notes
Balance at 11 November 2021
-
0
-
0
-
Period ended 31 December 2022:
Loss and total comprehensive income
-
(20,280)
(20,280)
Transactions with owners:
Issue of share capital
34
10,000
-
10,000
Balance at 31 December 2022
10,000
(20,280)
(10,280)
Year ended 31 December 2023:
Loss and total comprehensive income
-
(72,080)
(72,080)
Balance at 31 December 2023
10,000
(92,360)
(82,360)
IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 33 -
29
Accounting policies
Company information

IBG (International Business Group) Global Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 St Mark Street, London, E1 8DJ. The company's principal activities and nature of its operations are disclosed in the directors' report.

29.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements are prepared in euros, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest €.

The company applies accounting policies consistent with those applied by the group. To the extent that an accounting policy is relevant to both group and parent company financial statements, please refer to the group financial statements for disclosure of the relevant accounting policy.

29.2
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

30
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
-
31
Investments
Current
Non-current
2023
2022
2023
2022
Investments in subsidiaries
-
0
-
0
21,138,600
21,842,382
Other investments
-
-
6,000,000
-
-
0
-
0
27,138,600
21,842,382
Fair value of financial assets carried at amortised cost

Except as detailed below the directors believe that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.

IBG (INTERNATIONAL BUSINESS GROUP) GLOBAL LIMITED
NOTES TO THE COMPANY FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
31
Investments
(Continued)
- 34 -

The directors have considered the carrying amounts of financial assets for potential impairment. The amounts stated above are at cost.

 

Fixed asset investments comprise of ordinary shares in Caravela - Companhia de Seguros, S.A., which is not publicly traded.

 

The company purchased 4.16% of the equity share capital of Caravela - Companhia de Seguros S.A. on 31 January 2023. Caravela is incorporated in Portugal. The address of the registered office of Caravela is 14 Avenida Casal Ribeiro, Lisbon, Portugal.

 

Investment in subsidiary undertakings

Details of the company's principal operating subsidiaries are included in note 13.

32
Trade and other receivables
2023
2022
Unpaid share capital
10,000
10,000
Amounts owed by subsidiary undertakings
95,500
-
0
Other receivables
754,782
51,000
860,282
61,000
33
Trade and other payables
2023
2022
Amounts owed to subsidiary undertakings
28,051,602
21,893,102
Accruals
39,120
19,560
Other payables
-
1,000
28,090,722
21,913,662
34
Share capital
Refer to note 21 of the group financial statements.
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