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COMPANY REGISTRATION NUMBER: 06465435
I & G Contractors Limited
Filleted Unaudited Financial Statements
31 August 2024
I & G Contractors Limited
Financial Statements
Year ended 31 August 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
I & G Contractors Limited
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,073,080
1,145,766
Current assets
Debtors
6
3,331,761
2,227,057
Cash at bank and in hand
2,170,947
1,475,716
------------
------------
5,502,708
3,702,773
Creditors: amounts falling due within one year
7
4,965,535
3,133,816
------------
------------
Net current assets
537,173
568,957
------------
------------
Total assets less current liabilities
1,610,253
1,714,723
Creditors: amounts falling due after more than one year
8
172,217
292,261
Provisions
Taxation including deferred tax
241,355
229,574
------------
------------
Net assets
1,196,681
1,192,888
------------
------------
Capital and reserves
Called up share capital
3
3
Share premium account
5,000
5,000
Profit and loss account
1,191,678
1,187,885
------------
------------
Shareholders funds
1,196,681
1,192,888
------------
------------
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 income and retained earnings has not been delivered.
For the year ending 31 August 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 .
I & G Contractors Limited
Statement of Financial Position (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 16 April 2025 , and are signed on behalf of the board by:
Mr D Seymour
Mr S Smith
Director
Director
Mr S J Kelley
Mr I Hutchison
Director
Director
Mr W D Russell
Director
Company registration number: 06465435
I & G Contractors Limited
Notes to the Financial Statements
Year ended 31 August 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 Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.
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. The financial statements are prepared in sterling, which is the functional currency of the entity. 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. Significant judgements Key sources of estimation uncertainty (i) Amounts recoverable on contracts The amounts recoverable on contracts comprises the value of work done up to the year end. The valuation of work done is based on the outstanding applications for work. Where a contract is assessed as being loss-making, a provision is made for the loss on the job in full. Estimates are included based on the anticipated recovery of amounts outstanding. Revenue recognition The turnover shown in the income statement represents amounts invoiced during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contract for on-going services is recognised by reference to the stage of completion. 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. 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 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 and machinery - 20% reducing balance
Motor vehicles - 15% reducing balance
Equipment - 25% straight line
Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 47 (2023: 42 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 September 2023
653,044
1,002,647
56,332
1,712,023
Additions
358,444
45,160
403,604
Disposals
( 39,675)
( 506,069)
( 833)
( 546,577)
---------
------------
---------
------------
At 31 August 2024
971,813
496,578
100,659
1,569,050
---------
------------
---------
------------
Depreciation
At 1 September 2023
182,110
351,717
32,430
566,257
Charge for the year
105,520
77,229
13,609
196,358
Disposals
( 265,917)
( 728)
( 266,645)
---------
------------
---------
------------
At 31 August 2024
287,630
163,029
45,311
495,970
---------
------------
---------
------------
Carrying amount
At 31 August 2024
684,183
333,549
55,348
1,073,080
---------
------------
---------
------------
At 31 August 2023
470,934
650,930
23,902
1,145,766
---------
------------
---------
------------
6. Debtors
2024
2023
£
£
Trade debtors
81,983
39,540
Amounts owed by group undertakings and undertakings in which the company has a participating interest
518,692
Other debtors
3,249,778
1,668,825
------------
------------
3,331,761
2,227,057
------------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,299
10,038
Trade creditors
2,361,051
1,561,105
Amounts owed to group undertakings and undertakings in which the company has a participating interest
334,936
Corporation tax
569,083
48,871
Social security and other taxes
791,665
617,948
Other creditors
898,501
895,854
------------
------------
4,965,535
3,133,816
------------
------------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,997
18,297
Other creditors
164,220
273,964
---------
---------
172,217
292,261
---------
---------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
292,981
261,000
Later than 1 year and not later than 5 years
131,746
266,516
---------
---------
424,727
527,516
---------
---------
10. Related party transactions
At the year end date, the company was owed £544 (2023: £nil) and owed £21,087 (2023: £nil) to companies associated by common directorship. At the year end date, the company owed £334,936 (2023: was owed £518,692) to a group company.
11. Controlling party
The ultimate parent and controlling party is I & G Management Group Ltd , a company registered in England & Wales. The registered address of I & G Management Group Ltd is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN .