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COMPANY REGISTRATION NUMBER: 13547935
I & G Management Group Ltd
Filleted Unaudited Financial Statements
31 August 2024
I & G Management Group Ltd
Financial Statements
Year ended 31 August 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
I & G Management Group Ltd
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
2,326,710
1,150,050
Investments
6
603,000
603,000
------------
------------
2,929,710
1,753,050
Current assets
Debtors
7
840,855
84,742
Cash at bank and in hand
145,249
12,065
---------
--------
986,104
96,807
Creditors: amounts falling due within one year
8
630,246
797,110
---------
---------
Net current assets/(liabilities)
355,858
( 700,303)
------------
------------
Total assets less current liabilities
3,285,568
1,052,747
Creditors: amounts falling due after more than one year
9
770,837
493,345
Provisions
380,546
187,890
------------
------------
Net assets
2,134,185
371,512
------------
------------
Capital and reserves
Called up share capital
200
200
Profit and loss account
2,133,985
371,312
------------
---------
Shareholders funds
2,134,185
371,512
------------
---------
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 Management Group Ltd
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 I Hutchison
Director
Director
Mr S J Kelley
Mr S Smith
Director
Director
Mr W D Russell
Director
Company registration number: 13547935
I & G Management Group Ltd
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, United Kingdom.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for hire charges and services rendered, stated net of discounts and of Value Added Tax.
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, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
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:
Freehold property
-
2% straight line
Plant and machinery
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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 5 (2023: 5 ).
5. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2023
307,558
31,350
887,759
1,226,667
Additions
235,051
1,247,516
1,482,567
Disposals
( 34,000)
( 34,000)
---------
---------
------------
------------
At 31 August 2024
307,558
266,401
2,101,275
2,675,234
---------
---------
------------
------------
Depreciation
At 1 September 2023
6,151
3,950
66,516
76,617
Charge for the year
6,151
13,640
257,822
277,613
Disposals
( 5,706)
( 5,706)
---------
---------
------------
------------
At 31 August 2024
12,302
17,590
318,632
348,524
---------
---------
------------
------------
Carrying amount
At 31 August 2024
295,256
248,811
1,782,643
2,326,710
---------
---------
------------
------------
At 31 August 2023
301,407
27,400
821,243
1,150,050
---------
---------
------------
------------
6. Investments
Shares in group undertakings
£
Cost
At 1 September 2023 and 31 August 2024
603,000
---------
Impairment
At 1 September 2023 and 31 August 2024
---------
Carrying amount
At 31 August 2024
603,000
---------
At 31 August 2023
603,000
---------
7. Debtors
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
334,936
Other debtors
505,919
84,742
---------
--------
840,855
84,742
---------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
940
780
Amounts owed to group undertakings and undertakings in which the company has a participating interest
518,692
Other creditors
629,306
277,638
---------
---------
630,246
797,110
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
770,837
493,345
---------
---------
10. Directors' advances, credits and guarantees
During the year, a director was advanced £2,978 and made repayments of £234 interest of £nil was charged on this loan. At the year end date, the director owed the company £2,744.
11. Related party transactions
At the year end date, the company owed £5,567 (2023: £27,734) and £nil (2023: £16,037) to companies associated by common directorship, and was owed £137,500 and £262,500 by a companies associated by common directorship. At the year end date, the company was owed £334,936 (2023: the company owed £518,692) by a group company. At the year end, the company owed the directors £33,720 (2023: £45,871).