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Registered number: 11554982









IG WATFORD WAY 1 LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 APRIL 2024

 
IG WATFORD WAY 1 LIMITED
REGISTERED NUMBER: 11554982

BALANCE SHEET
AS AT 30 APRIL 2024

30 April
31 March
2024
2023
Note
£
£

  

Current assets
  

Stocks
  
-
6,076,281

Debtors: amounts falling due within one year
 5 
5,210,028
84,238

Cash at bank and in hand
 6 
26,825
9,202

  
5,236,853
6,169,721

Creditors: amounts falling due within one year
 7 
(1,538,155)
(2,420,125)

Net current assets
  
 
 
3,698,698
 
 
3,749,596

Total assets less current liabilities
  
3,698,698
3,749,596

  

Net assets
  
3,698,698
3,749,596


Capital and reserves
  

Called up share capital 
  
3,844,000
3,844,000

Profit and loss account
  
(145,302)
(94,404)

  
3,698,698
3,749,596


Page 1

 
IG WATFORD WAY 1 LIMITED
REGISTERED NUMBER: 11554982
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

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 period 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 by: 




B Edgar
Director

Date: 29 April 2025

The notes on pages 3 to 5 form part of these financial statements.

Page 2

 
IG WATFORD WAY 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

1.


General information

IG Watford Way 1 Limited is a private company, limited by shares, incorporated in the United Kingdom and registered in England and Wales. The company's registered office address and  principal place of business address is 73 Maygrove Road, London, NW6 2EG.
The financial statements are presented in GBP, which is the functional currency of the company.

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

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

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

Page 3

 
IG WATFORD WAY 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

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.


3.


Employees

The average monthly number of employees, including directors, during the period was 2 (2023 - 2).


4.


Stocks

30 April
31 March
2024
2023
£
£

Work in progress (goods to be sold)
-
6,076,281

-
6,076,281


Page 4

 
IG WATFORD WAY 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024

5.


Debtors

30 April
31 March
2024
2023
£
£


Amounts owed by group undertakings
5,047,679
74,088

Other debtors
162,349
10,150

5,210,028
84,238



6.


Cash and cash equivalents

30 April
31 March
2024
2023
£
£

Cash at bank and in hand
26,825
9,202

26,825
9,202



7.


Creditors: Amounts falling due within one year

30 April
31 March
2024
2023
£
£

Trade creditors
63,141
89,976

Amounts owed to group undertakings
71,400
2,172,809

Other taxation and social security
1,246,613
-

Other creditors
156,000
156,000

Accruals and deferred income
1,001
1,340

1,538,155
2,420,125


 
Page 5