1 September 2023 v2025.21.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP007520942023-09-012024-08-31007520942024-08-31007520942023-08-3100752094core:WithinOneYear2024-08-3100752094core:WithinOneYear2023-08-3100752094core:ShareCapital2024-08-3100752094core:ShareCapital2023-08-3100752094core:RetainedEarningsAccumulatedLosses2024-08-3100752094core:RetainedEarningsAccumulatedLosses2023-08-3100752094bus:Director12023-09-012024-08-3100752094bus:RegisteredOffice2023-09-012024-08-31007520942022-09-012023-08-3100752094core:AfterOneYear2023-08-310075209412023-09-012024-08-3100752094countries:EnglandWales2023-09-012024-08-3100752094bus:AuditExemptWithAccountantsReport2023-09-012024-08-3100752094bus:PrivateLimitedCompanyLtd2023-09-012024-08-3100752094bus:SmallEntities2023-09-012024-08-3100752094bus:FullAccounts2023-09-012024-08-31
Company registration number:
00752094
IDOR FINANCE COMPANY LIMITED
Unaudited Filleted Financial Statements for the year ended
31 August 2024
PRESTIGE ACCOUNTS LIMITED
CHARTERED CERTIFIED ACCOUNTANTS & CHARTERED TAX ADVISERS
16 KHARTOUM ROAD, ILFORD, IG1 2NP, United Kingdom
IDOR FINANCE COMPANY LIMITED
Report to the board of directors on the preparation of the unaudited statutory financial statements of IDOR FINANCE COMPANY LIMITED
Year ended
31 August 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the
financial statements
of
IDOR FINANCE COMPANY LIMITED
for the year ended
31 August 2024
which comprise the income statement, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Members/​Doc/​rule/​2018-rulebook.pdf.
This report is made solely to the Board of Directors of
IDOR FINANCE COMPANY LIMITED
, as a body. Our work has been undertaken solely to prepare for your approval the
financial statements
of
IDOR FINANCE COMPANY LIMITED
and state those matters that we have agreed to state to the Board of Directors of
IDOR FINANCE COMPANY LIMITED
, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Technical/​fact/​tf-163-jan-24.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
IDOR FINANCE COMPANY LIMITED
and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that
IDOR FINANCE COMPANY LIMITED
has kept adequate accounting records and to prepare statutory
financial statements
that give a true and fair view of the assets, liabilities, financial position and loss of
IDOR FINANCE COMPANY LIMITED
. You consider that
IDOR FINANCE COMPANY LIMITED
is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of IDOR FINANCE COMPANY LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
PRESTIGE ACCOUNTS LIMITED
CHARTERED CERTIFIED ACCOUNTANTS & CHARTERED TAX ADVISERS
16 KHARTOUM ROAD
ILFORD
IG1 2NP
United Kingdom
Date:
29 April 2025
IDOR FINANCE COMPANY LIMITED
Statement of Financial Position
31 August 2024
20242023
Note££
Current assets    
Debtors 5
674,301
 
578,096
 
Cash at bank and in hand
1,367,335
 
1,521,131
 
2,041,636
 
2,099,227
 
Creditors: amounts falling due within one year 6
(41,456
)
(46,263
)
Net current assets
2,000,180
 
2,052,964
 
Total assets less current liabilities 2,000,180   2,052,964  
Capital and reserves    
Called up share capital
8
 
8
 
Profit and loss account
2,000,172
 
2,052,956
 
Shareholders funds
2,000,180
 
2,052,964
 
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.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
29 April 2025
, and are signed on behalf of the board by:
MR GREGORY PANAYI
Director
Company registration number:
00752094
IDOR FINANCE COMPANY LIMITED
Notes to the Financial Statements
Year ended
31 August 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
16 KHARTOUM ROAD
,
ILFORD
,
IG1 2NP
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods and services supplied during the financial year, net of trade discounts and Value Added Tax.
The company's turnover consists of loan interest receivable from loans advanced as financiers.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4 Average number of employees

The average number of persons employed by the company during the year was
3
(2023:
3.00
).

5 Debtors

20242023
££
Trade debtors
665,874
 
569,772
 
Other debtors
8,427
 
8,324
 
674,301
 
578,096
 
The debtors above include the following amounts falling due after more than one year:
20242023
££
Trade debtors -  
15,000
 
The amount of trade debtors above includes the amount of £664,000 for 2024 and £569,000 for 2023, relating to loans advanced to customers.

6 Creditors: amounts falling due within one year

20242023
££
Taxation and social security
491
 
468
 
Other creditors
40,965
 
45,795
 
41,456
 
46,263
 
The amount of other creditors above includes the amount of £34,129 for 2024 and £33,373 for 2023, relating to directors' current account.

8 Controlling party

At the end of the financial year, the ultimate controlling party was The Panayi Children's Settlement Trust, which held 100% of the company’s share capital.