Registered number
02936165
I T G (GB) Limited
Unaudited Filleted Accounts
31 December 2024
I T G (GB) Limited
Registered number: 02936165
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 24,580 1,869
Investments 4 780,734 780,734
805,314 782,603
Current assets
Debtors 5 972 775
Cash at bank and in hand 181,533 185,995
182,505 186,770
Creditors: amounts falling due within one year 6 (4,152) (4,738)
Net current assets 178,353 182,032
Total assets less current liabilities 983,667 964,635
Provisions for liabilities (52,016) (47,346)
Net assets 931,651 917,289
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7 292,057 292,057
Profit and loss account 639,494 625,132
Shareholders' funds 931,651 917,289
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr P K Dalton
Director
Approved by the board on 19 May 2025
I T G (GB) Limited
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The reporting currency is GBP and all figures rounded to the nearest £1.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 3-5 years
Fixtures, fittings, tools and equipment over 3-5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
The above includes directors of the company who are not employed under contracts of service.
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024 15,995
Additions 31,949
Disposals (15,995)
At 31 December 2024 31,949
Depreciation
At 1 January 2024 14,126
Charge for the year 7,703
On disposals (14,460)
At 31 December 2024 7,369
Net book value
At 31 December 2024 24,580
At 31 December 2023 1,869
4 Investments
Other
investments
£
Cost
At 1 January 2024 780,734
At 31 December 2024 780,734
5 Debtors 2024 2023
£ £
Other debtors 972 775
6 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 219 246
Other creditors 3,933 4,492
4,152 4,738
7 Revaluation reserve 2024 2023
£ £
At 1 January 2024 292,057 292,057
At 31 December 2024 292,057 292,057
8 Other information
I T G (GB) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 16 Great Grimsby Seafood Village
Wickham Road, Fish Docks
Grimsby
N E Lincolnshire
DN31 3SX
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