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Registration number: 11838529

IGP International Prospecting Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

IGP International Prospecting Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

IGP International Prospecting Ltd

(Registration number: 11838529)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

1,429,840

4,689,457

Debtors

5

14,624

82,856

Cash at bank and in hand

 

1,464

459,553

 

1,445,928

5,231,866

Creditors: Amounts falling due within one year

6

(1,496,857)

(5,264,709)

Net liabilities

 

(50,929)

(32,843)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(51,029)

(32,943)

Shareholders' deficit

 

(50,929)

(32,843)

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 July 2025 and signed on its behalf by:
 

.........................................
T D Tuominen
Director

   
     
 

IGP International Prospecting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 25.7 Coda Studios
189 Munster Road
London
SW6 6AW
England

These financial statements were authorised for issue by the Board on 15 July 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

IGP International Prospecting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

 

IGP International Prospecting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Stocks

2024
£

2023
£

Work in progress

1,429,840

4,689,457

During the year, £3,259,617 of work in progress was transferred to related parties of IGP International Prospecting Ltd.

5

Debtors

2024
£

2023
£

Trade debtors

 

-

73,069

Amounts owed by related parties

14,624

148

Other debtors

 

-

9,639

 

14,624

82,856

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

 

Trade creditors

 

458

200,872

Amounts owed to related parties

1,477,734

5,063,687

Taxation and social security

 

18,665

-

Accruals and deferred income

 

-

150

 

1,496,857

5,264,709

 

IGP International Prospecting Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

8

Relationship between entity and parents

The parent of the smallest group in which these financial statements are consolidated is IGP UK Projects Limited, incorporated in England and Wales.

The address of IGP UK Projects Limited is:
Unit 25.7 Coda Studios, 189 Munster Road, London, England, SW6 6AW