Caseware UK (AP4) 2024.0.164 2024.0.164 2024-11-302025-05-282025-05-282024-11-302024-11-30false2023-12-01falseholding company44falsefalse 12552617 2023-12-01 2024-11-30 12552617 2022-12-01 2023-11-30 12552617 2024-11-30 12552617 2023-11-30 12552617 1 2023-12-01 2024-11-30 12552617 d:Director1 2023-12-01 2024-11-30 12552617 d:Director2 2023-12-01 2024-11-30 12552617 d:Director3 2023-12-01 2024-11-30 12552617 d:Director3 2024-11-30 12552617 d:Director4 2023-12-01 2024-11-30 12552617 d:Director4 2024-11-30 12552617 d:RegisteredOffice 2023-12-01 2024-11-30 12552617 d:Agent1 2023-12-01 2024-11-30 12552617 c:Buildings 2023-12-01 2024-11-30 12552617 c:PlantMachinery 2023-12-01 2024-11-30 12552617 c:MotorVehicles 2023-12-01 2024-11-30 12552617 c:FurnitureFittings 2023-12-01 2024-11-30 12552617 c:OfficeEquipment 2023-12-01 2024-11-30 12552617 c:CurrentFinancialInstruments 2024-11-30 12552617 c:CurrentFinancialInstruments 2023-11-30 12552617 c:Non-currentFinancialInstruments 2024-11-30 12552617 c:Non-currentFinancialInstruments 2023-11-30 12552617 c:CurrentFinancialInstruments c:WithinOneYear 2024-11-30 12552617 c:CurrentFinancialInstruments c:WithinOneYear 2023-11-30 12552617 c:Non-currentFinancialInstruments c:AfterOneYear 2024-11-30 12552617 c:Non-currentFinancialInstruments c:AfterOneYear 2023-11-30 12552617 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-11-30 12552617 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-11-30 12552617 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-11-30 12552617 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-11-30 12552617 c:ShareCapital 2024-11-30 12552617 c:ShareCapital 2023-11-30 12552617 c:SharePremium 2023-12-01 2024-11-30 12552617 c:SharePremium 2024-11-30 12552617 c:SharePremium 2023-11-30 12552617 c:RetainedEarningsAccumulatedLosses 2023-12-01 2024-11-30 12552617 c:RetainedEarningsAccumulatedLosses 2024-11-30 12552617 c:RetainedEarningsAccumulatedLosses 2023-11-30 12552617 c:RetainedEarningsAccumulatedLosses 2022-12-01 12552617 d:OrdinaryShareClass1 2023-12-01 2024-11-30 12552617 d:OrdinaryShareClass1 2024-11-30 12552617 d:OrdinaryShareClass1 2023-11-30 12552617 d:FRS102 2023-12-01 2024-11-30 12552617 d:Audited 2023-12-01 2024-11-30 12552617 d:FullAccounts 2023-12-01 2024-11-30 12552617 d:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 12552617 c:Subsidiary1 2023-12-01 2024-11-30 12552617 c:Subsidiary1 1 2023-12-01 2024-11-30 12552617 d:Consolidated 2024-11-30 12552617 d:ConsolidatedGroupCompanyAccounts 2023-12-01 2024-11-30 12552617 6 2023-12-01 2024-11-30 12552617 e:PoundSterling 2023-12-01 2024-11-30 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 12552617







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 NOVEMBER 2024


IAGP LIMITED






































img5459.png                        

 


IAGP LIMITED
 


 
COMPANY INFORMATION


Directors
B. F. Allan 
N. D. Allan 




Registered number
12552617



Registered office
Dial House
Govett Avenue

Shepperton

Middlesex

TW17 8AG




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY




Solicitors
Moore Barlow LLP
Concord House

165 Church Street East

Woking

Surrey

GU21 6HJ





 


IAGP LIMITED
 



CONTENTS



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Consolidated statement of income and retained earnings
9
Consolidated statement of financial position
10
Company statement of financial position
11
Consolidated statement of cash flows
12
Consolidated analysis of net debt
13
Notes to the financial statements
14 - 29


 


IAGP LIMITED
 


 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024

Principal Activity
 
The Group's principal activities during the year were property management and motor dealers.

Business review
 
The motor dealership at Virginia Water closed on 7th March 2025. The main focus of the Group is now the letting of property.
The Group achieved a turnover of £7,444k for the year to 30 November 2024 (2023: £15,172k) with net assets of £11,502k reported at the year end (2023: £12,034k).
The motor dealership reported a gross margin of £1,534k (24.2%) for the 12 months ended 30 November 2024, a reduction on the £2,338k (15.4%) achieved in 2023.
The property management company achieved income of £2,642k in the year to 30 November 2024 and a gross profit of £1,067k an increase from the turnover of £1,417k and gross profit of £876k achieved in the year ended 30 November 2023.
The property portfolio was valued at £19.4m at 30 November 2024 a small decrease on the valuation of £18.9m at 30 November 2023.
As a result of the above, net assets decreased from £12,034k in 2023 to £11,502k at the year end.

Principal risks and uncertainties
 
The management of the business and the execution of the Group’s strategy are subject to a number of key risks.
The motor business ceased trading on 7th March 2025.
Property letting and management may be affected by general economic conditions affecting its current and potential tenants which may affect their ability to meet rent payments when due, and their willingness to renew or enter into leases.
The Directors of IAGP Limited remain optimistic that the property portfolio will continue to prosper in the future.
Tennay Properties has a wide portfolio of tenants covering a diverse range of industry sectors. The diversification will ensure that a steady rental income stream will continue into the future. Currently the Group holds sufficient cash reserves for the foreseeable future and will permit it to invest in suitable properties.

Financial key performance indicators
 
The Group uses a series of key performance indicators to monitor the performance of the business. These include but are not limited to the following:
-      Turnover by sector and department
-      Gross profit by sector and department
-      Net profit by sector
-      Property vacancy rates
-      Staff efficiency

Page 1

 


IAGP LIMITED
 



GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024

Other key performance indicators
 
-      Orders received
-      Staff numbers and vacancies
-      Transaction numbers
-      Return on investment
-      Income per square foot
Specific analysis of the above KPIs has not been given in this report as the directors consider that such disclosures would
be seriously prejudicial to the interests of the Group.


This report was approved by the board and signed on its behalf.



................................................
N. D. Allan
Director

Date: 7 July 2025

Page 2

 


IAGP LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024

The directors present their report and the financial statements for the year ended 30 November 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £352,152 (2023 -profit £438,754).

Dividends of £179,953 (2023 - £149,995) were voted in the year.

Directors

The directors who served during the year were:

B. F. Allan 
N. D. Allan 
S. Blaney (resigned 28 May 2025)
M. A. Smith (BA, BFP, FCA) (resigned 28 May 2025)

Matters covered in the Group Strategic Report

The Company has chosen, in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, to set out within the Company's Strategic Report the Company's Strategic Report Information required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties.

Page 3

 


IAGP LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

Following the year end, the Group took the decision to close down Ian Allan Motors Limited and the company ceased trading on 7 March 2025. The financial impact to the Group cannot be reliably estimated at this stage. 
After the year end, the Company agreed to sell two investment properties for development. One property was sold for £625,000 and the other was sold for £2,300,000. As a result, investment properties will decrease by £2,720,000 and the cash balance will increase by £2,925,000.

Auditor

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





................................................
N. D. Allan
Director

Date: 7 July 2025

Page 4

 


IAGP LIMITED
 

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF IAGP LIMITED

Opinion


We have audited the financial statements of IAGP Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 November 2024, which comprise the Consolidated Statement of Income and Retained Earnings, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 November 2024 and of the Group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 


IAGP LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF IAGP LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 


IAGP LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF IAGP LIMITED (CONTINUED)

Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:


The Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including:
 
The Companies Act 2006;
Financial Reporting 102;
UK employment legislation
UK health and safety legislation;
UK tax legislation; and
General Data Protection Regulations.


We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We understood how the Group is complying with those legal and regulatory frameworks by, making enquiries to management, those responsible for legal and compliance procedures and the company secretary. We corroborated our enquiries through our review of board minutes.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
We assessed the susceptibility of the Group financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
 
Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
Challenging assumptions and judgements made by management in its significant accounting estimates; and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
 
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
 
The application of inappropriate judgements or estimation to manipulate the Group's financial position;
Posting of unusual journals and complex transactions; and
The use of management override of controls to manipulate results, or to cause the Group to enter into transactions not in its best interests.

Page 7

 


IAGP LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF IAGP LIMITED (CONTINUED)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Use of our report
 

This report is made solely to the Company's members in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members for our audit work, for this report, or for the opinions we have formed.





Andrew Hookway FCA (Senior statutory auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
Ashcombe House
5 The Crescent
Leatherhead
Surrey
KT22 8DY

21 July 2025
Page 8

 


IAGP LIMITED
 


 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
7,444,335
15,171,662

Cost of sales
  
(6,236,854)
(12,833,608)

Gross profit
  
1,207,481
2,338,054

Distribution costs
  
(426,836)
(406,709)

Administrative expenses
  
(1,499,937)
(1,415,866)

Other operating income
 5 
12,468
8,271

Gain from changes in fair value of investment property
  
461,000
(187,000)

Operating (loss)/profit
 6 
(245,824)
336,750

Amounts written off investments
  
-
(29,000)

Interest receivable and similar income
  
-
20

Interest payable and similar expenses
 10 
(199,460)
(165,402)

(Loss)/profit before tax
  
(445,284)
142,368

Tax on (loss)/profit
  
93,132
296,386

(Loss)/profit after tax
  
(352,152)
438,754

  

  

Retained earnings at the beginning of the year
  
(296,276)
(585,035)

  
(296,276)
(585,035)

(Loss)/profit for the year attributable to the owners of the parent
  
(352,152)
438,754

Dividends declared and paid
  
(179,953)
(149,995)

Retained earnings at the end of the year
  
(828,381)
(296,276)

  

The notes on pages 14 to 29 form part of these financial statements.

Page 9

 


IAGP LIMITED
REGISTERED NUMBER:12552617



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2024
 
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
2,043,436
2,034,164

Investment property
 14 
17,586,175
17,125,175

  
19,629,611
19,159,339

Current assets
  

Stocks
 15 
1,932,743
5,341,735

Debtors: amounts falling due within one year
 16 
430,254
503,655

Cash at bank and in hand
 17 
1,939,540
813,037

  
4,302,537
6,658,427

Creditors: amounts falling due within one year
 18 
(9,912,552)
(4,904,002)

Net current (liabilities)/assets
  
 
 
(5,610,015)
 
 
1,754,425

Total assets less current liabilities
  
14,019,596
20,913,764

Creditors: amounts falling due after more than one year
 19 
(960,204)
(7,296,328)

Provisions for liabilities
  

Deferred taxation
 21 
(1,557,137)
(1,583,076)

  
 
 
(1,557,137)
 
 
(1,583,076)

Net assets
  
11,502,255
12,034,360


Capital and reserves
  

Called up share capital 
 22 
102,246
102,246

Share premium account
 23 
12,228,390
12,228,390

Profit and loss account
 23 
(828,381)
(296,276)

  
11,502,255
12,034,360


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
N. D. Allan
Director

Date: 7 July 2025

The notes on pages 14 to 29 form part of these financial statements.

Page 10

 


IAGP LIMITED
REGISTERED NUMBER:12552617



COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 13 
20,467,616
24,317,003

  
20,467,616
24,317,003

Current assets
  

Debtors: amounts falling due within one year
 16 
6
6

Cash at bank and in hand
 17 
65,828
57,727

  
65,834
57,733

Creditors: amounts falling due within one year
 18 
(7,702,344)
(413,131)

Net current liabilities
  
 
 
(7,636,510)
 
 
(355,398)

Total assets less current liabilities
  
12,831,106
23,961,605

  

Creditors: amounts falling due after more than one year
 19 
-
(7,296,328)

  

Net assets
  
12,831,106
16,665,277


Capital and reserves
  

Called up share capital 
 22 
102,246
102,246

Share premium account
 23 
12,228,390
12,228,390

Profit and loss account brought forward
  
4,334,641
4,235,392

Loss/(profit) for the year
  
(3,654,218)
249,244

Other changes in the profit and loss account

  

(179,953)
(149,995)

Profit and loss account carried forward
  
500,470
4,334,641

  
12,831,106
16,665,277


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
N. D. Allan
Director

Date: 7 July 2025

The notes on pages 14 to 29 form part of these financial statements.

Page 11

 


IAGP LIMITED
 



CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024
2024
2023
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(352,152)
438,754

Adjustments for:

Depreciation of tangible assets
99,040
106,219

Profit on disposal of tangible assets
(1,667)
-

Interest paid
199,460
165,402

Interest received
-
(20)

Taxation charge
(93,132)
(296,395)

Decrease/(increase) in stocks
3,408,992
(2,107,808)

Decrease/(increase) in debtors
73,401
(336,314)

(Decrease)/increase in creditors
(2,136,664)
1,403,016

Net fair value (gains)/losses recognised in P&L
(461,000)
187,000

Corporation tax received
-
251,182

Net cash generated from operating activities

736,278
(188,964)


Cash flows from investing activities

Purchase of tangible fixed assets
(108,606)
(50,702)

Proceeds from disposal of tangible fixed assets
1,961
-

Purchase of investment properties
-
(6,250)

Interest received
-
20

Net cash from investing activities

(106,645)
(56,932)

Cash flows from financing activities

New secured loans
1,000,000
-

Repayment of loans
(11,073)
-

Repayment of other loans
(112,644)
(110,520)

Dividends paid
(179,953)
(149,995)

Interest paid
(199,460)
(165,402)

Net cash used in financing activities
496,870
(425,917)

Net increase/(decrease) in cash and cash equivalents
1,126,503
(671,813)

Cash and cash equivalents at beginning of year
813,037
1,484,850

Cash and cash equivalents at the end of year
1,939,540
813,037


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,939,540
813,037

1,939,540
813,037


The notes on pages 14 to 29 form part of these financial statements.

Page 12

 


IAGP LIMITED
 



CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 NOVEMBER 2024




At 1 December 2023
Cash flows
At 30 November 2024
£

£

£

Cash at bank and in hand

813,037

1,126,503

1,939,540

Debt due after 1 year

(7,296,328)

6,336,124

(960,204)

Debt due within 1 year

(354,554)

(6,966,731)

(7,321,285)


(6,837,845)
495,896
(6,341,949)

The notes on pages 14 to 29 form part of these financial statements.

Page 13

 


IAGP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1.


General information

IAGP Limited is a private company limited by shares and incorporated in England and Wales. Details of the Company's registered office and principal place can be found on the Company Information page.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Income and Retained Earnings in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP and the accounts are rounded to the nearest £.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 14

 


IAGP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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:
Rental income is recognised on an accruals basis over the applicable lease period. 
Revenue from the sale of motor vehicles is recognised when the Company has transferred the significant risks and rewards of ownership to the buyer and legal title for the vehicle has passed to the buyer.
Revenue from vehicle servicing is recognised in the period in which the service is provided, when the contracted work is complete and the customer has confirmed the quoted work has been completed.
For all other revenue streams, revenue from the sale of goods is recognised at the point of despatch and revenue from the rendering of services is recognised on completion of the contracted works.

 
2.5

Operating leases: the Group as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

Page 15

 


IAGP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

Freehold property
-
on a straight line basis over estimated economic life
Plant and machinery
-
10% to 25% per annum on cost
Motor vehicles
-
25% per annum on cost
Fixtures and fittings
-
10% to 25% per annum on cost
Office equipment
-
10% to 25% per annum on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 16

 


IAGP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.11

Investment property

Investment property is carried at fair value determined annually by the directors and external valuers and is derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Consolidated Statement of Comprehensive Income.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

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.

At each reporting 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.

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.15

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Page 17

 


IAGP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

3.


Judgements in applying accounting policies 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 for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. 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.
Key areas of judgement and estimation affecting these financial statements are as follows:
Valuation of Investment Property
Investment properties are valued on the basis of open market value for existing use. Management assess the reputation, qualifications and relevant expertise of their external professional advisers in order to be satisfied that they can rely on their independent judgement to determine the value of the investment property within the accounts. 
Debtor recoverability
Management use judgement in determining the expected recoverability of trade debtors and calculate a bad debt provision by analysing each receivable on a case by case basis.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Vehicle sales and servicing
4,807,423
13,672,966

Rental income
1,519,211
1,496,911

Publishing sales
75
181

Other income
1,117,626
1,604

7,444,335
15,171,662


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Net rents receivable
11,400
6,400

Royalty receivable
68
871

Sundry income
1,000
1,000

12,468
8,271


Page 18

 


IAGP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

6.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2024
2023
£
£

(Profit)/loss on disposal of tangible fixed assets
(1,667)
-

Operating leases
72,000
72,000

Depreciation of tangible assets
99,040
106,219


7.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
43,960
44,825


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
1,092,522
1,086,710
-
-

Social security costs
119,471
127,072
-
-

Cost of defined contribution scheme
137,132
81,116
-
-

1,349,125
1,294,898
-
-


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Employees
28
30
4
4

Page 19

 


IAGP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
274,577
169,408

Group contributions to defined contribution pension schemes
77,070
18,913

351,647
188,321


During the year retirement benefits were accruing to 3 directors (2023 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £188,694.

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £3,600 .


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
33,917
-

Other loan interest payable
165,543
165,402

199,460
165,402


11.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous subsidiary periods
(67,193)
(183,989)


(67,193)
(183,989)


Total current tax
(67,193)
(183,989)

Deferred tax


Origination and reversal of timing differences
20,872
(109,340)

Adjustments in respect of prior periods
(46,811)
(3,057)

Total deferred tax
(25,939)
(112,397)


Taxation on loss on ordinary activities
(93,132)
(296,386)
Page 20

 


IAGP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 -lower than) the standard rate of corporation tax in the UK of 25% (2023 -23%). The differences are explained below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(445,284)
142,368


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23%)
(111,321)
16,938

Effects of:


Fixed asset differences
18,756
(116)

Expenses not deductible for tax purposes
151,829
123,636

Capital allowances for year in excess of depreciation
-
427

Chargeable gains/(losses)
115,060
(237,840)

Exempt ABGH distributions
-
(2,686)

Group relief surrendered/claimed
(417)
-

Adjustments to tax charge in respect of prior periods
(67,193)
(183,989)

Adjustments to tax charge in respect of previous periods - deferred tax
(46,811)
(4,964)

Remeasurement of deferred tax for changes in tax rates
-
(8,593)

Movement in deferred tax not recognised
(8,008)
801

Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment
(146,000)
-

Adjustments to brought forward values
973
-

Total tax charge for the year
(93,132)
(296,386)

Page 21

 


IAGP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

12.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost


At 1 December 2023
1,771,075
760,266
168,118
19,506
492,916
3,211,881


Additions
-
102,608
-
-
5,998
108,606


Disposals
-
-
-
(5,729)
(294)
(6,023)



At 30 November 2024

1,771,075
862,874
168,118
13,777
498,620
3,314,464



Depreciation


At 1 December 2023
49,945
548,473
102,666
18,852
457,781
1,177,717


Charge for the year
-
51,366
29,081
299
18,294
99,040


Disposals
-
-
-
(5,729)
-
(5,729)



At 30 November 2024

49,945
599,839
131,747
13,422
476,075
1,271,028



Net book value



At 30 November 2024
1,721,130
263,035
36,371
355
22,545
2,043,436



At 30 November 2023
1,721,130
211,793
65,452
654
35,135
2,034,164

The Company has no tangible fixed assets.

Page 22

 


IAGP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

13.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 December 2023
24,317,003



At 30 November 2024
24,317,003



Impairment


Charge for the period
3,849,387



At 30 November 2024

3,849,387



Net book value



At 30 November 2024
20,467,616



At 30 November 2023
24,317,003


Direct subsidiary undertaking


The following was a direct subsidiary undertaking of the Company:

Name

Principal activity

Class of shares

Holding

Ian Allan Group Limited
 Holding company
Ordinary
100%


Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Ian Allan Publishing Limited
Publishers and booksellers
Ordinary
100%
Ian Allan Motors Limited
Car sales and services
Ordinary
100%
Tennay Properties Limited
Property managers
Ordinary
100%
Ian Allan (Miniature Railway Supplies) Limited
Miniature railway operators
Ordinary
100%

All subsidiary undertakings are registered in England and Wales, and are included in these consolidated financial statements from the date of acquisition to the period end.
The registered office for all of the above is Dial House, Govett Avenue, Shepperton, Middlesex, England, TW17 8AG.

Page 23

 


IAGP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

14.


Investment property

Group


Freehold investment property

£



Valuation


At 1 December 2023
17,125,175


Surplus on revaluation
461,000



At 30 November 2024
17,586,175

At each year end the directors form an assessment on the fair value of each investment property and obtain formal valuations for certain properties within the portfolio.
The 2024 valuations were made by Jones Granville and the directors, on an open market value for existing use basis.




Company 
The Company has no investment properties.





15.


Stocks

Group
Group
2024
2023
£
£

Motor vehicles
1,763,433
4,238,301

Property for development
-
953,117

Vehicle parts and work in progress
169,310
150,317

1,932,743
5,341,735


The difference between purchase price or production cost of stocks and their replacement cost is not material.

The Company has no stocks.

Page 24

 


IAGP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

16.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
33,150
117,964
-
-

Other debtors
327,324
305,420
6
6

Prepayments and accrued income
69,780
80,271
-
-

430,254
503,655
6
6



17.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
1,939,540
813,037
65,828
57,727

1,939,540
813,037
65,828
57,727


The Company's indirect subsidiaries have each provided Lloyds Bank plc with an omnibus guarantee and set-off arrangement to secure the bank borrowings of other companies within the group. At the year end a bank loan of £988,927 existed with the bank.


18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
28,723
-
-
-

Other loans
7,292,562
108,878
7,292,562
108,878

Trade creditors
1,282,289
3,181,537
-
-

Amounts owed to group undertakings
-
-
333,253
230,103

Corporation tax
-
67,193
-
-

Other taxation and social security
89,264
86,510
10,000
5,600

Other creditors
781,966
934,475
-
-

Accruals and deferred income
437,748
525,409
66,529
68,550

9,912,552
4,904,002
7,702,344
413,131


Page 25

 


IAGP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

19.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
960,204
-
-
-

Other loans
-
7,296,328
-
7,296,328

960,204
7,296,328
-
7,296,328




20.


Loans

Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
28,723
-
-
-

Other loans
7,292,562
108,878
7,292,562
108,878


7,321,285
108,878
7,292,562
108,878

Amounts falling due 1-2 years

Bank loans
30,867
-
-
-


30,867
-
-
-

Amounts falling due 2-5 years

Bank loans
929,337
-
-
-

Other loans
-
7,296,328
-
7,296,328


929,337
7,296,328
-
7,296,328


8,281,489
7,405,206
7,292,562
7,405,206


The above bank loan is with Lloyds Bank PLC and is repayable over 60 months and carries interest at a rate of 1.99% above the base rate.
Other loans consist of amounts due to close family members of directors totalling £7,292,562 (2023 - £7,405,206). These loan notes are repayable over 5 years at a coupon rate of 2% per annum with initial quarterly capital and interest repayments of £65,000. As at 30 November 2024, unpaid interest totalling £47,644 (2023 - £29,540) was included within accruals in connection with these loan notes. At the year end the agreement had expired and therefore this loan has been recognised as due within one year. A new agreement has been signed post year end.

Page 26

 


IAGP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

21.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(1,583,076)
(1,695,482)


Charged to profit or loss
25,939
112,406



At end of year
(1,557,137)
(1,583,076)





Group
Group
2024
2023
£
£

Fixed asset timing differences
(273,266)
(1,932,177)

Tax losses carried forward
486,964
324,505

Short term timing differences
32,218
24,596

Capital gains/losses
(1,803,053)
-

(1,557,137)
(1,583,076)

The Company had no deferred tax.


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



102,246 (2023 - 102,246) Ordinary shares of £1.00 each
102,246
102,246

Each ordinary share carries voting rights and there are no restrictions on the distribution of dividends.


23.


Reserves

Share premium account

The amount in the share premium account represents the additional amount shareholders paid for their issued shares that was in excess of the par value of those shares.

Profit and loss account

This account records retained earnings and accumulated losses.

Page 27

 


IAGP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

24.


Contingent liabilities

The Company's subsidiaries have each provided Lloyds Bank plc with an omnibus guarantee and set off arrangement to secure the bank borrowings of other companies within the group. At the year end a bank loan of £988,927 existed with the bank.
The Company has provided NIIB Group Limited trading as Northridge Finance with a guarantee and indemnity, the guarantee is a continuing security and shall secure the ultimate balance owing from time to time. At the year end no net borrowings existed.


25.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. Contributions totalling £13,170 (2023 - £7,281) were payable to the fund at the reporting date and are included in creditors.


26.


Commitments under operating leases

At 30 November 2024 the Group had future minimum rent receivable under non-cancellable operating leases as follows:


Group
Group
2024
2023
£
£

Not later than 1 year
957,082
945,625

Later than 1 year and not later than 5 years
2,836,293
3,138,532

Later than 5 years
2,064,892
2,550,259

5,858,267
6,634,416

27.


Related party transactions

Company 
Included within creditors are loan notes due to close family members of directors totalling £7,292,562 (
2023 - £7,405,206). These loan notes are repayable over 5 years at a coupon rate of 2% per annum with initial quarterly capital and interest repayments of £65,000. As at 30 November 2024, unpaid interest totalling £47,644 (2023 - £29,540) was included within accruals in connection with these loan notes. At the year end the agreement had expired and therefore this loan has been recognised as due within one year. A new agreement has been signed post year end.
Group
Included within other creditors are balances due to close family members of directors totalling £303,230 (2023 - £245,676). Interest accrues on these balances at 1% above the Bank of England base rate, resulting in an interest charge of £18,324 (2023 - £15,076) for the period ended 30 November 2024. At the year end, unpaid interest on these balances totalled £78,782 (2023 - £60,458) and was included within accruals.

Page 28

 


IAGP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

28.


Post balance sheet events

Following the year end, the Group took the decision to close down Ian Allan Motors Limited and the company ceased trading on 7 March 2025. The financial impact to the Group cannot be reliably estimated at this stage. 
After the year end, the Company agreed to sell two investment properties for development. One property was sold for £625,000 and the other was sold for £2,300,000. As a result, investment properties will decrease by £2,720,000 and the cash balance will increase by £2,925,000.


29.


Controlling party

It is in the opinion of the directors that there is no one controlling party.

 
Page 29