Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Current assets | ||||
| Stocks |
|
|
||
| Debtors | 3 |
|
|
|
| Cash at bank and in hand |
|
|
||
| 10,547,933 | 8,852,074 | |||
| Creditors: amounts falling due within one year | 4 | (
|
(
|
|
| Net current liabilities | (1,452,992) | (901,210) | ||
| Total assets less current liabilities | (1,452,992) | (901,210) | ||
| Creditors: amounts falling due after more than one year | 5 |
|
(
|
|
| Net liabilities | (
|
(
|
||
| Capital and reserves | ||||
| Called-up share capital |
|
|
||
| Share premium account |
|
|
||
| Profit and loss account | (
|
(
|
||
| Total shareholders' deficit | (
|
(
|
Directors' responsibilities:
The financial statements of Inner London Developments (Canvey) Ltd (registered number:
|
M A Farrier
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Inner London Developments (Canvey) Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is First Floor, 5 Fleet Place, London, EC4M 7RD, United Kingdom.
The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the director continue to adopt the going concern basis of accounting in preparing the financial statements.
As at the year end the company had net liabilities of £1,452,992, the directors have considered this and believes that support is available from other companies in the wider group. Furthermore, the directors believe that the stock held at cost as at the year end will be sold at a value greater than than the carrying amount.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Stock held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
The Company only enters into basic financial instruments and 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 and from related parties and investments in non-puttable ordinary shares.
Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the company during the year, including directors |
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
|
|
|
| Amounts owed by group undertakings |
|
|
|
| Corporation tax |
|
|
|
| Other debtors |
|
|
|
|
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans (secured) |
|
|
|
| Trade creditors |
|
|
|
| Amounts owed to group undertakings |
|
|
|
| Amounts owed to related parties |
|
|
|
| Taxation and social security |
|
|
|
| Other creditors |
|
|
|
|
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans (secured) |
|
|
Transactions with the entity's directors
| 2024 | 2023 | ||
| £ | £ | ||
| Owed from a company in which a director is also a shareholder. This loan is not considered commercial at arm's length | 179,590 | 162,090 | |
| Due from the directors at the 30 September 2024 | 267,470 | 267,470 |