Ingleton 7 Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 09253601

Ingleton 7 Limited

Filleted Unaudited Financial Statements

30 September 2024

Ingleton 7 Limited

Financial Statements

Year ended 30 September 2024

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Ingleton 7 Limited

Statement of Financial Position

30 September 2024

	2024		2023
Note	£	£	£	£

Current assets

Stocks		2,113,849	1,870,127
Debtors	5	1,753	–
Cash at bank and in hand		104	20
		------------	------------
		2,115,706	1,870,147

Creditors: amounts falling due within one year	6	2,337,421		1,883,952
		------------		------------
Net current liabilities			221,715		13,805
			---------		--------
Total assets less current liabilities			( 221,715)		( 13,805)
			---------		--------
Net liabilities			( 221,715)		( 13,805)
			---------		--------

Capital and reserves

Called up share capital	7	100	100
Profit and loss account		( 221,815)	( 13,905)
		---------	--------
Shareholders deficit		( 221,715)	( 13,805)
		---------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 September 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 .

Ingleton 7 Limited

Statement of Financial Position (continued)

30 September 2024

These financial statements were approved by the board of directors and authorised for issue on 25 September 2025 , and are signed on behalf of the board by:

Mr F J Macfarlane

Director

Company registration number: 09253601

Ingleton 7 Limited

Notes to the Financial Statements

Year ended 30 September 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, CM2 0AW.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Work in progress

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Going concern

The financial statements have been prepared on a going concern basis which is dependent upon the continued support of the company's directors. The directors have indicated their willingness to support the company in the foreseeable future by ensuring sufficient funds are available for the company to continue trading. The company is continuing to meet debts as they fall due and therefore the directors consider the going concern basis to be appropriate.

Borrowing costs

Borrowing costs recognised in profit or loss as they are incurred.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4. Average number of employees

During the period the average number of employees was 4 (2023: 4) which consisted of the directors only.

5. Debtors

	2024	2023
	£	£
Other debtors	1,753	–
	-------	----

6. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	1,837,048	1,472,790
Trade creditors	435	67,270
Amounts owed to related undertakings	260,139	170,360
Accruals and deferred income	67,100	54,275
Social security and other taxes	–	119
Director loan accounts	172,699	119,138
	------------	------------
	2,337,421	1,883,952
	------------	------------

The bank loans are secured on the freehold land owned by the company.

7. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

8. Related party transactions

At the year end the company owed the directors £172,699 (2023: £119,138) by way of a loan account. This loan, which is shown amongst creditors, is interest free and repayable on demand. During the year the company paid a management charge of £10,000 (2023: £50,000) to a related party. At the year end the company owed related parties £260,139 (2023: £170,360).