Company Registration No. SC682837 (Scotland)
ID1 GROUP LTD
Unaudited accounts
for the year ended 31 December 2024
ID1 GROUP LTD
Unaudited accounts
Contents
ID1 GROUP LTD
Company Information
for the year ended 31 December 2024
Director
Mateusz Pawel Nomanczuk
Company Number
SC682837 (Scotland)
Registered Office
5 South Charlotte Street
Edinburgh
Midlothian
EH2 4AN
Scotland
Accountants
Euro Lex Ltd
27 Old Gloucester Street
London
WC1N 3AX
ID1 GROUP LTD
Accountants' report
Accountants' report to the director of ID1 GROUP LTD on the preparation of the unaudited statutory accounts for the year ended 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
ID1 GROUP LTD for the year ended
31 December 2024 as set out on pages
5 -
10 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of ID1 GROUP LTD, as a body, in accordance with the terms of our engagement letter dated 20 November 2023. Our work has been undertaken solely to prepare for your approval the accounts of ID1 GROUP LTD and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ID1 GROUP LTD and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that ID1 GROUP LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of ID1 GROUP LTD. You consider that ID1 GROUP LTD is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of ID1 GROUP LTD. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Euro Lex Ltd
27 Old Gloucester Street
London
WC1N 3AX
19 September 2025
ID1 GROUP LTD
Statement of financial position
as at 31 December 2024
Investment property
238,023
43,093
Investments
511,393
203,965
Cash at bank and in hand
9,967
7,330
Creditors: amounts falling due within one year
25,910
4,224
Net current assets
89,703
591,225
Total assets less current liabilities
839,719
838,883
Creditors: amounts falling due after more than one year
3,884
-
Provisions for liabilities
Net assets
843,724
838,883
ID1 GROUP LTD
Statement of financial position
as at 31 December 2024 (continued)
Called up share capital
100
100
Share premium
521,900
521,900
Revaluation reserve
337,542
313,938
Profit and loss account
(15,818)
2,945
Shareholders' funds
843,724
838,883
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 20 September 2025 and were signed on its behalf by
Mateusz Pawel Nomanczuk
Director
Company Registration No. SC682837
ID1 GROUP LTD
Notes to the Accounts
for the year ended 31 December 2024
ID1 GROUP LTD is a private company, limited by shares, registered in Scotland, registration number SC682837. The registered office is 5 South Charlotte Street, Edinburgh, Midlothian, EH2 4AN, Scotland.
2
Compliance with accounting standards
These financial statements have been prepared in accordance with FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, Section 1A, applicable to small entities.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements are prepared under the historical cost convention and in accordance with FRS 102 Section 1A.
Expenditure is accounted for on an accruals basis. Where services relate to the reporting period but are invoiced or paid after the year end, the costs are recognised as accruals within creditors and reflected in the profit and loss account of the relevant year.
The financial statements are presented in sterling (£), which is the company’s functional and presentation currency. Results and balances of the company’s foreign branch in Poland are translated into sterling in accordance with the foreign exchange accounting policy.
The company operates a branch (permanent establishment) in Poland. The functional and presentation currency of the company is sterling (£). Transactions denominated in foreign currencies are translated at the spot exchange rate at the date of the transaction. Monetary assets and liabilities are translated at the closing rate at the reporting date. Exchange differences are recognised in profit or loss. Income and expenses of the Polish branch are translated using an average rate that fairly approximates the exchange rates at the dates of the transactions, while balance sheet items of the branch are translated at the closing rate.
For the year ended 31 December 2024 the company applied an average exchange rate of PLN 5.0891 = £1 for translating the income statement and a closing rate of PLN 5.1488 = £1 for translating the balance sheet.
In preparing these financial statements the company has applied two different exchange rates for Polish branch figures in accordance with FRS 102 Section 30. The income statement has been translated using the average exchange rate for the year (PLN 5.0891 = £1) as this fairly reflects the rates at the dates of the transactions. The balance sheet has been translated using the closing rate at 31 December 2024 (PLN 5.1488 = £1) to reflect the values of assets and liabilities at the reporting date. The difference arising between average and closing rate translations is presented within foreign exchange gains and losses.
ID1 GROUP LTD
Notes to the Accounts
for the year ended 31 December 2024
The company’s financial assets and liabilities are classified as basic financial instruments in accordance with FRS 102 Section 11. Basic financial assets, including trade and other debtors, loans receivable and cash at bank, are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method, less impairment. Basic financial liabilities, including trade and other creditors and borrowings, are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method. The company assesses at each reporting date whether there is objective evidence of impairment of any financial asset. Interest income and expense on loans are recognised within finance income and finance costs respectively.
The financial statements have been prepared on a going concern basis. The directors have considered the company’s cash flows, resources and plans for at least twelve months from the date of approval of these financial statements. On this basis they consider that the company has adequate resources to continue in operational existence for the foreseeable future.
The company’s principal source of income in the year was interest on loans. Interest income and expense are recognised on an accruals basis using the effective interest method and are presented within finance income and finance costs. No trading turnover was generated in the period.
Reclassification of investment property
Comparative figures for 2023 have been restated to present the company’s property as ‘Investment property’ rather than ‘Land & buildings’ within tangible fixed assets. The opening balance of £522,000 and subsequent movements (additions of £15,395 and disposals of £494,302) previously shown under tangible fixed assets have been reclassified to investment property. This reclassification had no effect on reported profit or net assets.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
ID1 GROUP LTD
Notes to the Accounts
for the year ended 31 December 2024
4
Tangible fixed assets
Fixtures & fittings
Fair value at 1 January 2024
43,093
At 31 December 2024
238,023
During the year ended 31 December 2024, the company reclassified its property from ‘Land & buildings’ within tangible fixed assets to ‘Investment property’. The movements previously shown in the comparative figures as additions and disposals reflected this reclassification and did not represent new acquisitions or disposals. The closing balance of £238,023 is consistent with the Polish statutory accounts. The reclassification had no effect on reported profit or net assets.
6
Investments
Other investments
Valuation at 1 January 2024
203,965
Valuation at 31 December 2024
511,393
Other investments represent long-term financial assets held in Polish entities. The increase in 2024 reflects the translation of carrying amounts reported in the Polish statutory accounts. No disposals or revaluations occurred during the year.
Amounts falling due within one year
Amounts due from group undertakings etc.
3,841
2,396
Accrued income and prepayments
1,184
1,220
Other debtors
1,230
479,118
ID1 GROUP LTD
Notes to the Accounts
for the year ended 31 December 2024
8
Investments held as current assets
2024
2023
Unlisted investments
-
96,937
9
Creditors: amounts falling due within one year
2024
2023
Trade creditors
(299)
(630)
Taxes and social security
(3,611)
(3,594)
Creditors comprise trade payables, amounts due in respect of taxes and social security contributions, and accrued charges.
The increase in accruals in 2024 reflects the recognition of short-term provisions required under UK GAAP. In particular, accruals include a year-end provision of £22,000 for legal services relating to the company’s loan relationships, based on the Legal Services Agreement dated 1 January 2024. The invoice was settled in January 2025; therefore, the liability is recognised as at 31 December 2024 in accordance with the accruals concept.
All creditors fall due within twelve months of the reporting date.
10
Creditors: amounts falling due after more than one year
2024
2023
11
Average number of employees
During the year the average number of employees was 0 (2023: 1).
12
Reconciliations on adoption of FRS 102
These financial statements have been prepared in accordance with FRS 102 Section 1A. In the prior period the company prepared its financial statements under FRS 105. The transition took effect from 1 January 2024. The change did not result in material adjustments to the recognition or measurement of assets, liabilities, income or expenses.