Registered number
07500078
Independence Development Limited
Filleted Accounts
31 January 2025
Independence Development Limited
Registered number: 07500078
Balance Sheet
as at 31 January 2025
Notes 2025 2024
£ £
Fixed assets
Tangible assets 3 292,542 268,106
Current assets
Stocks 10,887 10,678
Debtors 4 450,942 239,083
Cash at bank and in hand 2,084 53,191
463,913 302,952
Creditors: amounts falling due within one year 5 (195,661) (92,893)
Net current assets 268,252 210,059
Total assets less current liabilities 560,794 478,165
Creditors: amounts falling due after more than one year 6 (155,556) (100,000)
Provisions for liabilities (40,027) (31,851)
Net assets 365,211 346,314
Capital and reserves
Called up share capital 1 1
Profit and loss account 365,210 346,313
Shareholder's funds 365,211 346,314
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M. Olyedemi
Director
Approved by the board on 12 October 2025
Independence Development Limited
Notes to the Accounts
for the year ended 31 January 2025
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2025 2024
Number Number
Average number of persons employed by the company 40 32
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2024 195,929 156,172 23,568 375,669
Additions - 27,495 41,569 69,064
At 31 January 2025 195,929 183,667 65,137 444,733
Depreciation
At 1 February 2024 48,800 49,335 9,428 107,563
Charge for the year 14,695 25,488 4,445 44,628
At 31 January 2025 63,495 74,823 13,873 152,191
Net book value
At 31 January 2025 132,434 108,844 51,264 292,542
At 31 January 2024 147,129 106,837 14,140 268,106
4 Debtors 2025 2024
£ £
Trade debtors 107,111 151,183
Other debtors 343,831 87,900
450,942 239,083
5 Creditors: amounts falling due within one year 2025 2024
£ £
Bank loans and overdrafts 11,111 -
Trade creditors 37,853 20,775
Corporation tax 39,447 19,234
Other taxes and social security costs 76,379 48,642
Other creditors 30,871 4,242
195,661 92,893
6 Creditors: amounts falling due after one year 2025 2024
£ £
Bank loans 155,556 100,000
The bank loan is secured on the company's properties and carries interest at 3.79% P.A.
7 Other information
Independence Development Limited is a private company limited by shares and incorporated in England. Its registered office is:
4 Blenheim Avenue
Gants Hill
Essex
IG2 6JG
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