Company No: 11649406 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
				Restated - note 2
Fixed assets
Tangible assets	4	20,206		26,942
Investment property	5	2,817,319		2,817,319
Investments	6	135,394		135,394
		2,972,919		2,979,655
Current assets
Debtors	7	130,847		77,264
Investments		3,569,031		2,909,886
Cash at bank and in hand		64,187		40,080
		3,764,065		3,027,230
Creditors: amounts falling due within one year	8	( 6,158,729)		( 5,694,672)
Net current liabilities		(2,394,664)		(2,667,442)
Total assets less current liabilities		578,255		312,213
Provision for liabilities		( 23,646)		( 34,359)
Net assets		554,609		277,854
Capital and reserves
Called-up share capital	9	800		800
Fair value reserve		127,681		103,078
Profit and loss account		426,128		173,976
Total shareholder's funds		554,609		277,854

For the financial 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.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of IEC Holdings Limited (registered number: 11649406) were approved and authorised for issue by the Director on 01 December 2025. They were signed on its behalf by:

Mr K Wilson Director

1. Accounting policies

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.

General information and basis of accounting

IEC Holdings Limited (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 IEC House, Old Springs Farm, Market Drayton, TF9 2PG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, 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 £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption in section 399 of the Companies Act 2006 not to prepare consolidated accounts, because the group it heads qualifies as small. The financial statements present information about the Company as an individual entity only.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the rental of investment properties. Turnover is shown net of sales/value added tax, returns, rebates and discounts. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, and is accrued on a time basis.

Taxation

Current tax
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 Balance Sheet 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Current Tax

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 Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings

25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

2. Prior year adjustment

The 2023 accounts have been restated to reflect the following in line with FRS102:

- income received and management charges incurred on its fixed asset investment. The accounts have also been restated to reflect the fair value adjustment on the revaluation of the investment through the profit and loss reserve and to recognise the associated deferred tax thereon.

- reclassification of certain loan balances. These were previously presented within creditors due after more than one year. As there was no formal agreement in place, the amounts have been reclassified to creditors due within one year. This adjustment has no impact on net assets or profit for the prior year.

- reclassification of a building previously included within tangible fixed assets. The property, which was acquired for the purpose of earning rental income, has now been appropriately classified as investment property. As a result of this reclassification, depreciation previously charged has been reversed, leading to an increase in reported profit for the prior year.

		As previously reported		Adjustment		As restated
Year ended 31 December 2023		£		£		£
Profit and loss account - Administrative expenses		(160,605)		(40,504)		(201,109)
Profit and loss account - Income from other fixed asset investments		0		13,529		13,529
Profit and loss account - Other non-operating income		0		143,958		143,958
Profit and loss account - Interest receivable and similar income		0		1,881		1,881
Statement of comprehensive income - Gain arising on fair value movement of fixed asset investments		109,886		(109,886)		0
Balance Sheet - Tangible assets		197,541		(170,599)		26,942
Balance Sheet - Investment Property		2,637,741		179,578		2,817,319
Balance Sheet - Creditors: amounts falling due within 1 year		(84,293)		(5,610,379)		(5,694,672)
Balance Sheet - Creditors: amounts falling due after more than 1 year		(5,610,379)		5,610,379		0
Balance Sheet - Provisions		0		(34,359)		(34,359)
Balance Sheet - Revaluation reserve		109,886		(109,886)		0
Balance Sheet - Fair value reserve		0		103,078		103,078
Balance Sheet - Profit and loss account		192,549		(18,573)		173,976

3. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	1		1

4. Tangible assets

	Fixtures and fittings		Total
	£		£
Cost
At 01 January 2024	35,011		35,011
At 31 December 2024	35,011		35,011
Accumulated depreciation
At 01 January 2024	8,069		8,069
Charge for the financial year	6,736		6,736
Transfers	0		0
At 31 December 2024	14,805		14,805
Net book value
At 31 December 2024	20,206		20,206
At 31 December 2023	26,942		26,942

5. Investment property

	Investment property
	£
Valuation
As at 01 January 2024	2,817,319
As at 31 December 2024	2,817,319

The director has concluded that the value of the property has not materially changed since the date of acquisition.

6. Fixed asset investments

Investments in subsidiaries

	2024
	£
Cost
At 01 January 2024	700
At 31 December 2024	700
Carrying value at 31 December 2024	700
Carrying value at 31 December 2023	700

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 January 2024	134,694		134,694
At 31 December 2024	134,694		134,694
Carrying value at 31 December 2024	134,694		134,694
Carrying value at 31 December 2023	134,694		134,694

7. Debtors

	2024		2023
	£		£
Trade debtors	68,729		62,710
Amounts owed by related parties	60,590		11,000
Amounts owed by director	0		20
Prepayments	1,528		1,526
Other debtors	0		2,008
	130,847		77,264

8. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	22,674		0
Amounts owed to Group undertakings	4,310,711		4,447,379
Amounts owed to related parties	1,670,811		1,163,000
Accruals and deferred income	112,712		48,736
Taxation and social security	37,460		31,196
Other creditors	4,361		4,361
	6,158,729		5,694,672

9. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
800 Ordinary shares of £ 1.00 each	800		800