REGISTERED NUMBER: 05166983 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

FOR

I & F LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A Singh

Mr D Hanley

Mr J L Crinigan

REGISTERED OFFICE:

17 Moor Park Avenue

Preston

Lancashire

PR1 6AS

REGISTERED NUMBER:

05166983 (England and Wales)

ACCOUNTANTS:

SBCA Chartered Accountants

17 Moor Park Avenue

Preston

Lancashire

PR1 6AS

FIXED ASSETS

Tangible assets

4

211,811

236,629

Investment property

5

300,000

694,124

511,811

930,753

CURRENT ASSETS

Debtors

6

1,339,662

564,432

Cash at bank

1,018,577

461,542

2,358,239

1,025,974

CREDITORS

Amounts falling due within one year

7

(611,395

)

(346,563

)

NET CURRENT ASSETS

1,746,844

679,411

TOTAL ASSETS LESS CURRENT LIABILITIES

2,258,655

1,610,164

CREDITORS

Amounts falling due after more than one year

8

(126,689

)

(162,670

)

PROVISIONS FOR LIABILITIES

9

-

(59,157

)

NET ASSETS

2,131,966

1,388,337

CAPITAL AND RESERVES

Called up share capital

10

100

100

Fair value reserve

11

(280,593

)

-

Retained earnings

11

2,412,459

1,388,237

SHAREHOLDERS' FUNDS

2,131,966

1,388,337

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20th November 2025 and were signed on its behalf by:

Mr A Singh - Director

1.	STATUTORY INFORMATION

I & F Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

25% on cost

Computer equipment

-

33% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Basic financial assets:

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future cash flows discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities:

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.

Basic financial liabilities:

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if the 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 rate method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 76 (2024 - 42 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1st April 2024

10,518

240,995

73,789

325,302

Additions

930

-

51,339

52,269

At 31st March 2025

11,448

240,995

125,128

377,571

DEPRECIATION

At 1st April 2024

3,777

47,738

37,158

88,673

Charge for year

2,581

48,314

26,192

77,087

At 31st March 2025

6,358

96,052

63,350

165,760

NET BOOK VALUE

At 31st March 2025

5,090

144,943

61,778

211,811

At 31st March 2024

6,741

193,257

36,631

236,629

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1st April 2024

and 31st March 2025

240,995

DEPRECIATION

At 1st April 2024

47,738

Charge for year

48,314

At 31st March 2025

96,052

NET BOOK VALUE

At 31st March 2025

144,943

At 31st March 2024

193,257

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st April 2024

694,124

Disposals

(20,000

)

Revaluations

(374,124

)

At 31st March 2025

300,000

NET BOOK VALUE

At 31st March 2025

300,000

At 31st March 2024

694,124

Investment property was valued by the director at the year end.

Fair value at 31st March 2025 is represented by:

£

Valuation in 2025

(374,124

)

Cost

674,124

300,000

If investment property had not been revalued it would have been included at the following historical cost:

31.3.25

31.3.24

£

£

Cost

674,124

694,124

Investment property was valued on an open market basis on 31st March 2025 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

307,786

84,507

Amounts owed by group undertakings

201,985

134,048

Other debtors

829,891

345,877

1,339,662

564,432

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Hire purchase contracts

29,173

26,255

Trade creditors

142,695

192,485

Taxation and social security

320,447

67,029

Other creditors

119,080

60,794

611,395

346,563

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Hire purchase contracts

126,689

162,670

9.	PROVISIONS FOR LIABILITIES

31.3.24

£

Deferred tax

Deferred tax

59,157

Deferred

tax

£

Balance at 1st April 2024

59,157

Credit to Statement of Income and Retained Earnings during year

(99,735

)

Balance at 31st March 2025

(40,578

)

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

£

£

100

Ordinary

£1

100

100

11.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1st April 2024

1,388,237

-

1,388,237

Profit for the year

893,629

893,629

Dividends

(150,000

)

(150,000

)

Deferred Tax

(93,531

)

93,531

-

Transfer of Revaluations

374,124

(374,124

)

-

At 31st March 2025

2,412,459

(280,593

)

2,131,866

12.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31st March 2025 and the period ended 31st March 2024:

31.3.25

31.3.24

£

£

Mr A Singh

Balance outstanding at start of year

242,335

102,146

Amounts advanced

167,985

169,937

Amounts repaid

(252,845

)

(29,748

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

157,475

242,335

The maximum balance the Directors Loan Account was overdrawn by during the year was £251,695. Interest has been charged at the HMRC approved interest rate and in line with HMRC rules. Amounts are repayable on demand.

13.	RELATED PARTY DISCLOSURES

During the period the company made donations of £33,948 and paid £1,000 for advertising to the charity AB UK of which the director is also a trustee.

14.	ULTIMATE CONTROLLING PARTY

The controlling party is A & J Singh Limited.