I.C.F. Finance Limited 30/09/2021 iXBRL

I.C.F. Finance Limited 30/09/2021 iXBRL

I.C.F. FINANCE LIMITED - Company Information

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Company registration number: 03218627
I.C.F. Finance Limited
Filleted financial statements
30 September 2021
I.C.F. Finance Limited
Contents
Directors responsibilities statement
Statement of financial position
Statement of changes in equity
Notes to the financial statements
I.C.F. Finance Limited
Directors responsibilities statement
Year ended 30 September 2021
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
I.C.F. Finance Limited
Statement of financial position
30 September 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 268,026 228,684
Investments 6 100,010 10
_______ _______
368,036 228,694
Current assets
Debtors 7 5,730,611 4,637,308
Cash at bank and in hand 661,351 1,671,991
_______ _______
6,391,962 6,309,299
Creditors: amounts falling due
within one year 8 ( 1,362,347) ( 1,301,523)
_______ _______
Net current assets 5,029,615 5,007,776
_______ _______
Total assets less current liabilities 5,397,651 5,236,470
Creditors: amounts falling due
after more than one year 9 ( 197,969) ( 195,260)
_______ _______
Net assets 5,199,682 5,041,210
_______ _______
Capital and reserves
Called up share capital 768,000 768,000
Profit and loss account 4,431,682 4,273,210
_______ _______
Shareholders funds 5,199,682 5,041,210
_______ _______
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 June 2022 , and are signed on behalf of the board by:
M Becker
Director
Company registration number: 03218627
I.C.F. Finance Limited
Statement of changes in equity
Year ended 30 September 2021
Called up share capital Profit and loss account Total
£ £ £
At 1 October 2019 768,000 4,087,706 4,855,706
Profit for the year 336,013 336,013
_______ _______ _______
Total comprehensive income for the year - 336,013 336,013
Dividends paid and payable ( 150,509) ( 150,509)
_______ _______ _______
Total investments by and distributions to owners - ( 150,509) ( 150,509)
_______ _______ _______
At 30 September 2020 and 1 October 2020 768,000 4,273,213 5,041,213
Profit for the year 234,258 234,258
_______ _______ _______
Total comprehensive income for the year - 234,258 234,258
Dividends paid and payable ( 75,789) ( 75,789)
_______ _______ _______
Total investments by and distributions to owners - ( 75,789) ( 75,789)
_______ _______ _______
At 30 September 2021 768,000 4,431,682 5,199,682
_______ _______ _______
I.C.F. Finance Limited
Notes to the financial statements
Year ended 30 September 2021
1. General information
The company is a private company limited by shares, registered in the United Kingdom. The address of the registered office is Northside House, Mount Pleasant, Barnet, Hertfordshire, EN4 9EE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2 % straight line
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2020: 10 ).
5. Tangible assets
Freehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 October 2020 280,675 141,504 104,551 526,730
Additions - 2,496 87,227 89,723
Disposals - ( 531) ( 69,572) ( 70,103)
_______ _______ _______ _______
At 30 September 2021 280,675 143,469 122,206 546,350
_______ _______ _______ _______
Depreciation
At 1 October 2020 103,620 120,973 73,452 298,045
Charge for the year 5,453 5,657 26,491 37,601
Disposals - ( 133) ( 57,189) ( 57,322)
_______ _______ _______ _______
At 30 September 2021 109,073 126,497 42,754 278,324
_______ _______ _______ _______
Carrying amount
At 30 September 2021 171,602 16,972 79,452 268,026
_______ _______ _______ _______
At 30 September 2020 177,055 20,531 31,099 228,685
_______ _______ _______ _______
6. Investments
Shares in group undertakings and participating interests Other investments other than loans Total
£ £ £
Cost
At 1 October 2020 10 - 10
Additions - 100,000 100,000
_______ _______ _______
At 30 September 2021 10 100,000 100,010
_______ _______ _______
Impairment
At 1 October 2020 and 30 September 2021 - - -
_______ _______ _______
Carrying amount
At 30 September 2021 10 100,000 100,010
_______ _______ _______
At 30 September 2020 10 - 10
_______ _______ _______
7. Debtors
2021 2020
£ £
Trade debtors 5,506,789 4,408,090
Amounts owed by group undertakings and undertakings in which the company has a participating interest 158,007 157,850
Other debtors 65,815 71,368
_______ _______
5,730,611 4,637,308
_______ _______
8. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 339,134 248,143
Corporation tax 52,184 75,937
Social security and other taxes 20,050 18,618
Other creditors 950,979 958,825
_______ _______
1,362,347 1,301,523
_______ _______
9. Creditors: amounts falling due after more than one year
2021 2020
£ £
Other creditors 197,969 195,260
_______ _______
10. Summary audit opinion
The auditor's report for the year dated 27 June 2022 was unqualified.
The senior statutory auditor was Andrew Simon Davis for and on behalf of Davis Bonley
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
I Rhodes ( 426,263) ( 32,260) ( 458,523)
_______ _______ _______
2020
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
I Rhodes ( 520,571) 94,308 ( 426,263)
_______ _______ _______