Registered number:
07897594
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IC 102 Limited
Financial statements
Information for filing with the registrar
31 March 2022
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Balance Sheet
As at
31 March 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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1
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Balance Sheet
(continued)
As at
31 March 2022
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The
financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
3 October 2022
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Registered number: 07897594
The notes on pages 4 to 7 form part of these financial statements.
2
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Statement of Changes in Equity
For the Year Ended
31 March 2022
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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The notes on pages 4 to 7 form part of these financial statements.
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3
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Notes to the financial statements
For the Year Ended 31 March 2022
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 248 Kimberworth Park Road, Rotherham, South Yorkshire, S61 3JN, England.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The following principal accounting policies have been applied:
In light of recent global events which persist at the date of approval of these financial statements, the
directors have also taken measures to counter the potential impact of Covid-19 on the company’s
operations and the resultant financial impact. Contingency plans have been implemented to mitigate
the risk to the business. In addition, the UK government have announced a series of funding
measures which, the directors anticipate will be available should there be any additional short to
medium term funding requirements. Whilst the risks in this regard cannot be completely mitigated
and therefore some level of future uncertainty remains, the directors have adopted measures and
assessed the financial implications of associated factors outside their control and do not consider the
residual uncertainties to be material to the company’s ability to continue meeting its liabilities as they
fall due in the foreseeable future.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
4
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Notes to the financial statements
For the Year Ended 31 March 2022
2.
Accounting policies (continued)
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Financial instruments (continued)
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The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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The Company has no employees other than the directors, who did not receive any remuneration
(2021 - £
NIL
)
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The average monthly number of employees, including directors, during the year was 0
(2021 -
0
)
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5
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Notes to the financial statements
For the Year Ended 31 March 2022
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Investments in subsidiary companies
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Amounts owed by group undertakings
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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6
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Notes to the financial statements
For the Year Ended 31 March 2022
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Related party transactions
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The company was under the control of Roger Poynton, Ronan McManus and Andrew Goodall throughout the current and previous year.
The company is the majority shareholder in Kimberworth Park Practice Limited, a company registered in England and Wales.
The company operated a loan account with Kimberworth Park Practice Limited. The intercompany amount owed from Kimberworth Park Practice Limited due by the company at 31 March 2022 was £82,268.41 (2021: £1,068).
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7
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