IRON MAIDEN (OVERSEAS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Company Registration No. 01560124 (England and Wales)
IRON MAIDEN (OVERSEAS) LIMITED
COMPANY INFORMATION
Directors
A J Taylor
R C Smallwood
Secretary
R S Digby
Company number
01560124
Registered office
Matrix Studio Complex
91 Peterborough Road
London
SW6 3BU
Auditor
DSG
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
Bankers
Handelsbanken
5th Floor
13 Charles II Street
London
SW1Y 4QU
Solicitors
Michael Simkins LLP
Lynton House
7-12 Tavistock Square
London
WC1H 9LT
IRON MAIDEN (OVERSEAS) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
IRON MAIDEN (OVERSEAS) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Debtors
4
27,998
25,319
Cash at bank and in hand
9,037
126,312
37,035
151,631
Creditors: amounts falling due within one year
5
(136,743)
(250,254)
Net current liabilities
(99,708)
(98,623)
Net liabilities
(99,708)
(98,623)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(99,808)
(98,723)
Total equity
(99,708)
(98,623)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 21 December 2022 and are signed on its behalf by:
A J Taylor
Director
Company Registration No. 01560124
IRON MAIDEN (OVERSEAS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2020
100
5,765
5,865
Year ended 31 March 2021:
Loss and total comprehensive income for the year
-
(104,488)
(104,488)
Balance at 31 March 2021
100
(98,723)
(98,623)
Year ended 31 March 2022:
Loss and total comprehensive income for the year
-
(1,085)
(1,085)
Balance at 31 March 2022
100
(99,808)
(99,708)
IRON MAIDEN (OVERSEAS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
1
Accounting policies
Company information
Iron Maiden (Overseas) Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Matrix Studio Complex, 91 Peterborough Road, London, SW6 3BU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest
£.
The financial statements have been prepared under the historical cost convention. The principal accounting policies are set out below.
1.2
Going concern
The company has net current liabilities of £99,
true
708
(2021: £
98,623
) as at the balance sheet date. Included within creditors due within one year is an amount of £134,883
(2021:
£179
,
883)
due to the parent undertaking (the "Lender"). The directors of this company have received written confirmation from the directors of the Lender that this liability will not be called for settlement until such time that all other third party liabilities of the company can be settled.
The directors have a reasonable explanation that the company has adequate resources to continue in operational existence for the foreseeable future based on its forecasts
. Having considered all of the above factors, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
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 receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
IRON MAIDEN (OVERSEAS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts 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. A
m
ounts payable are classified as
current liabilities if 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 method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
IRON MAIDEN (OVERSEAS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
1,500
1,500
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
27,998
25,319
IRON MAIDEN (OVERSEAS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
60
6,061
Amounts owed to group undertakings
134,883
179,883
Other creditors
1,800
64,310
136,743
250,254
Amounts owed to group undertakings are unsecured, interest free, and payable on demand.
6
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
Senior Statutory Auditor:
Neil Kelly BA FCA
Statutory Auditor:
DSG
8
Related party transactions
Transactions with related parties
Included within other creditors is a balance owed to connected companies of £
Nil
(2021: £62,510) which arose from transactions concluded under normal market conditions.
Included within other debtors is a balance owed by connected companies of £1,9
77
(2021: £Nil) which arose from transactions concluded under normal market conditions.
No other transactions with related parties were undertaken such as are required to be disclosed under FRS102 section 1A.
9
Parent undertaking
The immediate and ultimate parent entity is Iron Maiden LLP, a limited liability partnership registered in England and Wales, registration number OC335408, which prepares group financial statements.
The registered office of Iron Maiden LLP is Matrix Studio Complex, 91 Peterborough Road, London, SW6 3BU.