ig9 Ltd
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Notes to the Accounts |
for the year ended 31 March 2019
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
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Fixtures and fittings relating to building works on 5 year lease |
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over 5 years |
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Plant and machinery |
over 5 years |
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Fixtures, fittings, tools and equipment |
over 3 years |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price).
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate.
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2 |
Employees |
2019 |
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2018 |
Number |
Number |
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Average number of persons employed by the company |
6 |
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6 |
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3 |
Tangible fixed assets |
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Furniture fittings and fixtures |
£ |
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Cost |
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At 1 April 2018 |
98,159 |
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Additions |
8,880 |
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At 31 March 2019 |
107,039 |
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Depreciation |
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At 1 April 2018 |
39,284 |
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Charge for the year |
16,226 |
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At 31 March 2019 |
55,510 |
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Net book value |
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At 31 March 2019 |
51,529 |
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At 31 March 2018 |
58,875 |
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4 |
Debtors |
2019 |
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2018 |
£ |
£ |
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Trade debtors |
445,968 |
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170,432 |
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Other debtors |
191,382 |
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115,947 |
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637,350 |
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286,379 |
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5 |
Creditors: amounts falling due within one year |
2019 |
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2018 |
£ |
£ |
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Trade creditors |
- |
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1,572 |
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Taxation and social security costs |
178,614 |
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106,926 |
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Other creditors |
28,001 |
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1,121 |
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206,615 |
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109,619 |
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6 |
Events after the reporting date |
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Director Jason Wood had a Directors loan at balance sheet date. However, this loan was cleared as at the date of this report, 25 July 2019.
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7 |
Loans to directors |
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Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
£ |
£ |
£ |
£ |
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Jason Wood
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[Loan 1] |
32,000 |
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- |
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(32,000) |
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- |
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[Loan 2] |
- |
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179,500 |
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- |
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179,500 |
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32,000 |
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179,500 |
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(32,000) |
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179,500 |
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8 |
Related party transactions |
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ig9 LLP |
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Director of ig9 Ltd is a Director of Corporate Partner in ig9 LLP MJWR Ltd. ig9 Ltd provides office space and office resources at cost (recharged with no uplift) to ig9 LLP. The amount owing from ig9 LLP at the balance sheet date is £89,431.
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9 |
Controlling party |
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Mr Jason Wood, sole Director, owns 100% of the shares distributed. At the balance sheet date Mr Wood had a Director's Loan for £179500 which has been fully repaid as at the date of this report.
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10 |
Other information |
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ig9 Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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11 Riverside Building |
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Trinity Buoy Wharf |
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64 Orchard Place |
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London |
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E14 0FP |