REGISTERED NUMBER: |
Audited Financial Statements |
for the Period |
30 December 2022 to 31 December 2023 |
for |
IDCM Limited |
REGISTERED NUMBER: |
Audited Financial Statements |
for the Period |
30 December 2022 to 31 December 2023 |
for |
IDCM Limited |
IDCM Limited (Registered number: 09101952) |
Contents of the Financial Statements |
for the Period 30 December 2022 to 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
IDCM Limited |
Company Information |
for the Period 30 December 2022 to 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Chartered Accountants |
Second Floor |
34 Lime Street |
London |
EC3M 7AT |
IDCM Limited (Registered number: 09101952) |
Balance Sheet |
31 December 2023 |
31.12.23 | 29.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
IDCM Limited (Registered number: 09101952) |
Notes to the Financial Statements |
for the Period 30 December 2022 to 31 December 2023 |
1. | STATUTORY INFORMATION |
IDCM Limited is a |
The financial statements are presented in Pound Sterling (£) which is the functional currency of the company and rounded to the nearest £. |
The significant accounting policies applied in the preparation of these financial statements are set out below.These policies have been consistently applied to all years presented unless otherwise stated. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year are addressed below. |
(a) Useful economic lives of assets |
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and rebates. |
Turnover represents commissions due to the company for its intermediary activities in relation to financing. Commissions due to the company are recognised in the financial statements upon execution of agreements by third parties resulting in the company obtaining the right to consideration for its intermediary activities. |
Expenses |
All expenses are accounted for on an accrual basis. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, has been amortised evenly over its estimated useful life of five years. |
In the opinion of the directors, the period of amortisation of goodwill is a fair estimate of the period over which it continued to generate valuable consideration from the rights and connections acquired by the company from IDCM LLP. |
IDCM Limited (Registered number: 09101952) |
Notes to the Financial Statements - continued |
for the Period 30 December 2022 to 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery etc | - |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 period 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Financial instruments |
Financial assets |
Basic financial assets, including trade and other debtors, cash and bank balances and amounts owed by group undertakings are initially recognised at transaction price, 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 are derecognised when (a) the contractual rights to the cash flows from the assets expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
Financial liabilities |
Basic financial liabilities, including trade and other creditors, bank loans, loans from related parties 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 receipts discounted at a market rate of interest. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
IDCM Limited (Registered number: 09101952) |
Notes to the Financial Statements - continued |
for the Period 30 December 2022 to 31 December 2023 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 30 December 2022 |
and 31 December 2023 |
AMORTISATION |
At 30 December 2022 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 29 December 2022 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 30 December 2022 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 30 December 2022 |
Charge for period |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 29 December 2022 |
6. | DEBTORS |
31.12.23 | 29.12.22 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
IDCM Limited (Registered number: 09101952) |
Notes to the Financial Statements - continued |
for the Period 30 December 2022 to 31 December 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 29.12.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | SECURED DEBTS |
Bank loan taken by the parent company, InterAlia Capital Limited is secured by a fixed and floating charge over all assets of the parent and subsidiary companies including IDCM Limited. The value of the loan at the balance sheet date is £550,000 (2022:- £700,000). |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 29.12.22 |
value: | £ | £ |
Ordinary | 1 | 1,100,001 | 400,001 |
700,000 Ordinary shares of 1 were issued during the period |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | RELATED PARTY DISCLOSURES |
IDCM Ltd is a wholly owned subsidiary of InterAlia Capital Ltd. InterAlia Capital Ltd prepares consolidated |
group accounts and its registered office address is 12a Upper Berkeley Street, London, W1H 7QE. |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
12. | POST BALANCE SHEET EVENTS |
No other matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations or the state of affairs of the company in the financial year subsequent to the financial year ended 31st December 2023. |
13. | ULTIMATE CONTROLLING PARTY |