Caseware UK (AP4) 2022.0.179 2022.0.179 2022-11-302022-11-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.12021-12-01falsefalseNo description of principal activitytrue1 12315537 2021-12-01 2022-11-30 12315537 2020-12-01 2021-11-30 12315537 2022-11-30 12315537 2021-11-30 12315537 c:Director1 2021-12-01 2022-11-30 12315537 d:CurrentFinancialInstruments 2022-11-30 12315537 d:CurrentFinancialInstruments 2021-11-30 12315537 d:ShareCapital 2022-11-30 12315537 d:ShareCapital 2021-11-30 12315537 d:OtherMiscellaneousReserve 2021-12-01 2022-11-30 12315537 d:OtherMiscellaneousReserve 2022-11-30 12315537 d:OtherMiscellaneousReserve 2021-11-30 12315537 d:RetainedEarningsAccumulatedLosses 2022-11-30 12315537 d:RetainedEarningsAccumulatedLosses 2021-11-30 12315537 c:OrdinaryShareClass1 2021-12-01 2022-11-30 12315537 c:OrdinaryShareClass1 2022-11-30 12315537 c:OrdinaryShareClass1 2021-11-30 12315537 c:FRS102 2021-12-01 2022-11-30 12315537 c:AuditExempt-NoAccountantsReport 2021-12-01 2022-11-30 12315537 c:FullAccounts 2021-12-01 2022-11-30 12315537 c:PrivateLimitedCompanyLtd 2021-12-01 2022-11-30 12315537 6 2021-12-01 2022-11-30 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 12315537












IR BROADBAND LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022


 
REGISTERED NUMBER:12315537
IR BROADBAND LIMITED

BALANCE SHEET
AS AT 30 NOVEMBER 2022

2022
2021
Note

Fixed assets
  

Investments
 4 
1,250,000
619,310

  
1,250,000
619,310

Current assets
  

Debtors: amounts falling due within one year
 5 
1
1

  
1
1

Total assets less current liabilities
  
 
 
1,250,001
 
 
619,311

  

Net assets
  
1,250,001
619,311


Capital and reserves
  

Called up share capital 
  
1
1

Other reserves
 7 
1,250,000
500,000

Profit and loss account
 7 
-
119,310

Total equity
  
1,250,001
619,311


The director considers 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 director acknowledges his 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 profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the sole director and were signed on its behalf by: 




N M Pike
Director

Date: 11 October 2023

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 

IR BROADBAND LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

1.


General information

IR Broadband Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 16 Great Queen Street, London, England, WC2B 5AH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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.

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Euros.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2

 

IR BROADBAND LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

2.Accounting policies (continued)

 
2.4

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

Valuation of investments

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 profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.


2.6

Financial instruments

The Company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the Company becomes party to the contractual provisions of the instrument. 

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. 
 
The Company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Page 3

 

IR BROADBAND LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

2.Accounting policies (continued)




Financial instruments (continued)

Financial assets
Basic financial assets, including other debtors, and intercompany financing 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including other creditors, 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 payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets
Financial assets 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 profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the Company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Page 4

 

IR BROADBAND LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

2.Accounting policies (continued)




Financial instruments (continued)

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset 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) despite having retained some significant risks and rewards of ownership, 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 are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
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.

  
2.7

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

 
2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2021 - 1).

Page 5

 

IR BROADBAND LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

4.


Fixed asset investments





Unlisted investments




Valuation


At 1 December 2021
619,310


Additions
1,250,000


Disposals
(619,310)



At 30 November 2022
1,250,000




The orginal cost of the investment was €500,000, which was disposed during the year.
During the year, an additonal investment was purchase for €1,250,000.
 


5.


Debtors

2022
2021


Amounts owed by group undertakings
1
1

1
1



6.


Share capital

2022
2021
Allotted, called up and fully paid



1 (2021 - 1) Ordinary share of 1.17
1
1

The nomnial cost of the ordinary share capital is £1 each.



7.


Reserves

Other reserves

Other reserves constitute a capital contribution from the Company's parent undertaking.

Page 6

 

IR BROADBAND LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

8.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures"  from disclosing transactions with entities which are a wholly owned part of the group.


9.


Parent undertaking and controlling party

The immediate parent undertaking is IR Broadband LP, a limited partnership. The ultimate controlling party is L Guffey.

 
Page 7