Company Registration No. 11290771 (England and Wales)
IHAVEIT UK Ltd
Unaudited accounts
for the year ended 30 September 2023
IHAVEIT UK Ltd
Unaudited accounts
Contents
IHAVEIT UK Ltd
Company Information
for the year ended 30 September 2023
Director
VEENSWYK, Michael John
Company Number
11290771 (England and Wales)
Registered Office
20 PONTINGS CLOSE
BLUNSDON
WILTSHIRE
SN26 7AH
ENGLAND
Accountants
Christopher Neuman
Unit 5, The Workshed
London Street
Swindon
Wiltshire
SN1 5DG
IHAVEIT UK Ltd
Statement of financial position
as at 30 September 2023
Called up share capital not paid
(28,694)
-
Intangible assets
62,555
2,464
Tangible assets
1,149
1,149
Cash at bank and in hand
91,967
64,776
Creditors: amounts falling due within one year
(155,469)
(40,192)
Net current assets
13,837
36,331
Total assets less current liabilities
48,847
39,944
Creditors: amounts falling due after more than one year
(117,117)
(425,859)
Net liabilities
(68,270)
(385,915)
Called up share capital
10,000
10,000
Share premium
388,053
10,249
Capital contribution reserve
-
8,074
Profit and loss account
(466,323)
(414,238)
Shareholders' funds
(68,270)
(385,915)
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 11 October 2023 and were signed on its behalf by
VEENSWYK, Michael John
Director
Company Registration No. 11290771
IHAVEIT UK Ltd
Notes to the Accounts
for the year ended 30 September 2023
IHAVEIT UK Ltd is a private company, limited by shares, registered in England and Wales, registration number 11290771. The registered office is 20 PONTINGS CLOSE, BLUNSDON, WILTSHIRE, SN26 7AH, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% on reducing balance
Computer equipment
33% on reducing balance
The director has agreed to support the company and believes it has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in its financial statements.
All financial details of iHaveit from company inception, leading up to September 2022 should be considered as Proof Of Concept (POC) investment, verifying the business case and business model. The company has been in a build and investment phase until this time.
The POC focused and achieved the following deliverables:
1) Confirm the market size and demand for a music, media and entertainment marketplace
2) Confirm iHaveit can scale revenues in the UK and globally with a low fixed cost of growth
3) Confirm iHaveit can build a repeatable and scalable business model
4) Confirm iHaveit can build an end-to-end marketplace, including the sales function, customer ordering, billing, communication, promotions, management, inventory control, multi-platform sync, and multi-country sales.
These four deliverables have mostly been completed by the end 2022. With extremely limited resources, iHaveit have successfully proved that there is significant market interest and demand for the iHaveit marketplace. iHaveit has also verified it can dramatically scale GMV sales globally at a low fixed cost of growth, enabling tremendous forward profitability. iHaveit have achieved our key trigger point of reaching +10 gross profit margin model, which is the validation point required to enable the iHaveit marketplace to achieve high-profit margins in the music, media and entertainment industry. To enable long term accelerated growth, iHaveit plans to seek equity Investment to scale the company to £20m revenues and solid long term retained profits.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
IHAVEIT UK Ltd
Notes to the Accounts
for the year ended 30 September 2023
4
Intangible fixed assets
Other
At 30 September 2023
62,555
At 30 September 2023
62,555
At 30 September 2022
2,464
5
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 October 2022
558
776
1,334
At 30 September 2023
558
776
1,334
At 1 October 2022
185
-
185
At 30 September 2023
185
-
185
At 30 September 2023
373
776
1,149
At 30 September 2022
373
776
1,149
Amounts falling due within one year
Trade debtors
3,546
(25,148)
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
-
45,256
Taxes and social security
(45,113)
(28,578)
Other creditors
155,690
(4,555)
Loans from directors
-
32,069
IHAVEIT UK Ltd
Notes to the Accounts
for the year ended 30 September 2023
8
Creditors: amounts falling due after more than one year
2023
2022
Loans from directors
-
181,426
9
Average number of employees
During the year the average number of employees was 0 (2022: 0).