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Registered Number: 13732543
England and Wales

 

 

 

I AM GENIUS BUSINESS LTD


Abridged Accounts
 


Period of accounts

Start date: 09 November 2021

End date: 29 November 2022
 
 
Notes
 
2022
£
Fixed assets    
Intangible fixed assets 3 304,500 
304,500 
Current assets    
Debtors 19,428 
Cash at bank and in hand 481 
19,909 
Creditors: amount falling due within one year (354,830)
Net current liabilities (334,921)
 
Total assets less current liabilities (30,421)
Net liabilities (30,421)
 

Capital and reserves
   
Called up share capital 100 
Profit and loss account (30,521)
Shareholder's funds (30,421)
 


For the period ended 29 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements 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 Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 09 November 2023 and were signed by:


-------------------------------
NIKUNJ VYAS
Director
1
General Information
I AM GENIUS BUSINESS LTD is a private company, limited by shares, registered in England and Wales, registration number 13732543, registration address Integer Millennium House, Bre Innovation Campus , BUCKNALLS LANE , WATFORD, WD25 9XX.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102(1A) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
System Development & Integration
System Development & Integration cost are capitalised once a detailed program design has been established and are amortised on a straight line basis over 5 years. No amortization has been made during the year as the detail program design has not been competed at the year end.
2.

Average number of employees

Average number of employees during the period was 0.
3.

Intangible fixed assets

Cost System Development & Integration   Total
  £   £
At 09 November 2021  
Additions 304,500    304,500 
Disposals  
At 29 November 2022 304,500    304,500 
Amortisation
At 09 November 2021  
Charge for period  
On disposals  
At 29 November 2022  
Net book values
At 29 November 2022 304,500    304,500 
At 08 November 2021  


2