REGISTERED NUMBER: |
Financial Statements |
for the Period |
1 February 2021 to 31 December 2021 |
for |
IATBM Ltd |
REGISTERED NUMBER: |
Financial Statements |
for the Period |
1 February 2021 to 31 December 2021 |
for |
IATBM Ltd |
IATBM Ltd (Registered number: 09393584) |
Contents of the Financial Statements |
for the Period 1 February 2021 to 31 December 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
IATBM Ltd |
Company Information |
for the Period 1 February 2021 to 31 December 2021 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Bridge House |
Old Grantham Road |
Whatton |
Nottingham |
NG13 9FG |
IATBM Ltd (Registered number: 09393584) |
Balance Sheet |
31 December 2021 |
31.12.21 | 31.1.21 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Share premium |
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 director and authorised for issue on |
IATBM Ltd (Registered number: 09393584) |
Notes to the Financial Statements |
for the Period 1 February 2021 to 31 December 2021 |
1. | STATUTORY INFORMATION |
IATBM Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements cover a 11 month period. Accordingly, the comparative results are not comparable. The accounting period was shortened to bring the accounting reference date in line with that of it's parent company. |
The financial statements have been prepared under the going concern concept due to the fact that the company has the continued support of it's parent company. The director has been given assurance that this support will continue for the foreseeable future. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Patents & Licences - 10% SL. |
Tangible fixed assets |
Computer Equipment - 33% SL |
Fixtures & Fittings - 33% RB |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
IATBM Ltd (Registered number: 09393584) |
Notes to the Financial Statements - continued |
for the Period 1 February 2021 to 31 December 2021 |
3. | ACCOUNTING POLICIES - continued |
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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 February 2021 |
Additions |
Disposals | ( |
) |
At 31 December 2021 |
AMORTISATION |
At 1 February 2021 |
Charge for period |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 January 2021 |
IATBM Ltd (Registered number: 09393584) |
Notes to the Financial Statements - continued |
for the Period 1 February 2021 to 31 December 2021 |
6. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 February 2021 |
Additions |
At 31 December 2021 |
DEPRECIATION |
At 1 February 2021 |
Charge for period |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 January 2021 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.1.21 |
as restated |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.1.21 |
as restated |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.21 | 31.1.21 |
as restated |
£ | £ |
Bank loans |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.21 | 31.1.21 |
value: | as restated |
£ | £ |
Ordinary | 0.000001 | 1 | 1 |
IATBM Ltd (Registered number: 09393584) |
Notes to the Financial Statements - continued |
for the Period 1 February 2021 to 31 December 2021 |
10. | CALLED UP SHARE CAPITAL - continued |
20,000 Ordinary shares of 0.000001 each were allotted as fully paid |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was qualified on the following basis: |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion. |
We were not appointed as auditor of the company until after 31 December 2021 and thus did not observe the counting of physical inventories at 31 January 2021 and 31 December 2021. We were unable to satisfy ourselves by alternative means concerning inventory quantities held at 31 January 2021 and 31 December 2021, which are included in the balance sheet at a value of £268,220 and £186,719 respectively, by using other audit procedures. |
Consequently we were unable to determine whether any adjustment to these amounts was necessary. |
for and on behalf of |
12. | SHARE-BASED PAYMENT TRANSACTIONS |
The company had reserved 20,000 shares for issuance as stock options under its Enterprise Management Incentive (EMI) scheme ("the EMI scheme"). |
These shares were exercised in 2021 at an exercise price of £0.03 per share. The market value of the shares on exercise was £13,909 and the scheme was subsequently closed. |
13. | CHANGE IN ACCOUNTING ESTIMATE |
The annual amortisation rate applied to capitalised patents and trademarks has been changed from 4% of cost in the prior periods to 10% of cost for future periods.. The change in amortisation rate as been made to better reflect the useful economic life of these intangible assets |
This change in accounting estimate will result in an annual increase in the amortisation charged to the profit and loss account of £655. |
14. | PARENT COMPANY |
The parent of the smallest group into which the company's accounts are consolidated is the ultimate parent of the group Razor Group GmbH, whose address is Prinzessinnenstraße 20, 10969, Berlin, Germany. |