Company registration number 02838755 (England and Wales)
INFOBOND LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
INFOBOND LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
INFOBOND LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
41,484
69,491
Tangible assets
4
89,057
74,590
130,541
144,081
Current assets
Stocks
51,913
36,060
Debtors
5
2,627,170
1,872,736
Cash at bank and in hand
2,079,600
1,598,346
4,758,683
3,507,142
Creditors: amounts falling due within one year
Loans and overdrafts
3,187
1,554
Taxation and social security
227,212
132,905
Other creditors
6
1,092,809
668,447
1,323,208
802,906
Net current assets
3,435,475
2,704,236
Total assets less current liabilities
3,566,016
2,848,317
Provisions for liabilities
(7,886)
(8,655)
Net assets
3,558,130
2,839,662
Capital and reserves
Called up share capital
4
3
Profit and loss reserves
3,558,126
2,839,659
Total equity
3,558,130
2,839,662
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
INFOBOND LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 17 November 2023
Mr K Boggis
Director
Company Registration No. 02838755
INFOBOND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information
Infobond Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3, Wellington Park Excalibur Road, Gorleston, Great Yarmouth, Norfolk, England, NR31 7BB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs
- 20% straight line
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
- 2% straight line
Plant and equipment
- 15% reducing balance
Fixtures and fittings
- 15% reducing balance
Computers
- 15% reducing balance
Motor vehicles
- 25% reducing balance
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
INFOBOND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
12
9
INFOBOND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
3
Intangible fixed assets
Other
£
Cost
At 1 August 2022 and 31 July 2023
492,750
Amortisation and impairment
At 1 August 2022
423,259
Amortisation charged for the year
28,007
At 31 July 2023
451,266
Carrying amount
At 31 July 2023
41,484
At 31 July 2022
69,491
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 August 2022
38,755
11,650
16,734
32,268
35,099
134,506
Additions
1,515
3,346
4,861
At 31 July 2023
38,755
11,650
18,249
35,614
35,099
139,367
Depreciation and impairment
At 1 August 2022
19,219
3,233
3,173
5,440
28,852
59,917
Depreciation charged in the year
(19,219)
1,263
2,261
4,526
1,562
(9,607)
At 31 July 2023
4,496
5,434
9,966
30,414
50,310
Carrying amount
At 31 July 2023
38,755
7,154
12,815
25,648
4,685
89,057
At 31 July 2022
19,536
8,417
13,561
26,829
6,247
74,590
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,578,663
1,731,705
Other debtors
48,507
141,031
2,627,170
1,872,736
INFOBOND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
6
Other creditors falling due within one year
2023
2022
£
£
Trade creditors
761,322
345,112
Other creditors
162,819
115,727
Accruals and deferred income
168,668
207,608
1,092,809
668,447