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REGISTERED NUMBER: 09435049 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

IFLSCIENCE LIMITED

IFLSCIENCE LIMITED (REGISTERED NUMBER: 09435049)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IFLSCIENCE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTOR: R A Kafato





REGISTERED OFFICE: Unit 6 Woodview
Bull Lane Industrial Estate
Bull Lane, Acton
Sudbury
Suffolk
CO10 0FD





REGISTERED NUMBER: 09435049 (England and Wales)





ACCOUNTANTS: Seago and Stopps
Chartered Certified Accountants
61 Station Road
Sudbury
Suffolk
CO10 2SP

IFLSCIENCE LIMITED (REGISTERED NUMBER: 09435049)

BALANCE SHEET
28 FEBRUARY 2023

28.2.22 28.2.23
£    £    Notes £    £   
FIXED ASSETS
6,951 Intangible assets 4 4,325
2,403 Property, plant and equipment 5 5,578
29,811 Investments 6 33,073
39,165 42,976

CURRENT ASSETS
26,905 Inventories 26,905
392,018 Debtors 7 476,873
102,559 Cash at bank and in hand 110,911
521,482 614,689
CREDITORS
1,937,191 Amounts falling due within one year 8 1,834,821
(1,415,709 ) NET CURRENT LIABILITIES (1,220,132 )
(1,376,544 ) TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,177,156

)

23,417 PROVISIONS FOR LIABILITIES 24,020
(1,399,961 ) NET LIABILITIES (1,201,176 )

CAPITAL AND RESERVES
102 Called up share capital 9 102
(1,400,063 ) Retained earnings (1,201,278 )
(1,399,961 ) SHAREHOLDERS' FUNDS (1,201,176 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

IFLSCIENCE LIMITED (REGISTERED NUMBER: 09435049)

BALANCE SHEET - continued
28 FEBRUARY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 22 November 2023 and were signed by:





R A Kafato - Director


IFLSCIENCE LIMITED (REGISTERED NUMBER: 09435049)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. STATUTORY INFORMATION

IFLScience Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the value of sales during the year, by reference to invoiced sales.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.

Website
The company has capitalised costs incurred in developing the company's website from which it derives the majority of its income.

The directors have determined that the useful life of the website is 2 years and the costs are amortised evenly over this period.

Trademarks
The company has capitalised the costs of establishing and registering trademarks.

Trademark registration is for 10 years and the costs are amortised evenly over this period.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Computer equipment - 33% on cost

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated on an average cost basis which produces a valuation commensurate with a traditional historic cost basis.

Financial instruments
The company enters into basic financial instrument transactions, as appropriate and as and when required, that result in the recognition of financial assets and liabilities within the financial statements such as trade and other accounts receivable and payable, bank loans and hire purchase and lease contracts.


IFLSCIENCE LIMITED (REGISTERED NUMBER: 09435049)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year 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.

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 year 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.

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.

Going concern
At the year end the company had significant net current liabilities and its total liabilities exceeded its total assets. However there is sufficient financial support available from other associated companies controlled by the Director to be of the opinion that the company remains a going concern for a period of at least twelve months from the date of approving these financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 10 ) .

IFLSCIENCE LIMITED (REGISTERED NUMBER: 09435049)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

4. INTANGIBLE FIXED ASSETS
Totals Trademarks Website
£    £    £   
COST
At 1 March 2022
and 28 February 2023 292,641 16,740 275,901
AMORTISATION
At 1 March 2022 285,690 10,462 275,228
Amortisation for year 2,626 1,953 673
At 28 February 2023 288,316 12,415 275,901
NET BOOK VALUE
At 28 February 2023 4,325 4,325 -
At 28 February 2022 6,951 6,278 673

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and Computer
Totals fittings equipment
£    £    £   
COST
At 1 March 2022 35,609 9,376 26,233
Additions 6,980 - 6,980
Disposals (23,241 ) - (23,241 )
At 28 February 2023 19,348 9,376 9,972
DEPRECIATION
At 1 March 2022 33,206 8,194 25,012
Charge for year 3,805 1,182 2,623
Eliminated on disposal (23,241 ) - (23,241 )
At 28 February 2023 13,770 9,376 4,394
NET BOOK VALUE
At 28 February 2023 5,578 - 5,578
At 28 February 2022 2,403 1,182 1,221

6. FIXED ASSET INVESTMENTS

IFLSCIENCE LIMITED (REGISTERED NUMBER: 09435049)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023
Loans to
group
undertakings
£   
At 1 March 2022 29,811
Other movement 3,262
At 28 February 2023 33,073

The investment in the subsidiary is held in US Dollars. The movement in the year reflects the change in exchange rates.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 457,865 350,331
Amounts owed by associates 2,066 -
Other debtors 16,942 41,687
476,873 392,018

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade creditors 23,782 11,665
Amounts owed to group undertakings 33,558 30,112
Amounts owed to associates 1,736,119 1,822,937
Taxation and social security 15,011 43,514
Other creditors 26,351 28,963
1,834,821 1,937,191

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28.2.23 28.2.22
value: £    £   
102 Ordinary £1 102 102

10. ULTIMATE CONTROLLING PARTY

The controlling party is R A Kafato.