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Registration number: 09670819

IamYIam Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

IamYIam Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

IamYIam Limited

Company Information

Directors

L Puica

Dr J Bauersachs

Registered office

207 Regent Street
3rd Floor
London
W1B 3HH

 

IamYIam Limited

(Registration number: 09670819)
Balance Sheet as at 31 December 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Intangible assets

4

1,083,198

542,343

Tangible assets

5

3,294

3,385

 

1,086,492

545,728

Current assets

 

Debtors

6

200,880

510,938

Cash at bank and in hand

 

306,495

245,527

 

507,375

756,465

Creditors: Amounts falling due within one year

7

(437,155)

(87,239)

Net current assets

 

70,220

669,226

Total assets less current liabilities

 

1,156,712

1,214,954

Creditors: Amounts falling due after more than one year

7

(14,359)

(24,239)

Net assets

 

1,142,353

1,190,715

Capital and reserves

 

Called up share capital

157

157

Share premium reserve

5,153,417

5,153,417

Advance subscriptions reserve

153,820

-

Retained earnings

(4,165,041)

(3,962,859)

Shareholders' funds

 

1,142,353

1,190,715

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 7 February 2024 and signed on its behalf by:
 

 

IamYIam Limited

(Registration number: 09670819)
Balance Sheet as at 31 December 2023

.........................................
L Puica
Director

 

IamYIam Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
207 Regent Street
3rd Floor
London
W1B 3HH
England

These financial statements were authorised for issue by the Board on 7 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. At 31 December 2023, the Company was loss making but had net assets. The directors have confirmed that in their opinion the Company will be able to meet its liabilities as they fall due for the foreseeable future (being a period not less than twelve months).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

IamYIam Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

20% on cost

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Internally generated software development costs

Estimated useful life of 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.


Debtors receivable within one year
Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
 

 

IamYIam Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.


Creditors payable within one year
Creditors with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
 

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 5).

 

IamYIam Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 January 2023

602,603

602,603

Additions acquired separately

667,905

667,905

At 31 December 2023

1,270,508

1,270,508

Amortisation

At 1 January 2023

60,260

60,260

Amortisation charge

127,050

127,050

At 31 December 2023

187,310

187,310

Carrying amount

At 31 December 2023

1,083,198

1,083,198

At 31 December 2022

542,343

542,343

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

18,140

18,140

Additions

1,958

1,958

At 31 December 2023

20,098

20,098

Depreciation

At 1 January 2023

14,755

14,755

Charge for the year

2,049

2,049

At 31 December 2023

16,804

16,804

Carrying amount

At 31 December 2023

3,294

3,294

At 31 December 2022

3,385

3,385

 

IamYIam Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Debtors

Current

2023
£

(As restated)

2022
£

Trade debtors

7,541

-

Prepayments

-

5,524

Other debtors

193,339

505,414

 

200,880

510,938

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

375,289

10,018

Trade creditors

 

16,785

55,405

Taxation and social security

 

15,259

-

Accruals and deferred income

 

20,290

13,651

Other creditors

 

9,532

8,165

 

437,155

87,239

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

14,359

24,239

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

14,359

24,239

 

IamYIam Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,889

10,000

Other borrowings

365,400

18

375,289

10,018

Bank borrowings

Bank borrowings of £24,248 (£9,889 due within 1 year and £14,359 due after 1 year) (2022: £34,239 - £10,000 due within 1 year and £24,239 due after 1 year) represents an unsecured "bounce-back" loan from Barclays, with an interest rate of 2.5% per annum, due to be repaid by April 2027.

Other borrowings

Other borrowings of £365,400 (2022: £18) consists of a loan provided to the company by the director, Ms L Puica. The loan is not accruing interest and is repayable on demand.

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £ 0.00000001 each

10,287,500,000

102.88

10,287,500,000

102.88

A Ordinary shares of £ 0.00000001 each

5,438,392,202

54.38

5,438,392,202

54.38

 

15,725,892,202

157.26

15,725,892,202

157.26

10

Control

The controlling party is the director, Ms L Puica.