Iposol Limited 09407401 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the sale of solution of water and salt known as IPOSOL, which maintains the flavour of salt without chemical additives Digita Accounts Production Advanced 6.30.9574.0 true true 09407401 2023-01-01 2023-12-31 09407401 2023-12-31 09407401 core:CurrentFinancialInstruments 2023-12-31 09407401 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 09407401 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 09407401 bus:SmallEntities 2023-01-01 2023-12-31 09407401 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 09407401 bus:FullAccounts 2023-01-01 2023-12-31 09407401 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 09407401 bus:RegisteredOffice 2023-01-01 2023-12-31 09407401 bus:Director4 2023-01-01 2023-12-31 09407401 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 09407401 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09407401 core:LicencesFranchises 2023-01-01 2023-12-31 09407401 countries:EnglandWales 2023-01-01 2023-12-31 09407401 2022-12-31 09407401 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 09407401 2022-01-01 2022-12-31 09407401 2022-12-31 09407401 core:CurrentFinancialInstruments 2022-12-31 09407401 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 09407401 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 09407401 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 09407401

Iposol Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

Pages for Filing with Registrar

 

Iposol Limited

(Registration number: 09407401)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

1

1

Current assets

 

Debtors

6

190,332

3,017

Cash at bank and in hand

 

39,683

255,017

 

230,015

258,034

Creditors: Amounts falling due within one year

7

(80,808)

(44,871)

Net current assets

 

149,207

213,163

Net assets

 

149,208

213,164

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

148,208

212,164

Shareholders' funds

 

149,208

213,164

 

Iposol Limited

(Registration number: 09407401)
Balance Sheet as at 31 December 2023

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 February 2024 and signed on its behalf by:
 

.........................................

T B Wiedemann
Director

 

Iposol Limited

Notes to the 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:
Fifth Floor
27 Greville Street
London
EC1N 8SU
United Kingdom

Principal activity

The principal activity of the Company is the sale of solution of water and salt known as IPOSOL, which maintains the flavour of salt without chemical additives

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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

At the time of preparing the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Foreign currency transactions and balances

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income statement for the period.

 

Iposol Limited

Notes to the 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Licenses

1 year straight line

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

Trade debtors are amounts due from customers for 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.

 

Iposol Limited

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

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.

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.

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.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Significant judgements and estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Directors' opinion there are no significant judgements or key sources of estimation uncertainty.

4

Staff numbers

The average number of persons employed by the Company (including directors) during the year, was 2 (2022 - 2).

 

Iposol Limited

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

5

Intangible assets

Licenses
 £

Total
£

Cost or valuation

At 1 January 2023

72,166

72,166

At 31 December 2023

72,166

72,166

Amortisation

At 1 January 2023

72,165

72,165

At 31 December 2023

72,165

72,165

Carrying amount

At 31 December 2023

1

1

At 31 December 2022

1

1

 

Iposol Limited

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

6

Debtors

2023
£

2022
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

188,294

-

Prepayments

1,556

3,017

Other debtors

482

-

190,332

3,017

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

1,958

-

Taxation and social security

75,046

40,971

Other creditors

3,804

3,900

80,808

44,871

8

Dividends


 

Interim dividends paid

   

2023

 

2022

Interim dividend of €150.00 per each Ordinary share

 

150,000

 

150,000

         
 
   

Final dividends paid

   

2023

 

2022

Final dividend of €200.00 (2022 - €Nil) per each Ordinary share

 

200,000

 

-