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Registration number: 04079705

Iambic Innovation Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Iambic Innovation Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

Iambic Innovation Limited

(Registration number: 04079705)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

437

1,187

Current assets

 

Debtors

5

1,236

2,036

Cash at bank and in hand

 

124,738

125,971

 

125,974

128,007

Creditors: Amounts falling due within one year

6

(3,941)

(6,450)

Net current assets

 

122,033

121,557

Net assets

 

122,470

122,744

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

121,470

121,744

Shareholders' funds

 

122,470

122,744

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 9 February 2024
 

.........................................
Dr Eugene Terence Sweeney
Director

 

Iambic Innovation Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
Woodgrange
Radley Road
Abingdon
Oxfordshire
OX14 3SN
England

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.

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.

Tax

The tax expense for the period comprises current tax payable.

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

Fixtures and Fittings

25% Straight Line

 

Iambic Innovation Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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.

Debtors

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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

Staff numbers

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

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 October 2022

9,755

9,755

At 30 September 2023

9,755

9,755

Depreciation

At 1 October 2022

8,568

8,568

Charge for the year

750

750

At 30 September 2023

9,318

9,318

Carrying amount

At 30 September 2023

437

437

At 30 September 2022

1,187

1,187

 

Iambic Innovation Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

5

Debtors

Current

2023
£

2022
£

Prepayments

236

236

Other debtors

1,000

1,800

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

1,768

4,202

Other creditors

2,173

2,248

3,941

6,450

7

Related party transactions

Transactions with the director

2023

At 1 October 2022
£

Advances to director
£

Other payments made to company by director
£

At 30 September 2023
£

Dr Eugene Terence Sweeney

Loan from director

(998)

6,133

(5,908)

(773)

         
       

 

2022

At 1 October 2021
£

Advances to director
£

Other payments made to company by director
£

At 30 September 2022
£

Dr Eugene Terence Sweeney

Loan from director

(1,915)

6,268

(5,351)

(998)