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Company registration number: 13409039
Irise Media International Limited
Unaudited filleted financial statements
31 May 2023
Irise Media International Limited
Contents
Statement of financial position
Notes to the financial statements
Irise Media International Limited
Statement of financial position
31 May 2023
31/05/23 31/05/22
Note £ £ £ £
Fixed assets
Intangible assets 5 91,781 102,594
_______ _______
91,781 102,594
Current assets
Debtors 6 5,372 3,104
Cash at bank and in hand 2,874 1,826
_______ _______
8,246 4,930
Creditors: amounts falling due
within one year 7 ( 15,485) ( 10,808)
_______ _______
Net current liabilities ( 7,239) ( 5,878)
_______ _______
Total assets less current liabilities 84,542 96,716
Creditors: amounts falling due
after more than one year 8 ( 140,000) ( 141,254)
_______ _______
Net liabilities ( 55,458) ( 44,538)
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account ( 56,458) ( 45,538)
_______ _______
Shareholders deficit ( 55,458) ( 44,538)
_______ _______
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 February 2024 , and are signed on behalf of the board by:
Mr Ashok Gupta
Director
Company registration number: 13409039
Irise Media International Limited
Notes to the financial statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Scottish Provident House,3rd Floor, 76-80 College Road, Harrow, Middlesex, HA1 1BQ. The principal activity of the company is that of providing courses in time management and related matters including management of stress and retailing of mobile application and related books for courses and programmes dealing in health & related matters.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis . The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In accordance with their responsibilities, the director has considered the appropriateness of the going concern basis for the preparation of the financial statements.With the continuing financial support from the shareholders, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in thereporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured atthe amounts of tax expected to pay or recover using the tax rates and laws that have been enacted orsubstantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:Software development costs - over 10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Software developments costs
The software development costs are capitalised. The amortisation is calculated to write off the cost in equal amounts over ten years.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 June 2022 and 31 May 2023 108,131 108,131
_______ _______
Amortisation
At 1 June 2022 5,537 5,537
Charge for the year 10,813 10,813
_______ _______
At 31 May 2023 16,350 16,350
_______ _______
Carrying amount
At 31 May 2023 91,781 91,781
_______ _______
At 31 May 2022 102,594 102,594
_______ _______
Software development cost includes website and software development to provide courses.with a remaining amortisation period of 8 years.
6. Debtors
31/05/23 31/05/22
£ £
Trade debtors 5,372 1,781
Other debtors - 1,323
_______ _______
5,372 3,104
_______ _______
7. Creditors: amounts falling due within one year
31/05/23 31/05/22
£ £
Trade creditors 243 711
Other creditors 15,242 10,097
_______ _______
15,485 10,808
_______ _______
Included within other creditors are amounts owed to a connected company amounting to £1,338 (2022: £993) which are unsecured, interest free and repayable on demand. In the prior year, the amount owed to connected company was shown as owed to group undertaking and has now been reclassified as owed to a connected company.
8. Creditors: amounts falling due after more than one year
31/05/23 31/05/22
£ £
Other creditors 140,000 141,254
_______ _______
Other creditors represent amounts owed to a connected company which are unsecured, interest free and repayable on demand. In the prior year, the amount owed to connected company was shown as owed to associate company and has now been reclassified as owed to a connected company.