2022-06-012023-05-312023-05-31false10787974IRIS IOT SOLUTIONS 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IRIS IOT SOLUTIONS LIMITED

Registered Number
10787974
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2023

IRIS IOT SOLUTIONS LIMITED
Company Information
for the year from 1 June 2022 to 31 May 2023

Directors

HILL, Vanessa Tracy
WESTLEY, Stephen

Registered Address

16 Sheaf Street
Daventry
NN11 4AB

Registered Number

10787974 (England and Wales)
IRIS IOT SOLUTIONS LIMITED
Balance Sheet as at
31 May 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets3-(104)
Tangible assets48391,163
8391,059
Current assets
Debtors22,47720,688
Cash at bank and on hand8,9111,747
31,38822,435
Creditors amounts falling due within one year6(21,728)(8,424)
Net current assets (liabilities)9,66014,011
Total assets less current liabilities10,49915,070
Provisions for liabilities7(159)(221)
Net assets10,34014,849
Capital and reserves
Called up share capital11
Profit and loss account10,33914,848
Shareholders' funds10,34014,849
The financial statements were approved and authorised for issue by the Board of Directors on 29 February 2024, and are signed on its behalf by:
HILL, Vanessa Tracy
Director
Registered Company No. 10787974
IRIS IOT SOLUTIONS LIMITED
Notes to the Financial Statements
for the year ended 31 May 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Office Equipment4
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
2.Average number of employees

20232022
Average number of employees during the year12
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 June 22(104)(104)
Transfers104104
Net book value
At 31 May 23--
At 31 May 22(104)(104)
4.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 June 221,2981,298
At 31 May 231,2981,298
Depreciation and impairment
At 01 June 22135135
Charge for year324324
At 31 May 23459459
Net book value
At 31 May 23839839
At 31 May 221,1631,163
5.Fixed asset investments
6.Creditors: amounts due within one year

2023

2022

££
Amounts owed to related parties2,000-
Taxation and social security16,8176,353
Accrued liabilities and deferred income2,9112,071
Total21,7288,424
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)159221
Total159221
8.Related party transactions
During the year, IRIS IOT Solutions made transactions with Global Mobile Communications Limited where Miss V. Hill and Mr S. Westley are both directors. The amounts are outstanding and shown in other debtors £6,081 (2022: £3,681). During the year, IRIS IOT Solutions made transactions with Global Mobile Holdings Limited where Miss V. Hill and Mr S. Westley are both directors. The amounts are outstanding and shown in other debtors £12,218 (2022: £12,218). During the year, IRIS IOT Solutions made transactions with Toughphone Limited where Miss V. Hill and Mr S. Westley are both directors. The amounts are outstanding and shown in other creditors £3,000 (2022: £0).