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REGISTERED NUMBER: 05577461 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

IAS ACADEMY AND LABS LIMITED

IAS ACADEMY AND LABS LIMITED (REGISTERED NUMBER: 05577461)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IAS ACADEMY AND LABS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: D J Mitchell
A Qureshi
P K Solanki





REGISTERED OFFICE: The Old Council Chambers
Halford Street
Tamworth
Staffordshire
B79 7RB





REGISTERED NUMBER: 05577461 (England and Wales)





ACCOUNTANTS: Philip Barnes & Co Limited
Chartered Accountants
The Old Council Chambers
Halford Street
Tamworth
Staffordshire
B79 7RB

IAS ACADEMY AND LABS LIMITED (REGISTERED NUMBER: 05577461)

BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 47,123 53,855
Tangible assets 5 71,331 95,776
118,454 149,631

CURRENT ASSETS
Stocks 145,991 146,529
Debtors 6 234,930 375,044
Cash at bank 1,676 519
382,597 522,092
CREDITORS
Amounts falling due within one year 7 287,392 260,654
NET CURRENT ASSETS 95,205 261,438
TOTAL ASSETS LESS CURRENT
LIABILITIES

213,659

411,069

CREDITORS
Amounts falling due after more than one
year

8

(100,000

)

(150,000

)

PROVISIONS FOR LIABILITIES (13,553 ) (32,249 )
NET ASSETS 100,106 228,820

CAPITAL AND RESERVES
Called up share capital 12,000 12,000
Retained earnings 88,106 216,820
100,106 228,820

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

IAS ACADEMY AND LABS LIMITED (REGISTERED NUMBER: 05577461)

BALANCE SHEET - continued
30 JUNE 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 December 2023 and were signed on its behalf by:





D J Mitchell - Director


IAS ACADEMY AND LABS LIMITED (REGISTERED NUMBER: 05577461)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

IAS Academy and Labs Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - Straight line over 10 years
Plant and machinery - 25% reducing balance
Fixtures and fittings - 25% reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

IAS ACADEMY AND LABS LIMITED (REGISTERED NUMBER: 05577461)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES

The average number of employees during the year was 19 (2022 - 19 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 July 2022
and 30 June 2023 67,319
AMORTISATION
At 1 July 2022 13,464
Charge for year 6,732
At 30 June 2023 20,196
NET BOOK VALUE
At 30 June 2023 47,123
At 30 June 2022 53,855

5. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings Totals
£    £    £    £   
COST
At 1 July 2022 36,025 225,634 133,942 395,601
Additions - - 869 869
At 30 June 2023 36,025 225,634 134,811 396,470
DEPRECIATION
At 1 July 2022 26,403 199,596 73,826 299,825
Charge for year 3,603 6,510 15,201 25,314
At 30 June 2023 30,006 206,106 89,027 325,139
NET BOOK VALUE
At 30 June 2023 6,019 19,528 45,784 71,331
At 30 June 2022 9,622 26,038 60,116 95,776

IAS ACADEMY AND LABS LIMITED (REGISTERED NUMBER: 05577461)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 13,334 45,690
Other debtors 13,519 5,822
26,853 51,512

Amounts falling due after more than one year:
Amounts owed by group undertakings 208,077 323,532

Aggregate amounts 234,930 375,044

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 55,095 52,745
Trade creditors 39,170 45,345
Taxation and social security 9,160 8,795
Other creditors 183,967 153,769
287,392 260,654

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 100,000 150,000