Registered number
10868719
IFRA Ltd
Filleted Accounts
31 July 2023
IFRA Ltd
Registered number: 10868719
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 86,344 53,641
Current assets
Cash at bank and in hand 89,136 35,682
Creditors: amounts falling due within one year 5 (50,529) (27,110)
Net current assets 38,607 8,572
Total assets less current liabilities 124,951 62,213
Creditors: amounts falling due after more than one year 6 (103,584) (37,332)
Net assets 21,367 24,881
Capital and reserves
Called up share capital 1 1
Profit and loss account 21,366 24,880
Shareholders' funds 21,367 24,881
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Michael Palmer
Director
Approved by the board on 3 October 2023
IFRA Ltd
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Vehicles over 10 years
Fixtures, fittings, tools and equipment over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2022 1,215 58,589 59,804
Additions - 144,096 144,096
Disposals - (107,422) (107,422)
At 31 July 2023 1,215 95,263 96,478
Depreciation
At 1 August 2022 304 5,859 6,163
Charge for the year 304 8,551 8,855
On disposals - (4,884) (4,884)
At 31 July 2023 608 9,526 10,134
Net book value
At 31 July 2023 607 85,737 86,344
At 31 July 2022 911 52,730 53,641
4 Investments held as current assets 2023 2022
£ £
Fair value
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Unlisted investments (10,357) -
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 11,713 21,668
Other creditors 38,816 5,442
50,529 27,110
6 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 103,584 37,332
7 Other information
IFRA Ltd is a private company limited by shares and incorporated in England. Its registered office is:
73 Chester Road
Castle Bromwich
Birmingham
West Midlands
B36 9DP
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