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Registration number: 10903325

Infinity Blue Group Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Infinity Blue Group Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Infinity Blue Group Ltd

(Registration number: 10903325)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

6,000

9,000

Tangible assets

6

1,522

240

 

7,522

9,240

Current assets

 

Debtors

7

105,931

59,232

Cash at bank and in hand

 

16,352

26,735

 

122,283

85,967

Creditors: Amounts falling due within one year

8

(63,234)

(22,562)

Net current assets

 

59,049

63,405

Total assets less current liabilities

 

66,571

72,645

Creditors: Amounts falling due after more than one year

8

(16,705)

(22,000)

Provisions for liabilities

(289)

-

Net assets

 

49,577

50,645

Capital and reserves

 

Called up share capital

9

10

10

Share premium reserve

11,992

11,992

Capital redemption reserve

(30,000)

-

Retained earnings

67,575

38,643

Shareholders' funds

 

49,577

50,645

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge 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.

 

Infinity Blue Group Ltd

(Registration number: 10903325)
Balance Sheet as at 31 August 2023

Approved and authorised by the Board on 9 April 2024 and signed on its behalf by:
 

.........................................
Mr A Baker
Director

.........................................
Mr A Donoghue
Director

 
     
 

Infinity Blue Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
1 Victoria Avenue
Second Floor
Harrogate
HG1 1EQ

These financial statements were authorised for issue by the Board on 9 April 2024.

2

Accounting policies

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Infinity Blue Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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, fittings and office equipment

33% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intangible assets

5 years straight line

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Infinity Blue Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 4).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

761

528

Amortisation expense

3,000

3,000

 

Infinity Blue Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

5

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 September 2022

15,000

15,000

At 31 August 2023

15,000

15,000

Amortisation

At 1 September 2022

6,000

6,000

Amortisation charge

3,000

3,000

At 31 August 2023

9,000

9,000

Carrying amount

At 31 August 2023

6,000

6,000

At 31 August 2022

9,000

9,000

 

Infinity Blue Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2022

-

1,294

1,294

Additions

2,042

-

2,042

Disposals

-

(1,054)

(1,054)

At 31 August 2023

2,042

240

2,282

Depreciation

At 1 September 2022

-

1,054

1,054

Charge for the year

680

80

760

Eliminated on disposal

-

(1,054)

(1,054)

At 31 August 2023

680

80

760

Carrying amount

At 31 August 2023

1,362

160

1,522

At 31 August 2022

-

240

240

Included within the net book value of land and buildings above is £1,361 (2022 - £Nil) in respect of short leasehold land and buildings.
 

7

Debtors

Current

2023
£

2022
£

Trade debtors

30,050

53,282

Prepayments

1,025

5,950

Other debtors

74,856

-

 

105,931

59,232

 

Infinity Blue Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

8,353

5,439

Trade creditors

 

1,829

334

Taxation and social security

 

50,363

15,050

Accruals and deferred income

 

1,900

1,200

Other creditors

 

789

539

 

63,234

22,562

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

16,705

22,000

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A ordinary shares of £1 each

4

4

4

4

B ordinary shares of £1 each

3

3

3

3

C ordinary shares of £1 each

3

3

3

3

 

10

10

10

10

 

Infinity Blue Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

16,705

22,000

2023
£

2022
£

Current loans and borrowings

Bank borrowings

4,914

2,000

Other borrowings

3,439

3,439

8,353

5,439