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COMPANY REGISTRATION NUMBER: SC613452
iPrep Limited
Unaudited Financial Statements
For the year ended
30 November 2023
iPrep Limited
Financial Statements
Year ended 30 November 2023
Contents
Pages
Officers and professional advisers
1
Director's report
2
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
3
Statement of income and retained earnings
4
Statement of financial position
5
Notes to the financial statements
6 to 9
iPrep Limited
Officers and Professional Advisers
Director
B Williamson
Company Secretary
MBM Secretarial Services Limited
Registered Office
Suite 2
Ground Floor
Orchard Brae House
30 Queensferry Road
Edinburgh
United Kingdom
EH4 2HS
Accountants
CT
Chartered Accountants
61 Dublin Street
Edinburgh
EH3 6NL
iPrep Limited
Director's Report
Year ended 30 November 2023
The director presents his report and the unaudited financial statements of the company for the year ended 30 November 2023 .
Principal activities
The principal activity of the company during the year was development of software.
Director
The director who served the company during the year was as follows:
B Williamson
Statement of director's responsibilities
The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that year. In preparing these financial statements, the director is required to:
o select suitable accounting policies and then apply them consistently;
o make judgements and accounting estimates that are reasonable and prudent;
o prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 17 April 2024 and signed on behalf of the board by:
B Williamson
Director
iPrep Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of iPrep Limited
Year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of iPrep Limited for the year ended 30 November 2023, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of iPrep Limited in accordance with the terms of our engagement letter dated 7 February 2019. Our work has been undertaken solely to prepare for your approval the financial statements of iPrep Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than iPrep Limited and its director for our work or for this report.
It is your duty to ensure that iPrep Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of iPrep Limited. You consider that iPrep Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of iPrep Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
CT Chartered Accountants
61 Dublin Street Edinburgh EH3 6NL
18 April 2024
iPrep Limited
Statement of Income and Retained Earnings
Year ended 30 November 2023
2023
2022
Note
£
£
Administrative expenses
( 14,034)
( 5,470)
Other operating income
1
--------
-------
Operating loss
( 14,033)
( 5,470)
--------
-------
Loss before taxation
4
( 14,033)
( 5,470)
Tax on loss
895
--------
-------
Loss for the financial year and total comprehensive income
( 14,033)
( 4,575)
--------
-------
Retained losses at the start of the year
( 8,567)
( 3,992)
--------
-------
Retained losses at the end of the year
( 22,600)
( 8,567)
--------
-------
All the activities of the company are from continuing operations.
iPrep Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
152,576
99,416
Tangible assets
6
3,868
3,680
---------
---------
156,444
103,096
Current assets
Debtors
7
5,171
2,929
Cash at bank and in hand
6,251
4,890
--------
-------
11,422
7,819
Creditors: amounts falling due within one year
8
110,059
39,075
---------
--------
Net current liabilities
98,637
31,256
---------
---------
Total assets less current liabilities
57,807
71,840
--------
--------
Net assets
57,807
71,840
--------
--------
Capital and reserves
Called up share capital
10
10
10
Share premium account
80,397
80,397
Profit and loss account
( 22,600)
( 8,567)
--------
--------
Shareholders funds
57,807
71,840
--------
--------
These financial statements have been prepared 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'.
For the year ending 30 November 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 17 April 2024 , and are signed on behalf of the board by:
B Williamson
Director
Company registration number: SC613452
iPrep Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Suite 2, Ground Floor, Orchard Brae House, 30 Queensferry Road, Edinburgh, EH4 2HS, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
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 The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. The directors will continue to support the Company's operational existence until the software has been launched.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include cash and other taxes repayable, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade and other creditors, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
4. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
1,929
266
-------
----
5. Intangible assets
Development costs
£
Cost
At 1 December 2022
99,416
Additions
53,160
---------
At 30 November 2023
152,576
---------
Amortisation
At 1 December 2022 and 30 November 2023
---------
Carrying amount
At 30 November 2023
152,576
---------
At 30 November 2022
99,416
---------
6. Tangible assets
Equipment
£
Cost
At 1 December 2022
5,256
Additions
2,117
-------
At 30 November 2023
7,373
-------
Depreciation
At 1 December 2022
1,576
Charge for the year
1,929
-------
At 30 November 2023
3,505
-------
Carrying amount
At 30 November 2023
3,868
-------
At 30 November 2022
3,680
-------
7. Debtors
2023
2022
£
£
Other debtors
5,171
2,929
-------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
17,759
Other creditors
92,300
39,075
---------
--------
110,059
39,075
---------
--------
9. Deferred tax
There is an unrecognised deferred tax asset of £3,985 (2022: £698). This arises as a result of losses carried forward. Losses can only be offset against future profits, which cannot be determined with certainty.
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 0.01 each
1,000
10
1,000
10
-------
----
-------
----