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31/05/2023
2023-05-31
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2022-06-01
Sage Accounts Production 23.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
13409039
2022-06-01
2023-05-31
13409039
2023-05-31
13409039
2022-05-31
13409039
2021-06-01
2022-05-31
13409039
2022-05-31
13409039
2021-05-31
13409039
bus:Director1
2022-06-01
2023-05-31
13409039
core:IntangibleAssetsOtherThanGoodwill
2022-05-31
13409039
core:IntangibleAssetsOtherThanGoodwill
2023-05-31
13409039
core:WithinOneYear
2023-05-31
13409039
core:WithinOneYear
2022-05-31
13409039
core:AfterOneYear
2023-05-31
13409039
core:AfterOneYear
2022-05-31
13409039
core:ShareCapital
2023-05-31
13409039
core:ShareCapital
2022-05-31
13409039
core:RetainedEarningsAccumulatedLosses
2023-05-31
13409039
core:RetainedEarningsAccumulatedLosses
2022-05-31
13409039
core:IntangibleAssetsOtherThanGoodwill
2022-06-01
2023-05-31
13409039
core:IntangibleAssetsOtherThanGoodwill
2022-05-31
13409039
bus:SmallEntities
2022-06-01
2023-05-31
13409039
bus:AuditExemptWithAccountantsReport
2022-06-01
2023-05-31
13409039
bus:FullAccounts
2022-06-01
2023-05-31
13409039
bus:SmallCompaniesRegimeForAccounts
2022-06-01
2023-05-31
13409039
bus:PrivateLimitedCompanyLtd
2022-06-01
2023-05-31
13409039
core:WithinOneYear
2022-06-01
2023-05-31
13409039
core:AfterOneYear
2022-06-01
2023-05-31
Company registration number:
13409039
Irise Media International Limited
Unaudited filleted financial statements
31 May 2023
Irise Media International Limited
Contents
Statement of financial position
Notes to the financial statements
Irise Media International Limited
Statement of financial position
31 May 2023
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31/05/23 |
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31/05/22 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Intangible assets |
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5 |
91,781 |
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102,594 |
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_______ |
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_______ |
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91,781 |
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102,594 |
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Current assets |
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Debtors |
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6 |
5,372 |
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3,104 |
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Cash at bank and in hand |
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2,874 |
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1,826 |
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_______ |
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_______ |
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8,246 |
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4,930 |
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Creditors: amounts falling due |
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within one year |
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7 |
(
15,485) |
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(
10,808) |
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_______ |
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_______ |
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Net current liabilities |
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(
7,239) |
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(
5,878) |
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_______ |
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_______ |
Total assets less current liabilities |
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84,542 |
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96,716 |
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Creditors: amounts falling due |
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after more than one year |
|
8 |
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|
(
140,000) |
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(
141,254) |
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_______ |
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_______ |
Net liabilities |
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(
55,458) |
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(
44,538) |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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1,000 |
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|
1,000 |
Profit and loss account |
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(
56,458) |
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(
45,538) |
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_______ |
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_______ |
Shareholders deficit |
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(
55,458) |
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(
44,538) |
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_______ |
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_______ |
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For the year ending 31 May 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
20 February 2024
, and are signed on behalf of the board by:
Mr Ashok Gupta
Director
Company registration number:
13409039
Irise Media International Limited
Notes to the financial statements
Year ended 31 May 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Scottish Provident House,3rd Floor, 76-80 College Road, Harrow, Middlesex, HA1 1BQ.
The principal activity of the company is that of providing courses in time management and related matters including management of stress and retailing of mobile application and related books for courses and programmes dealing in health & related matters.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006.
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
In accordance with their responsibilities, the director has considered the appropriateness of the going concern basis for the preparation of the financial statements.With the continuing financial support from the shareholders, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in thereporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured atthe amounts of tax expected to pay or recover using the tax rates and laws that have been enacted orsubstantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:Software development costs - over 10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Software developments costs
The software development costs are capitalised. The amortisation is calculated to write off the cost in equal amounts over ten years.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2022:
1
).
5.
Intangible assets
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Other intangible assets |
Total |
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£ |
£ |
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Cost |
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At 1 June 2022 and 31 May 2023 |
108,131 |
108,131 |
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_______ |
_______ |
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Amortisation |
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At 1 June 2022 |
5,537 |
5,537 |
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Charge for the year |
10,813 |
10,813 |
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_______ |
_______ |
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At 31 May 2023 |
16,350 |
16,350 |
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_______ |
_______ |
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Carrying amount |
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At 31 May 2023 |
91,781 |
91,781 |
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_______ |
_______ |
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At 31 May 2022 |
102,594 |
102,594 |
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_______ |
_______ |
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Software development cost includes website and software development to provide courses.with a remaining amortisation period of 8 years.
6.
Debtors
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31/05/23 |
31/05/22 |
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£ |
£ |
|
Trade debtors |
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5,372 |
1,781 |
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Other debtors |
|
- |
1,323 |
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_______ |
_______ |
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5,372 |
3,104 |
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_______ |
_______ |
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7.
Creditors: amounts falling due within one year
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31/05/23 |
31/05/22 |
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£ |
£ |
|
Trade creditors |
|
243 |
711 |
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Other creditors |
|
15,242 |
10,097 |
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|
|
_______ |
_______ |
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15,485 |
10,808 |
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_______ |
_______ |
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Included within other creditors are amounts owed to a connected company amounting to £1,338 (2022: £993) which are unsecured, interest free and repayable on demand. In the prior year, the amount owed to connected company was shown as owed to group undertaking and has now been reclassified as owed to a connected company.
8.
Creditors: amounts falling due after more than one year
|
|
|
31/05/23 |
31/05/22 |
|
|
|
£ |
£ |
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Other creditors |
|
140,000 |
141,254 |
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|
_______ |
_______ |
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Other creditors represent amounts owed to a connected company which are unsecured, interest free and repayable on demand. In the prior year, the amount owed to connected company was shown as owed to associate company and has now been reclassified as owed to a connected company.