IRIS Accounts Production v23.4.0.336 08254988 Board of Directors 1.11.22 31.10.23 31.10.23 false true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh082549882022-10-31082549882023-10-31082549882022-11-012023-10-31082549882021-10-31082549882021-11-012022-10-31082549882022-10-3108254988ns15:EnglandWales2022-11-012023-10-3108254988ns14:PoundSterling2022-11-012023-10-3108254988ns10:Director12022-11-012023-10-3108254988ns10:PrivateLimitedCompanyLtd2022-11-012023-10-3108254988ns10:SmallEntities2022-11-012023-10-3108254988ns10:AuditExempt-NoAccountantsReport2022-11-012023-10-3108254988ns10:SmallCompaniesRegimeForDirectorsReport2022-11-012023-10-3108254988ns10:SmallCompaniesRegimeForAccounts2022-11-012023-10-3108254988ns10:AbridgedAccounts2022-11-012023-10-310825498812022-11-012023-10-3108254988ns10:OrdinaryShareClass12022-11-012023-10-3108254988ns10:Director22022-11-012023-10-3108254988ns10:RegisteredOffice2022-11-012023-10-3108254988ns5:CurrentFinancialInstruments2023-10-3108254988ns5:CurrentFinancialInstruments2022-10-3108254988ns5:ShareCapital2023-10-3108254988ns5:ShareCapital2022-10-3108254988ns5:RetainedEarningsAccumulatedLosses2023-10-3108254988ns5:RetainedEarningsAccumulatedLosses2022-10-3108254988ns5:IntangibleAssetsOtherThanGoodwill2022-11-012023-10-3108254988ns5:PatentsTrademarksLicencesConcessionsSimilar2022-11-012023-10-3108254988ns5:ComputerEquipment2022-11-012023-10-3108254988ns10:OrdinaryShareClass12023-10-31
REGISTERED NUMBER: 08254988 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 October 2023

for

iFormulate Ltd

iFormulate Ltd (Registered number: 08254988)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


iFormulate Ltd

Company Information
for the Year Ended 31 October 2023







DIRECTORS: Dr D Calvert
Dr J Bullock



REGISTERED OFFICE: West Croft
Main Street
Keyingham
Hull
East Yorkshire
HU12 9SR



REGISTERED NUMBER: 08254988 (England and Wales)



ACCOUNTANTS: 360 Accountants Limited
18-19 Albion Street
Hull
East Yorkshire
HU1 3TG



BANKERS: Barclays Bank
1/5 King Edward Street
Hull
East Yorkshire
HU1 3RL

iFormulate Ltd (Registered number: 08254988)

Abridged Balance Sheet
31 October 2023

31/10/23 31/10/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 1,630 1,755
Tangible assets 6 1,148 1,492
2,778 3,247

CURRENT ASSETS
Debtors 596 9,528
Cash at bank 40,368 89,165
40,964 98,693
CREDITORS
Amounts falling due within one year 5,500 22,618
NET CURRENT ASSETS 35,464 76,075
TOTAL ASSETS LESS CURRENT
LIABILITIES

38,242

79,322

CAPITAL AND RESERVES
Called up share capital 7 2 2
Retained earnings 38,240 79,320
SHAREHOLDERS' FUNDS 38,242 79,322

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

iFormulate Ltd (Registered number: 08254988)

Abridged Balance Sheet - continued
31 October 2023


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 October 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 April 2024 and were signed on its behalf by:





Dr D Calvert - Director


iFormulate Ltd (Registered number: 08254988)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

iFormulate Ltd 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced provision of services, excluding value added tax.

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.

Patents and licences are being amortised evenly over their estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 50% on cost, 33% on cost and 20% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

iFormulate Ltd (Registered number: 08254988)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

3. ACCOUNTING POLICIES - continued

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

5. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 November 2022
and 31 October 2023 2,505
AMORTISATION
At 1 November 2022 750
Amortisation for year 125
At 31 October 2023 875
NET BOOK VALUE

At 31 October 2023 1,630
At 31 October 2022 1,755

6. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 November 2022 5,035
Additions 583
At 31 October 2023 5,618
DEPRECIATION
At 1 November 2022 3,543
Charge for year 927
At 31 October 2023 4,470
NET BOOK VALUE
At 31 October 2023 1,148
At 31 October 2022 1,492

iFormulate Ltd (Registered number: 08254988)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/10/23 31/10/22
value: £    £   
2 Ordinary £1 2 2

8. ULTIMATE CONTROLLING PARTY

In the opinion of the directors there is no ultimate controlling party.