Registered number
07699458
Ihateironing.com Ltd
Filleted Accounts
31 July 2023
Ihateironing.com Ltd
Registered number: 07699458
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 23,805 19,144
Current assets
Debtors 4 785,950 659,058
Cash at bank and in hand 274,391 302,049
1,060,341 961,107
Creditors: amounts falling due within one year 5 (1,138,430) (898,624)
Net current (liabilities)/assets (78,089) 62,483
Total assets less current liabilities (54,284) 81,627
Creditors: amounts falling due after more than one year 6 (21,568) (293,987)
Net liabilities (75,852) (212,360)
Capital and reserves
Called up share capital 908,132 941,132
Share premium 70,791 -
Profit and loss account (1,054,775) (1,153,492)
Shareholders' funds (75,852) (212,360)
The director is 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 director acknowledges his 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.
Matthew Connelly
Director
Approved by the board on 29 July 2024
Ihateironing.com 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:
Fixtures, fittings, tools and equipment over 5 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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 21 22
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2022 23,552
Additions 5,978
At 31 July 2023 29,530
Depreciation
At 1 August 2022 4,408
Charge for the year 1,317
At 31 July 2023 5,725
Net book value
At 31 July 2023 23,805
At 31 July 2022 19,144
4 Debtors 2023 2022
£ £
Trade debtors 563,591 381,151
Deferred tax asset 178,181 229,928
Other debtors 11,148 47,979
Director's account 33,030 -
785,950 659,058
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 9,909 28,736
Trade creditors 188,058 128,261
Other Creditors 1,260 2,688
Taxation and social security costs 240,899 15,822
Accruals 698,304 723,117
1,138,430 898,624
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 21,568 40,239
Director's account - 253,748
21,568 293,987
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Matthew Connelly
Directors Loan Account 253,748 33,030 (253,748) 33,030
253,748 33,030 (253,748) 33,030
8 Controlling party
The ultimate controlling party during the period; Matthew Connelly
Matthew Conelly holds 76.9% of the issue shared capital and is deemed the ultimate controlling
party.
9 Other information
Ihateironing.com Ltd is a private company limited by shares and incorporated in England. Its registered office is:
International House
6 Canterbury Crescent
London
SW9 7QD
Ihateironing.com Ltd 07699458 false 2022-08-01 2023-07-31 2023-07-31 VT Final Accounts October 2023 release 2 Matthew Connelly No description of principal activity 07699458 2021-08-01 2022-07-31 07699458 core:WithinOneYear 2022-07-31 07699458 core:AfterOneYear 2022-07-31 07699458 core:ShareCapital 2022-07-31 07699458 core:SharePremium 2022-07-31 07699458 core:RetainedEarningsAccumulatedLosses 2022-07-31 07699458 2022-08-01 2023-07-31 07699458 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 07699458 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 07699458 bus:Director40 2022-08-01 2023-07-31 07699458 1 2022-08-01 2023-07-31 07699458 2 2022-08-01 2023-07-31 07699458 core:PlantMachinery 2022-08-01 2023-07-31 07699458 bus:Director1 2022-08-01 2023-07-31 07699458 bus:Director1 1 2022-08-01 2023-07-31 07699458 countries:England 2022-08-01 2023-07-31 07699458 bus:FRS102 2022-08-01 2023-07-31 07699458 bus:FullAccounts 2022-08-01 2023-07-31 07699458 2023-07-31 07699458 core:WithinOneYear 2023-07-31 07699458 core:AfterOneYear 2023-07-31 07699458 core:ShareCapital 2023-07-31 07699458 core:SharePremium 2023-07-31 07699458 core:RetainedEarningsAccumulatedLosses 2023-07-31 07699458 core:PlantMachinery 2023-07-31 07699458 bus:Director1 1 2023-07-31 07699458 2022-07-31 07699458 core:PlantMachinery 2022-07-31 07699458 bus:Director1 1 2022-07-31 iso4217:GBP xbrli:pure