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Company Registration No. 05269987 (England and Wales)
iO1 Limited Unaudited accounts for the year ended 31 October 2023
iO1 Limited Unaudited accounts Contents
Page
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iO1 Limited Company Information for the year ended 31 October 2023
Directors
J F Galvin J Russell
Secretary
A Galvin
Company Number
05269987 (England and Wales)
Registered Office
First Floor 129 High Street Guildford Surrey GU1 3AA United Kingdom
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iO1 Limited Statement of financial position as at 31 October 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
86,751 
60,491 
Current assets
Debtors
500,090 
500,090 
Cash at bank and in hand
451,574 
456,396 
951,664 
956,486 
Creditors: amounts falling due within one year
(427)
(2,155)
Net current assets
951,237 
954,331 
Net assets
1,037,988 
1,014,822 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
1,037,888 
1,014,722 
Shareholders' funds
1,037,988 
1,014,822 
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by
J Russell Director Company Registration No. 05269987
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iO1 Limited Notes to the Accounts for the year ended 31 October 2023
1
Statutory information
iO1 Limited is a private company, limited by shares, registered in England and Wales, registration number 05269987. The registered office is First Floor, 129 High Street, Guildford, Surrey, GU1 3AA, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the income statement, 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 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.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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iO1 Limited Notes to the Accounts for the year ended 31 October 2023
Intangible fixed assets
Intangible fixed assets (with the exception of cryptocurrencies) are included at cost less accumulated amortisation. Cryptocurrencies are held as intangible fixed assets and carried at fair value which is determined annually based on market rates. Changes in fair value are recognised in profit or loss.
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. In preparing these financial statements, the directors have made the following judgements: Determine whether there are indicators of impairment of the company's intangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
4
Intangible fixed assets
Other 
£ 
Cost
At 1 November 2022
60,491 
Revaluations
26,260 
At 31 October 2023
86,751 
Amortisation
At 1 November 2022
- 
At 31 October 2023
- 
Net book value
At 31 October 2023
86,751 
At 31 October 2022
60,491 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
90 
90 
Amounts falling due after more than one year
Amounts due from group undertakings etc.
500,000 
500,000 
Amounts due after more than one year
500,000 
500,000 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Trade creditors
- 
2,040 
Loans from directors
427 
115 
427 
2,155 
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iO1 Limited Notes to the Accounts for the year ended 31 October 2023
7
Transactions with related parties
As at the year end an amount of £500,000 (2022 - £500,000) was owed by Invotra Shared Services Limited, a connected company. Of this balance £500,000 (2022 - £500,000) is due after one year.
8
Average number of employees
During the year the average number of employees was 2 (2022: 2).
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