07419173 2022-11-01 2023-10-31 07419173 uk-bus:Director1 2022-11-01 2023-10-31 07419173 uk-bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 07419173 uk-bus:SmallEntities 2022-11-01 2023-10-31 07419173 uk-bus:FullAccounts 2022-11-01 2023-10-31 07419173 uk-bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 07419173 2022-11-01 07419173 2023-10-31 07419173 2021-11-01 2022-10-31 07419173 2022-10-31 xbrli:pure iso4217:GBP 07419173 2021-11-01 2022-10-31
Company Registration Number : 07419173 (England and Wales)
07419173
This company is a private limited company
This company sells stuff to other companies
The company was trading for the entire period
Full Accounts
2023-10-31
false
Ijeve Designs Limited
The accounts were prepared in accordance with FRS102A
The accounts have been audited
2022-11-01
Ijeve Designs Limited
Unaudited financial statements and annual report
For the year ended 31 October 2023
Ijeve Designs Limited
Contents
For the year ended 31 October 2023

CONTENTS PAGE
Company Information 3
Directors' Report 4
Directors' Responsibilities Statement
Accountant's Report 5
Income Statement 6
Statement of Financial Position 7
Notes to the Financial Statements 8 - 10
Detailed Income Statement 11


Ijeve Designs Limited
Company Information
For the year ended 31 October 2023

Company registration number 07419173 (England and Wales)
Directors Obiora Nwajagu
Evelyn Obiageli Nwajagu
Registered office address 124 - 126 Church Elm Lane
Dagenham
Essex
RM10 9RL
Accountant












Accountant





Ijeve Designs Limited
Directors' Report
For the year ended 31 October 2023

The directors present their report and the Unaudited Financial Statements for the year ended 31 October 2023.
Principal activity
Artistic creation
Directors of the company
The following directors held office during the whole of the period:
Evelyn Obiageli Nwajagu
Obiora Nwajagu
Statement of directors' responsibilities
The directors are responsible for preparing the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare such financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), FRS 102 1A.
Under company law the directors must not approve the financial statements unless they are 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 period. In preparing these financial statements, the directors are required to;
-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;and
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.
Approved by the Board of directors and signed on its behalf by:
Obiora Nwajagu (Director)
Date: 31 July 2024
This report was approved by the board on 2024-07-31 Date: 31 July 2024
Ijeve Designs Limited
Accountant's report
For the year ended 31 October 2023

Accountant's Report to the board of directors on the preparation of the unaudited statutory accounts of Ijeve Designs Limited for the year ended 31 October 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 Ijeve Designs Limited for the year ended 31 October 2023.


We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on these financial statements.


You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.


The financial statements are provided exclusively to the directors for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.






2024-07-31 Date: 31 July 2024
5
Ijeve Designs Limited
Income Statement
For the year ended 31 October 2023

2023 2022
Notes £ £
Turnover 5 42,852 76,413
Cost of sales (3,118) (3,680)
Gross profit 39,734 72,734
Selling and distribution expenses 8,220 (37)
Administrative expenses (66,628) (52,265)
Operating loss 6 (18,674) 20,432
Interest payable and similar charges - (312)
Loss on ordinary activities before taxation (18,674) 20,120
Tax - (3,439)
Loss for the year (18,674) 16,680
/* == Copy of Frs105 Profit Loss for XML COntent ============================================================ */
Profit and loss account
2023 2022
£ £
Ijeve Designs Limited
Statement of Financial Position
For the year ended 31 October 2023

2023 2022
Notes £ £
Fixed assets
Property, plant and equipment 10 - 2,288
- 2,288
Current assets
Debtors 11 943 2,158
Cash and cash equivalents 12 643 11,909
1,586 14,067
Current liabilities
Creditors: Amounts falling due within one year 13 (11,380) (5,764)
Corporation tax payable (3,439) (3,439)
(14,819) (9,203)
Net current (liabilities)/assets (13,232) 4,865
Total assets less current liabilities (13,232) 7,153
Non-current liabilities
Creditors: Amounts falling due after more than one year 14 (18,732) (20,443)
Net (liabilities)/assets (31,965) (13,291)
Capital and reserves
Called up share capital 15 100 100
Retained earnings (32,065) (13,391)
Shareholder's funds (31,965) (13,291)
For the year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The directors have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the special provisions of the Companies Act 2006 applicable to companies subject to the small companies' regime and in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A.
  • For the year ended 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 responsibility for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared 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.
Approved by the Board on 31 July 2024
.............................
Obiora Nwajagu (Director)
Company registration number: 07419173
/* == Copy of Frs105 Balance Sheet for XML COntent ============================================================ */
Balance sheet at 2023-10-31 31 October 2023
2023 2022
£ £
Fixed Assets 0 2,288
Current Assets 1,586 14,067
Creditors: amounts falling due within one year (14,819) (9,203)
Net current assets (liabilities) (13,232) 4,865
Total assets less current liabilities (13,232) 7,153
CREDITORS: Amounts falling due more than one year (18,732) (20,443)
Net Assets (liabilities) (31,965) (13,291)
Capital and Reserves (31,965) (13,291)
For the year ending 31/10/2023 the company was entitled to exemption 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. For the year ending 31-10-2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit for the year in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the small companies provisions and in accordance with FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime.
Approved by the board of directors on 31 July 2024 2024-07-31 and signed on behalf of the board,
.............................
Obiora Nwajagu
Director
Company registration number: 07419173
Ijeve Designs Limited
Notes to the Financial Statements
For the year ended 31 October 2023

(1) General Information
Ijeve Designs Limited is a private company limited by shares, domiciled and incorporated in England and Wales. Its registered office is Petronne House, 31 Church Street, Dagenham RM10 9UR.

(2) Statement of compliance
These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime.

(3) Significant Accounting Policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies regime.
Basis of Preparation
The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met as described below.
Sale of goods
Sales of goods are recognised when the company has delivered the goods to the customer, no other significant obligation remains unfulfilled that may affect the customer's acceptance of the products and risks and rewards of ownership have transferred to them.
Rendering of Services
Revenue from provision of services rendered in the reporting period is recognised when the outcome of a transaction for the rendering of services can be estimated reliably in terms of revenue, costs and its stage of completion of the specific transaction at the end of the reporting period. The stage of completion is determined on the basis of the actual completion of a proportion of the total services to be rendered. When the outcome of a service contract cannot be estimated reliably the company only recognises revenue to the extent of the recoverable expenses recognised.
Borrowing costs
All borrowing related costs are included within the statement of income in the period in which they are incurred using the effective interest method.
Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses. Part of an item of property, plant and equipment having different useful lives are accounted for as separate items.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.

Depreciation is provided to write off the cost less estimated residual value, of each asset over its expected useful life as follows:

Asset class and depreciation rate
Land and Buildings
Plant and Machinery
Short Leasehold Properties
Investment Properties
Long Leasehold Properties
Commercial Vehicles
Fixtures and Fittings
Equipment
Motor Cars
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
Current Tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the income statement because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Employee benefits
Payments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered service entitling them to the contributions.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

(4) Critical accounting judgements and key sources of estimation uncertainty
No judgement
No significant judgements or estimates have been made in preparation of these financial statements.

(5) Turnover
The revenue from company's operations comprise:
2023 2022
£ £
Sales 42,852 76,413
42,852 76,413

(6) Operating profit
Operating profit for the year from continuing operations has been arrived after charging:
2023 2022
£ £
Staff costs 55 200
Director's remuneration 35,186 22,764
Depreciation of property, plant and equipment 2,288 -
37,529 22,964

(7) Employees
During the year, the average number of employees including director was 0 (2022 : 0).

The above numbers are averages for the year and calculated on a full-time equivalent basis. The aggregate payroll costs of the above were:
2023 2022
£ £
Wages and salaries 34,494 22,464
Pension contributions 692 300
35,186 22,764

(8) Interest payable and similar charges
2023 2022
£ £
Interest on bank loans and overdrafts - 312
- 312

(9) Tax
Current tax
2023 2022
£ £
Corporation tax charge for current year - 3,439
Total current tax - 3,439

(10) Tangible fixed assets
Equipment
£
Cost
As at 01 November 202233,960
As at 31 October 202333,960
Depreciation
As at 01 November 202233,960
As at 31 October 202333,960
Net book value
As at 31 October 2023-
As at 31 October 2022-

(11) Debtors
Amounts falling due within one year
2023 2022
£ £
Other debtors 943 2,158
943 2,158

(12) Cash and cash equivalents
2023 2022
£ £
Bank balance 643 11,909
643 11,909

(13) Creditors: Amounts falling due within one year
2023 2022
£ £
Other taxes and social security 3,498 2,229
Other creditors 7,881 3,535
11,379 5,764

(14) Creditors: Amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 18,732 20,443
18,732 20,443

(15) Share capital and reserves
Alloted, called up and fully paid: 2023 2022
£ £
100 (2022 : 100) Ordinary Shares of £ 1 each100100
100 100
Ordinary shares hold equal voting rights.
Retained earnings 2023
£
At 1 November 2022 (13,391)
Loss of the year (18,674)
At 31 October 2023 (32,065)
Ijeve Designs Limited
Detailed Income Statement
For the year ended 31 October 2023




This section does not form part of the statutory accounts.




2023 2022
£ £
Turnover 42,852 76,413
Less : Cost of sales
Purchases - 2,925
Cost of sales 3,110 655
Other Direct Expenditure - 99
Transportation Costs 8 -
3,118 3,680
Gross Profit 39,734 72,734
Less : Selling and distribution expenses
2 meal rate £10 (8,226) -
Subsistence 6 37
(8,220) 37
Less : Administrative expenses
Business Rates 1,064 1,077
Water Charges 1,198 420
Gas and Electric 6,676 8,283
Premises Costs 14,489 15,776
Repairs 351 108
Directors' Remuneration 34,494 22,464
Employee Wages - Casual 55 200
Employers NI 1,610 660
Employers NI allowance (1,610) (660)
Director Pension Contributions 692 300
Training and Development - 13
Low Value Equipment - 88
IT Costs - 106
Accountancy, Bookkeeping and Auditing Fees 2,430 1,940
Legal and Professional Fees 225 -
Printing, Postage and Stationery 11 38
Telephone and Internet 1,919 1,380
Bank Fees 737 74
Depreciation expense 2,288 -
66,628 52,265
Operating loss (18,674) 20,432
Less : Interest payable and similar charges
Hire Purchase, Mortgage and Other Interest - 312
- 312
Loss on ordinary activities before taxation (18,674) 20,120
Less : Tax
Corporation Tax - 3,439
- 3,439
Net loss for the year after taxation (18,674) 16,680