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Registered number: 12919193









IBARRA ASSOCIATES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
IBARRA ASSOCIATES LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Statement of Changes in Equity
 
3
Notes to the Financial Statements
 
4 - 7


 
IBARRA ASSOCIATES LIMITED
REGISTERED NUMBER: 12919193

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
17,000
53,486

Cash at bank and in hand
 5 
531,964
423,820

  
548,964
477,306

Creditors: amounts falling due within one year
 6 
(142,184)
(275,224)

Net current assets
  
 
 
406,780
 
 
202,082

Total assets less current liabilities
  
406,780
202,082

  

Net assets
  
406,780
202,082


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
406,680
201,982

  
406,780
202,082


Page 1

 
IBARRA ASSOCIATES LIMITED
REGISTERED NUMBER: 12919193
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements 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.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue and were signed by: 

................................................
H Ibarra
Director

Date: 12 July 2024

The notes on pages 4 to 7 form part of these financial statements.

Page 2

 
IBARRA ASSOCIATES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
100
691,596
691,696


Comprehensive income for the year

Profit for the year
-
360,386
360,386


Distributions to owners

Dividends: Equity capital
-
(850,000)
(850,000)



At 1 January 2023
100
201,982
202,082


Comprehensive income for the year

Profit for the year
-
204,698
204,698


At 31 December 2023
100
406,680
406,780


The notes on pages 4 to 7 form part of these financial statements.

Page 3

 
IBARRA ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Ibarra Associates Limited ("the company") is a private company, limited by shares, incorporated in England and Wales with registration number of 12919193. The registered office is Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
Page 4

 
IBARRA ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.3
Revenue (continued)

the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from related parties.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

 
IBARRA ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

The average monthly number of employees, including non-payrolled director, during the year was 1 (2022 - 1).


4.


Debtors

2023
2022
£
£


Trade debtors
17,000
53,486



5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
531,964
423,820



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
64,153
81,378

Other taxation and social security
5,709
9,585

Other creditors
1,781
98,748

Accruals and deferred income
70,541
85,513

142,184
275,224



7.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
531,964
423,820




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

Page 6

 
IBARRA ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1 each
100
100


 
Page 7