Registered number
11065838
IGNITE HUBS INTERNATIONAL LTD
Filleted Accounts
30 November 2023
IGNITE HUBS INTERNATIONAL LTD
Registered number: 11065838
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 10,118 13,300
Current assets
Debtors 4 27,930 14,586
Cash at bank and in hand 90,267 104,279
118,197 118,865
Creditors: amounts falling due within one year 5 (13,019) (42,297)
Net current assets 105,178 76,568
Net assets 115,296 89,868
Capital and reserves
Profit and loss account 115,296 89,868
Shareholders' funds 115,296 89,868
The directors are 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 directors acknowledge their 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.
Mr Charles Ikenna
Director
Approved by the board on 16 August 2024
IGNITE HUBS INTERNATIONAL LTD
Notes to the Accounts
for the year ended 30 November 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.
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 1 1
3 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 December 2022 13,300
Additions 1,818
Disposals (5,000)
At 30 November 2023 10,118
4 Debtors 2023 2022
£ £
Trade debtors 16,552 2,551
Other debtors 11,378 12,035
27,930 14,586
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 6,299 14,689
Other creditors 6,720 27,608
13,019 42,297
6 Other information
IGNITE HUBS INTERNATIONAL LTD is a private company limited by guarantee and incorporated in England. Its registered office is:
International House
64 Nile Street, London
N1 7SR
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