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Registered number: 03786396
Inara-Transfers Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Accounting Help Ltd
ICAEW
3rd Floor
12 East Passage
London
EC1A 7LP
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03786396
2023 2022
as restated
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 67,114 77,739
67,114 77,739
CURRENT ASSETS
Debtors 6 4,990 5,379
Cash at bank and in hand 83,929 98,243
88,919 103,622
Creditors: Amounts Falling Due Within One Year 7 (63,283 ) (29,841 )
NET CURRENT ASSETS (LIABILITIES) 25,636 73,781
TOTAL ASSETS LESS CURRENT LIABILITIES 92,750 151,520
Creditors: Amounts Falling Due After More Than One Year 8 (17,622 ) (27,431 )
NET ASSETS 75,128 124,089
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 75,126 124,087
SHAREHOLDERS' FUNDS 75,128 124,089
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Juan Olivares Gazul
Director
06/09/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Inara-Transfers Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03786396 . The registered office is 134, Elephant Road, London, UK, SE17 1FD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are Software development costs. It is amortised to profit and loss account over its estimated economic life of 3 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery Over 5 Years
Fixtures & Fittings Furnitures
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. 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.
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2.8. 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.
2.9. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 7 6
7 6
4. Intangible Assets
Other
£
Cost
As at 1 January 2023 304,458
Additions 807
As at 31 December 2023 305,265
Amortisation
As at 1 January 2023 226,719
Provided during the period 11,432
As at 31 December 2023 238,151
Net Book Value
As at 31 December 2023 67,114
As at 1 January 2023 77,739
Software development costs are being written off in equal annual instalments over its estimated economic life of 3 years.
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 January 2023 164,827 83,846 248,673
As at 31 December 2023 164,827 83,846 248,673
Depreciation
As at 1 January 2023 164,827 83,846 248,673
As at 31 December 2023 164,827 83,846 248,673
Net Book Value
As at 31 December 2023 - - -
As at 1 January 2023 - - -
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6. Debtors
2023 2022
as restated
£ £
Due within one year
Other debtors 4,990 3,980
PAYE credit - 1,399
4,990 5,379
7. Creditors: Amounts Falling Due Within One Year
2023 2022
as restated
£ £
Trade creditors 18,688 13,528
Bank loans and overdrafts 10,648 10,648
Other taxes and social security Costs 1,674 305
Other creditors 32,273 5,360
63,283 29,841
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
as restated
£ £
Bank loans 17,622 27,431
17,622 27,431
9. Share Capital
2023 2022
as restated
£ £
Allotted, Called up and fully paid 2 2
10. Controlling Party
Mr Juan Mauricio Olivares Gazul holds 100% of the issued share capital , therefore, is deemed the ultimate controlling party.
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