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REGISTERED NUMBER: 05827159 (England and Wales)















Unaudited Financial Statements for the Year Ended 31st December 2023

for

Independent Buyer.net Limited

Independent Buyer.net Limited (Registered number: 05827159)






Contents of the Financial Statements
for the year ended 31st December 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


Independent Buyer.net Limited (Registered number: 05827159)

Balance Sheet
31st December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 232 309
Investments 5 100 100
332 409

CURRENT ASSETS
Debtors 6 6,344 33,043
Cash at bank 27 189
6,371 33,232
CREDITORS
Amounts falling due within one year 7 5,716 32,672
NET CURRENT ASSETS 655 560
TOTAL ASSETS LESS CURRENT
LIABILITIES

987

969

PROVISIONS FOR LIABILITIES 19 29
NET ASSETS 968 940

CAPITAL AND RESERVES
Called up share capital 200 200
Capital redemption reserve 60 60
Retained earnings 708 680
SHAREHOLDERS' FUNDS 968 940

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Independent Buyer.net Limited (Registered number: 05827159)

Balance Sheet - continued
31st December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 16th September 2024 and were signed by:





R P Walkington - Director


Independent Buyer.net Limited (Registered number: 05827159)

Notes to the Financial Statements
for the year ended 31st December 2023

1. STATUTORY INFORMATION

Independent Buyer.net Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 05827159

Registered office: 17 - 18 London Road
Neath
West Glamorgan
SA11 1HB

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Computer equip - 25% on reducing balance

Independent Buyer.net Limited (Registered number: 05827159)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

2. ACCOUNTING POLICIES - continued

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


Independent Buyer.net Limited (Registered number: 05827159)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

2. ACCOUNTING POLICIES - continued
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.


Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Investments
Fixed asset investments are stated at cost.

Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 398 of the Companies Act 2006 not to prepare group accounts.

Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 1 ).

Independent Buyer.net Limited (Registered number: 05827159)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equip Totals
£    £    £   
COST
At 1st January 2023
and 31st December 2023 3,222 8,182 11,404
DEPRECIATION
At 1st January 2023 3,102 7,993 11,095
Charge for year 30 47 77
At 31st December 2023 3,132 8,040 11,172
NET BOOK VALUE
At 31st December 2023 90 142 232
At 31st December 2022 120 189 309

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st January 2023
and 31st December 2023 100
NET BOOK VALUE
At 31st December 2023 100
At 31st December 2022 100

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Gainsmore Limited
Registered office:
Nature of business: Buying services
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 8,598 20,282
Loss for the year (12,263 ) (11,279 )

Independent Buyer.net Limited (Registered number: 05827159)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other debtors 6,344 33,043

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Amounts owed to group undertakings 4,915 28,246
Taxation and social security 116 3,751
Other creditors 685 675
5,716 32,672

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st December 2023 and 31st December 2022:

31.12.23 31.12.22
£    £   
R P Walkington
Balance outstanding at start of year 10,189 11,764
Amounts advanced 2,790 10,189
Amounts repaid (10,189 ) (11,764 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,790 10,189

9. RELATED PARTY TRANSACTIONS

During the year the company received management fees from its wholly owned subsidiary Gainsmore Limited totalling £2,625 (2022 - £23,150). At the balance sheet date the company owed an amount of £4,915 to
Gainsmore Limited (2022 - £28,246).