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Company No: 02553160 (England and Wales)

INITIATIVE SALES AND MARKETING (ENVIRONMENTAL) LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

INITIATIVE SALES AND MARKETING (ENVIRONMENTAL) LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

INITIATIVE SALES AND MARKETING (ENVIRONMENTAL) LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
INITIATIVE SALES AND MARKETING (ENVIRONMENTAL) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTOR Nicholas Michael Christy
SECRETARY Nicholas Michael Christy
REGISTERED OFFICE C/O Praxis
1 Poultry
London
EC2R 8EJ
United Kingdom
COMPANY NUMBER 02553160 (England and Wales)
CHARTERED ACCOUNTANTS Praxis
1 Poultry
London
ECR 8EJ
INITIATIVE SALES AND MARKETING (ENVIRONMENTAL) LIMITED

BALANCE SHEET

As at 31 December 2023
INITIATIVE SALES AND MARKETING (ENVIRONMENTAL) LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 534 0
534 0
Current assets
Debtors 4 123,629 83,654
Cash at bank and in hand 100,740 70,384
224,369 154,038
Creditors: amounts falling due within one year 5 ( 61,371) ( 31,570)
Net current assets 162,998 122,468
Total assets less current liabilities 163,532 122,468
Net assets 163,532 122,468
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 163,432 122,368
Total shareholder's funds 163,532 122,468

For the financial 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.

Director's responsibilities:

The financial statements of Initiative Sales and Marketing (Environmental) Limited (registered number: 02553160) were approved and authorised for issue by the Director on 17 September 2024. They were signed on its behalf by:

Nicholas Michael Christy
Director
INITIATIVE SALES AND MARKETING (ENVIRONMENTAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
INITIATIVE SALES AND MARKETING (ENVIRONMENTAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Initiative Sales and Marketing (Environmental) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Praxis, 1 Poultry, London, EC2R 8EJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 3,646 3,646
Additions 554 554
At 31 December 2023 4,200 4,200
Accumulated depreciation
At 01 January 2023 3,646 3,646
Charge for the financial year 20 20
At 31 December 2023 3,666 3,666
Net book value
At 31 December 2023 534 534
At 31 December 2022 0 0

4. Debtors

2023 2022
£ £
Other debtors 123,629 83,654

Other debtors include a loan to the director of £109,314 (2021: £65,834). The loan was cleared within 9 months of the end of the accounting period end and interest is charged at HMRC official rates.

5. Creditors: amounts falling due within one year

2023 2022
£ £
Taxation and social security 55,872 28,571
Other creditors 5,499 2,999
61,371 31,570

There are no amounts included above in respect of which any security has been given by the small entity.

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

7. Financial commitments

The Company had no material capital commitments at the year ended 31 December 2023.

8. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial year.