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REGISTERED NUMBER: 03745785 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

INITIAL REWARDS LIMITED

INITIAL REWARDS LIMITED (REGISTERED NUMBER: 03745785)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


INITIAL REWARDS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: L Reuben
J D Reuben
M J Reuben
J Reuben





SECRETARY: L Reuben





REGISTERED OFFICE: 55 Loudoun Road
London
NW8 0DL





REGISTERED NUMBER: 03745785 (England and Wales)





ACCOUNTANTS: MGR SD Limited
55 Loudoun Road
London
NW8 0DL

INITIAL REWARDS LIMITED (REGISTERED NUMBER: 03745785)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 7,173 8,439
Investments 5 351 351
7,524 8,790

CURRENT ASSETS
Stocks 22,159 56,878
Debtors 6 1,020,124 418,164
Cash at bank and in hand 92,746 1,124,792
1,135,029 1,599,834
CREDITORS
Amounts falling due within one year 7 (160,303 ) (416,697 )
NET CURRENT ASSETS 974,726 1,183,137
TOTAL ASSETS LESS CURRENT LIABILITIES 982,250 1,191,927

CREDITORS
Amounts falling due after more than one
year

8

(16,595

)

(36,444

)

PROVISIONS FOR LIABILITIES - (284 )
NET ASSETS 965,655 1,155,199

CAPITAL AND RESERVES
Called up share capital 10 177 177
Share premium 384,093 384,093
Retained earnings 581,385 770,929
SHAREHOLDERS' FUNDS 965,655 1,155,199

INITIAL REWARDS LIMITED (REGISTERED NUMBER: 03745785)

BALANCE SHEET - continued
31 DECEMBER 2023


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

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

The directors acknowledge their 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.

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 Board of Directors and authorised for issue on 11 September 2024 and were signed on its behalf by:




M J Reuben - Director



L Reuben - Director


INITIAL REWARDS LIMITED (REGISTERED NUMBER: 03745785)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Initial Rewards Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Initial Rewards Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents net invoiced sales of marketing services and ancillary goods, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance

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

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

INITIAL REWARDS LIMITED (REGISTERED NUMBER: 03745785)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 9 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 18,711 17,479 36,190
DEPRECIATION
At 1 January 2023 14,325 13,426 27,751
Charge for year 658 608 1,266
At 31 December 2023 14,983 14,034 29,017
NET BOOK VALUE
At 31 December 2023 3,728 3,445 7,173
At 31 December 2022 4,386 4,053 8,439

INITIAL REWARDS LIMITED (REGISTERED NUMBER: 03745785)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 351
NET BOOK VALUE
At 31 December 2023 351
At 31 December 2022 351

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

Initial Rewards EU Unipessoal LDA
Registered office: Portugal
Nature of business: Advertising agencies
%
Class of shares: holding
100 Ordinary €1 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 145,709 69,342
Profit for the year 77,807 20,499

Product Network Limited
Registered office: UK
Nature of business: Sale of promotional goods and services.
%
Class of shares: holding
Ordinary 50.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 724,232 672,528
Profit for the year 51,704 67,351

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 181,252 211,868
Amounts owed from related parties 650,000 127,764
Other debtors 188,872 78,532
1,020,124 418,164

INITIAL REWARDS LIMITED (REGISTERED NUMBER: 03745785)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 10,000 -
Trade creditors 15,063 50,104
Amounts owed to related parties - 127,693
Taxation and social security 17,795 22,562
Other creditors 117,445 216,338
160,303 416,697

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 16,595 36,444

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 36,444

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 30,000 -
Between one and five years 120,000 -
In more than five years 30,000 -
180,000 -

10. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
176,142 Ordinary shares 1p 177 177

11. PENSION COMMITMENTS

The company makes payments to a defined contribution scheme on behalf of its employees. Amounts charged to the profit and loss account were £23,019 for the year (2022: £21,371) There were outstanding contributions of £727 (2022: £526) at the balance sheet date.

12. RELATED PARTY DISCLOSURES

The amounts owed to/from related parties at the balance sheet date:

INITIAL REWARDS LIMITED (REGISTERED NUMBER: 03745785)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


12. RELATED PARTY DISCLOSURES - continued

Dobell Property Ltd

A company in which L Reuben and M Reuben are directors.


31.12.23 31.12.22
£    £   
Amount due from related party at the balance sheet date 3,240 -

The above balance includes the amount of £3240 in trade debtors.

S. Wolffing Ltd

A company in which L Reuben and M Reuben are directors.


31.12.23 31.12.22
£    £   
Amount due from related party at the balance sheet date 650,000 -

Fresh Ego Kid Ltd (Previously known as KEF London Ltd)

A company in which J Reuben is a director.


31.12.23 31.12.22
£    £   
Amount due to related party at the balance sheet date - 127,512

IRTechnology Ltd

A company in which L Reuben, J Reuben and M Reuben are directors.


31.12.23 31.12.22
£    £   
Amount due (to)/from related party at the balance sheet date (677 ) 2,297

The above amount includes -£677 (2022: £648 in trade debtors) in trade creditors.

INITIAL REWARDS LIMITED (REGISTERED NUMBER: 03745785)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


12. RELATED PARTY DISCLOSURES - continued

Initial Rewards EU Unipessoal LDA

A wholly owned subsidiary of Initial Rewards Ltd.


31.12.23 31.12.22
£    £   
Amount due from related party at the balance sheet date 22,064 -

The above balance includes the amount of £22,064 in trade debtors.