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COMPANY REGISTRATION NUMBER: 02520497
International POS Limited
Filleted Unaudited Financial Statements
30 September 2023
International POS Limited
Financial Statements
Year ended 30 September 2023
Contents
Page
Officers and professional advisers
1
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
International POS Limited
Officers and Professional Advisers
The board of directors
Mr F Whittle
Mr D Whittle
Mr P Whittle
Company secretary
Mr D Whittle
Registered office
Riverside Offices
Second Floor
26 St Georges Quay
Lancaster
LA1 1RD
Accountants
Riverside Accountancy Lancaster Limited
Chartered accountants
Second Floor, Riverside Offices
26 St George's Quay
Lancaster
LA1 1RD
Bankers
Lloyds Bank PLC
1st Floor Foundation Square
Hanley
Stoke on Trent
ST1 1LE
International POS Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of International POS Limited
Year ended 30 September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of International POS Limited for the year ended 30 September 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of International POS Limited, as a body, in accordance with the terms of our engagement letter dated 7 April 2021. Our work has been undertaken solely to prepare for your approval the financial statements of International POS Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than International POS Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that International POS Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of International POS Limited. You consider that International POS Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of International POS Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Riverside Accountancy Lancaster Limited Chartered accountants
Second Floor, Riverside Offices 26 St George's Quay Lancaster LA1 1RD
20 September 2024
International POS Limited
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
100
100
Tangible assets
6
5
----
----
100
105
Current assets
Stocks
32,545
35,956
Debtors
7
8,792
21,214
--------
--------
41,337
57,170
Creditors: amounts falling due within one year
8
314,292
298,403
---------
---------
Net current liabilities
272,955
241,233
---------
---------
Total assets less current liabilities
( 272,855)
( 241,128)
Creditors: amounts falling due after more than one year
9
29,606
32,076
---------
---------
Net liabilities
( 302,461)
( 273,204)
---------
---------
Capital and reserves
Called up share capital
10
105
105
Profit and loss account
( 302,566)
( 273,309)
---------
---------
Shareholders deficit
( 302,461)
( 273,204)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
International POS Limited
Statement of Financial Position (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 20 September 2024 , and are signed on behalf of the board by:
Mr F Whittle
Director
Company registration number: 02520497
International POS Limited
Notes to the Financial Statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Riverside Offices, Second Floor, 26 St Georges Quay, Lancaster, LA1 1RD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The financial statements are rounded to the nearest £1.
Going concern
The directors have stated their intention to continue to support the company. The company has a deficiency of assets at the year-end. The directors have considered the trading activities for the twelve month period from the date of signing of the accounts and believe it to be appropriate to prepare accounts on the going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Intangible assets
Development costs
£
Cost
At 1 October 2022 and 30 September 2023
100
----
Amortisation
At 1 October 2022 and 30 September 2023
----
Carrying amount
At 30 September 2023
100
----
At 30 September 2022
100
----
6. Tangible assets
Fixtures and fittings
£
Cost
At 1 October 2022
9,284
Disposals
( 6,382)
-------
At 30 September 2023
2,902
-------
Depreciation
At 1 October 2022
9,279
Disposals
( 6,377)
-------
At 30 September 2023
2,902
-------
Carrying amount
At 30 September 2023
-------
At 30 September 2022
5
-------
7. Debtors
2023
2022
£
£
Trade debtors
4,574
15,969
Other debtors
4,218
5,245
-------
--------
8,792
21,214
-------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
66,598
63,749
Trade creditors
138,332
139,406
Social security and other taxes
119
Other creditors
109,243
95,248
---------
---------
314,292
298,403
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
29,606
32,076
--------
--------
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares of £ 1 each
52
52
52
52
Ordinary B shares of £ 1 each
33
33
33
33
Ordinary C shares of £ 1 each
5
5
5
5
Ordinary D shares of £ 1 each
5
5
5
5
Ordinary E shares of £ 1 each
5
5
5
5
Ordinary F, G, H, I & J shares of £1 each
5
5
5
5
----
----
----
----
105
105
105
105
----
----
----
----
11. Controlling party
The company is controlled by Mr F Whittle .