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REGISTERED NUMBER: 09055249 (England and Wales)















ICanProve.IT Limited

Unaudited Financial Statements for the Year Ended 31 December 2023






ICanProve.IT Limited (Registered number: 09055249)






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


ICanProve.IT Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Mr B L Callenfors





REGISTERED OFFICE: 4 Gleneagles Court
Brighton Road
Crawley
West Sussex
RH10 6AD





REGISTERED NUMBER: 09055249 (England and Wales)





ACCOUNTANTS: Swindells LLP
Chartered Accountants
Atlantic House
8 Bell Lane
Bellbrook Industrial Estate
Uckfield
East Sussex
TN22 1QL

ICanProve.IT Limited (Registered number: 09055249)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 9,170 14,494

CURRENT ASSETS
Stocks - 105,719
Debtors 5 331,563 458,205
Cash at bank 3,734 4,425
335,297 568,349
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

6

751,381

980,153
NET CURRENT LIABILITIES (416,084 ) (411,804 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(406,914

)

(397,310

)

CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR

7

(15,834

)

(25,821

)

PROVISIONS FOR LIABILITIES (2,293 ) (2,754 )
NET LIABILITIES (425,041 ) (425,885 )

CAPITAL AND RESERVES
Called up share capital 8 1,003 1,003
Retained earnings (426,044 ) (426,888 )
SHAREHOLDERS' FUNDS (425,041 ) (425,885 )

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 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.

ICanProve.IT Limited (Registered number: 09055249)

Balance Sheet - continued
31 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 August 2024 and were signed by:





Mr B L Callenfors - Director


ICanProve.IT Limited (Registered number: 09055249)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

ICanProve.IT 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover represents net invoiced sales of 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.
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on reducing balance

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 Profit and Loss Account, 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.


ICanProve.IT Limited (Registered number: 09055249)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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 contributes to employees' pension schemes. Contributions payable are charged to the income statement in the period to which they relate.

Going concern
These financial statements have been prepared on a going concern basis notwithstanding the deficit in net assets shown on the Balance Sheet. The directors have assessed whether the going concern basis of preparation continues to be appropriate, based on whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern.

At the time of approving the financial statements the directors believe that all appropriate measures have been or will be taken to ensure that the company will be able to continue its operations for at least the next twelve months. The parent company, Observit AB, and Observit Limited, a fellow group company, have indicated that they will continue to support the company for at least this period. The directors have thus concluded that the going concern basis remains appropriate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 4 ).

ICanProve.IT Limited (Registered number: 09055249)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023 3,979 17,557 18,533 40,069
Disposals (3,979 ) - - (3,979 )
At 31 December 2023 - 17,557 18,533 36,090
DEPRECIATION
At 1 January 2023 3,565 12,382 9,628 25,575
Charge for year - 2,684 2,226 4,910
Eliminated on disposal (3,565 ) - - (3,565 )
At 31 December 2023 - 15,066 11,854 26,920
NET BOOK VALUE
At 31 December 2023 - 2,491 6,679 9,170
At 31 December 2022 414 5,175 8,905 14,494


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 72,014 364,293
Other debtors 259,549 93,912
331,563 458,205

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 739,970 704,372
Taxation and social security - 33,887
Other creditors 1,411 231,894
751,381 980,153

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 15,834 25,821

ICanProve.IT Limited (Registered number: 09055249)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000
2 Ordinary A £1 2 2
1 Ordinary B £1 1 1
1,003 1,003

Ordinary shares have full voting, dividend and capital distribution rights. Ordinary A shares and Ordinary B shares do not carry voting rights or any rights to capital distributions (including on winding up), but do have full dividend rights.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the period the company made advances to one of the directors totalling £nil (2022 - £3,585) and received repayments totalling £nil (2022 - £7,595). At the balance sheet date the company owed the director £nil (2022: £nil). The loan is unsecured and repayable on demand.

10. RELATED PARTY DISCLOSURES

During the period Observit Limited, a company under common control made payments on behalf of the company totalling £199,979 (2022 - £137,205) and the company made repayments totalling £485,652 (2022 - £151,756). At the balance sheet date Observit Limited owed the company £229,035 (2022 - the company owed Observit Limited £56,638). This loan is unsecured, interest free and repayable on demand.

During the period the company received repayments of £nil (2022 - £4,406) from Turtel Crypto Limited, a company under common control.

11. PARENT COMPANY

The company's parent company is Observit AB, a company registered in Sweden with the registered office address of Sundsvall Kommun, Västernorrlands Iän, Sweden.