Registered number
07923188
Ibaby Limited
Filleted Accounts
31 January 2024
Ibaby Limited
Registered number: 07923188
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 500 1,182
Current assets
Cash at bank and in hand 31,556 32,969
Creditors: amounts falling due within one year 4 (1,978) (3,135)
Net current assets 29,578 29,834
Net assets 30,078 31,016
Capital and reserves
Called up share capital 1 1
Profit and loss account 30,077 31,015
Shareholder's funds 30,078 31,016
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R Conway
Director
Approved by the board on 14 October 2024
Ibaby Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the licensing of intellectual property and from the rendering of services. Turnover is recognised when the significant risks and rewards associated with the licensing have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured using the cost method, at cost less accumulative amortisation and any accumulative impairment losses.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Intangible fixed assets £
Trademarks:
Cost
At 1 February 2023 5,383
At 31 January 2024 5,383
Amortisation
At 1 February 2023 4,201
Provided during the year 237
Impairment 445
At 31 January 2024 4,883
Net book value
At 31 January 2024 500
At 31 January 2023 1,182
Intangible assets are being written off in equal annual instalments over their estimated economic life of 5 to 10 years.
4 Creditors: amounts falling due within one year 2024 2023
£ £
Corporation tax - 25
Other creditors 1,978 3,110
1,978 3,135
5 Other information
Ibaby Limited is a private company limited by shares and incorporated in England under reference 07923188. Its registered office is:
167 Great Portland Street
5th Floor
London
W1W 5PF
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