Acorah Software Products - Accounts Production 15.0.600 false true true 31 May 2023 1 June 2022 false 1 June 2023 31 May 2024 31 May 2024 12600504 Dr Z Aqrawe iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12600504 2023-05-31 12600504 2024-05-31 12600504 2023-06-01 2024-05-31 12600504 frs-core:CurrentFinancialInstruments 2024-05-31 12600504 frs-core:ShareCapital 2024-05-31 12600504 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 12600504 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 12600504 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 12600504 frs-bus:SmallEntities 2023-06-01 2024-05-31 12600504 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 12600504 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 12600504 frs-bus:Director1 2023-06-01 2024-05-31 12600504 frs-countries:EnglandWales 2023-06-01 2024-05-31 12600504 2022-05-31 12600504 2023-05-31 12600504 2022-06-01 2023-05-31 12600504 frs-core:CurrentFinancialInstruments 2023-05-31 12600504 frs-core:ShareCapital 2023-05-31 12600504 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31
Registered number: 12600504
International Autos Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Elco Accounting Limited
Unaudited Financial Statements
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—4
Page 1
Balance Sheet
Registered number: 12600504
2024 2023
Notes £ £ £ £
CURRENT ASSETS
Stocks 4 - 26,334
Debtors 5 117,062 113,462
Cash at bank and in hand 62,916 407,934
179,978 547,730
Creditors: Amounts Falling Due Within One Year 6 (207,945 ) (554,462 )
NET CURRENT ASSETS (LIABILITIES) (27,967 ) (6,732 )
TOTAL ASSETS LESS CURRENT LIABILITIES (27,967 ) (6,732 )
NET LIABILITIES (27,967 ) (6,732 )
CAPITAL AND RESERVES
Called up share capital 7 1 1
Profit and Loss Account (27,968 ) (6,733 )
SHAREHOLDERS' FUNDS (27,967) (6,732)
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Dr Z Aqrawe
Director
14/10/2024
The notes on pages 2 to 4 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
International Autos Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12600504 . The registered office is C/O Elco Accounting, 24 Church Street, Rickmansworth, Hertfordshire, WD3 1DD.

The presentational currency used in these accounts is Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.
2.3. 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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realised 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 costs 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.

Impairment of financial assets

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

...CONTINUED
Page 2
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2.5. Financial Instruments - continued
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.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, 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.

Derecognition of financial liabilities

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

2.6. Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Stocks
2024 2023
£ £
Finished goods - 26,334
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 105,062 105,062
Amounts owed by participating interests 12,000 8,400
117,062 113,462
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other creditors 203,831 553,668
Taxation and social security 4,114 794
207,945 554,462
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
Page 3
Page 4
8. Related Party Transactions
Balances with related parties are as follows:
The company is owed amounts from Nirah Limited at the year end 31 May 2024 of £12,000 (2023: £8,400)
Nirah Limited is a related party by virtue of Dr Z Aqrawe being a shareholder and director of both companies.
Included within other creditors is a loan from the director Dr Z Aqrawe at the year ending 31st May 2024 of £202,631 (2023: £552,213). This loan is unsecured, attracts no interest and is repayable on demand.
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