Registered number
11733635
IWBA Ltd
Filleted Accounts
31 March 2024
IWBA Ltd
Registered number: 11733635
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £ £ £
Fixed assets
Tangible assets 3 5,702 7,127
Current assets
Debtors 4 106,876 23,751
Cash at bank and in hand 4,669 163,940
111,545 187,691
Creditors: amounts falling due within one year 5 (39,787) (140,409)
Net current assets 71,758 47,282
Net assets 77,460 54,409
Capital and reserves
Called up share capital 10 10
Profit and loss account 77,450 54,399
Shareholders' funds 77,460 54,409
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
M Thomas
Director
Approved by the board on 21 October 2024
IWBA Ltd
Notes to the Accounts
for the year ended 31 March 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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 20% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 10,918
At 31 March 2024 10,918
Depreciation
At 1 April 2023 3,791
Charge for the year 1,425
At 31 March 2024 5,216
Net book value
At 31 March 2024 5,702
At 31 March 2023 7,127
4 Debtors 2024 2023
£ £
Trade debtors 28,685 23,511
Other debtors 78,191 240
106,876 23,751
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 9,127 12,967
Trade creditors 15,944 13,526
Taxation and social security costs 14,716 13,881
Other creditors - 100,035
39,787 140,409
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
M Thomas
Directors loan (100,035) 204,726 (26,500) 78,191
(100,035) 204,726 (26,500) 78,191
The loan was repaid within 9 months of the year end.
7 Controlling party
The controlling party is M Thomas, by virtue of shareholding.
8 Other information
IWBA Ltd is a private company limited by shares and incorporated in England. Its registered office is:
1 Cwrt Griffin
Rudry
Caerphilly
CF83 3JQ
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