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REGISTERED NUMBER: 03426704 (England and Wales)



















IRATA INTERNATIONAL

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






IRATA INTERNATIONAL (REGISTERED NUMBER: 03426704)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Balance Sheet 1

Notes to the Financial Statements 2


IRATA INTERNATIONAL (REGISTERED NUMBER: 03426704)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 30,249 6,917
Tangible assets 5 60,685 79,971
Investments 6 100 100
91,034 86,988

CURRENT ASSETS
Stocks 27,014 20,214
Debtors 7 594,380 546,896
Cash at bank and in hand 4,449,905 3,338,347
5,071,299 3,905,457
CREDITORS
Amounts falling due within one year 8 673,242 501,016
NET CURRENT ASSETS 4,398,057 3,404,441
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,489,091

3,491,429

RESERVES
Capital reserve 19,870 19,870
Income and expenditure account 4,469,221 3,471,559
4,489,091 3,491,429

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 Board of Directors and authorised for issue on 17 October 2024 and were signed on its behalf by:





Mr J B Capper - Director


IRATA INTERNATIONAL (REGISTERED NUMBER: 03426704)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Irata International is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03426704

Registered office: Irata First Floor, Unit 3
The Eurogate Business Park
Ashford
Kent
TN24 8XW

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.

Going concern
At the year end, the company had net assets of £4,539,091 (2023 - £3,491,429) and a cash balance of £4,449,905 (2023 - £3,338,347) and have not sought the need to obtain further financing due to the strong liquid cash position.

As such, the directors have not identified any immediate concerns which arise on the ability of IRATA International to continue to operate as a going concern in the 12 months following the end of the financial year ending 31 March 2024, or the foreseeable future thereafter.

Preparation of consolidated financial statements
The financial statements contain information about Irata International as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is the total amount receivable by the association in the ordinary course of business with outside customers for goods supplied as a principle and for services provided, excluding of value added tax and trade discounts.

Turnover of memberships, subscriptions and application fees are recognised once the customer has been approved by the company.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Trademarks and licences is being amortised evenly over its estimated useful life of ten years.

IRATA INTERNATIONAL (REGISTERED NUMBER: 03426704)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on cost
Office and computer equipment - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
The company is a mutual trading company, and is therefore only required to pay corporation tax on non-trading income.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Operating leases
Rentals under operating leases are charged to the profit and loss account on a straight line basis over the lease term.

Significant judgements and estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Directors' opinion, there are no significant judgements or key sources of estimation uncertainty.

IRATA INTERNATIONAL (REGISTERED NUMBER: 03426704)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2023 - 27 ) .

4. INTANGIBLE FIXED ASSETS
Trademarks
and
licences
£   
COST
At 1 April 2023 16,945
Additions 25,376
At 31 March 2024 42,321
AMORTISATION
At 1 April 2023 10,028
Amortisation for year 2,044
At 31 March 2024 12,072
NET BOOK VALUE
At 31 March 2024 30,249
At 31 March 2023 6,917

IRATA INTERNATIONAL (REGISTERED NUMBER: 03426704)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. TANGIBLE FIXED ASSETS
Office
Fixtures and
Plant and and computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 April 2023 3,415 115,304 180,925 299,644
Additions - 450 28,410 28,860
At 31 March 2024 3,415 115,754 209,335 328,504
DEPRECIATION
At 1 April 2023 484 94,964 124,225 219,673
Charge for year 342 7,928 39,876 48,146
At 31 March 2024 826 102,892 164,101 267,819
NET BOOK VALUE
At 31 March 2024 2,589 12,862 45,234 60,685
At 31 March 2023 2,931 20,340 56,700 79,971

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 100
NET BOOK VALUE
At 31 March 2024 100
At 31 March 2023 100

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 383,977 433,761
Other debtors 210,403 113,135
594,380 546,896

IRATA INTERNATIONAL (REGISTERED NUMBER: 03426704)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 198,425 107,926
Taxation and social security 34,914 25,787
Other creditors 439,903 367,303
673,242 501,016

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 48,000 45,550

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Alfonso Del Basso (Senior Statutory Auditor)
for and on behalf of Keelings Limited

11. ULTIMATE CONTROLLING PARTY

The company is run by the management on a day to day basis. Strategic decisions are made by the Board of Directors. There is no ultimate controlling party.

12. LIMITED BY GUARANTEE

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 toward the assets of the company in the event of liquidation.