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Registration number: 11032979

IO-CO IP Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

IO-CO IP Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

IO-CO IP Limited

Company Information

Directors

Mr CA Butler

Mr NJ Rose

Mr P H Burgin

Mr A Fabrizi

Mr M J Corbin

Mr S Zaphiriou Zarifi

Registered office

Winslow House
Church Lane
Ascot
Berkshire
SL5 7DD

Registered number

11032979

Accountants

Ripe LLP
Chartered Accountants
9A Burroughs Gardens
London
NW4 4AU

 

IO-CO IP Limited

(Registration number: 11032979)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

7,373

5,697

Investments

6

293,668

150,007

 

301,041

155,704

Current assets

 

Debtors

7

7,832

46,719

Cash at bank and in hand

 

430,947

27,284

 

438,779

74,003

Creditors: Amounts falling due within one year

8

(491,336)

(88,776)

Net current liabilities

 

(52,557)

(14,773)

Total assets less current liabilities

 

248,484

140,931

Creditors: Amounts falling due after more than one year

8

(19,939)

(22,938)

Net assets

 

228,545

117,993

Capital and reserves

 

Called up share capital

9

1,645

1,645

Share premium reserve

867,026

867,026

Retained earnings

(640,126)

(750,678)

Shareholders' funds

 

228,545

117,993

 

IO-CO IP Limited

(Registration number: 11032979)
Balance Sheet as at 31 October 2023

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 October 2024 and signed on its behalf by:
 

.........................................
Mr CA Butler
Director

 

IO-CO IP Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Winslow House
Church Lane
Ascot
Berkshire
SL5 7DD

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The accounts have been prepared on a going concern basis on the understanding that the company's creditors will continue to support the company for the foreseeable future.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

IO-CO IP Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Government grants

Government grants in relation to expenditure are credited to profit and loss account when the expenditure is charged to profit and loss.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% on reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

IO-CO IP Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 4).

4

Taxation

Tax charged/(credited) in the profit and loss account

 

IO-CO IP Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

2023
£

2022
£

Current taxation

UK corporation tax / R&D tax credit

-

(11,726)

 

IO-CO IP Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 November 2022

11,716

11,716

Additions

3,674

3,674

At 31 October 2023

15,390

15,390

Depreciation

At 1 November 2022

6,019

6,019

Charge for the year

1,998

1,998

At 31 October 2023

8,017

8,017

Carrying amount

At 31 October 2023

7,373

7,373

At 31 October 2022

5,697

5,697

6

Investments

2023
£

2022
£

Investments in associates

293,668

150,007

Associates

£

Cost

At 1 November 2022

150,007

Additions

143,661

At 31 October 2023

293,668

Carrying amount

At 31 October 2023

293,668

At 31 October 2022

150,007

 

IO-CO IP Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

12

1,290

30,037

Other debtors

 

6,542

16,682

   

7,832

46,719

 

IO-CO IP Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Loans and borrowings

11

2,997

2,923

Trade creditors

 

4,059

5,731

Amounts owed to group undertakings

12

39,959

641

Taxation and social security

 

10,140

46,368

Other creditors

 

434,181

33,113

 

491,336

88,776

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

11

19,939

22,938

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary share of £0.01 each

164,470

1,645

164,470

1,645

       

10

Post balance sheet event

On 15 February 2024, the company purchased 2,806 of its own £0.01p Ordinary shares for consideration £49,974.86, thereby reducing its issued share capital.

During the year the company received £400,056 in respect of a forthcoming share issue; the amount is disclosed within “other creditors”.

The company acquired 100% of share capital in the newly incorporated company Io-Co Lab Limited in Jersey on 12 January 2024.

 

IO-CO IP Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

11

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

2,997

2,923

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

19,939

22,938

Included in loans and borrowings is a loan of £22,936 due to HSBC bank repayable in monthly instalments.

12

Related party transactions

Nikid Design Limited
A company with common director

As at year end, the company owed £39,959 (2022: £641) to Nikid Design Limited.

State Mode Medical Limited
Associate company

As at year end, State Mode Medical Limited owed £1,266 (2022: £12) to the company.

Niteshyft Limited
Associate company

As at year end, Niteshyft Limited owed £16 (2022: £30,017) to the company.

Director's loan account
As at year end, the company owed £- (2022: £1,711) to the Mr. N J Rose.