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Registration number: 13332714

Iorio Group Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Iorio Group Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

Iorio Group Limited

Company Information

Director

Mr D Iorio

Registered office

LHP Chartered Certified Accountants
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

 

Iorio Group Limited

(Registration number: 13332714)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

22,000

22,000

Current assets

 

Debtors

5

93,030

69,377

Cash at bank and in hand

 

125

4

 

93,155

69,381

Creditors: Amounts falling due within one year

6

(128,792)

(104,384)

Net current liabilities

 

(35,637)

(35,003)

Net liabilities

 

(13,637)

(13,003)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(13,737)

(13,103)

Total equity

 

(13,637)

(13,003)

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 3 October 2024
 

.........................................
Mr D Iorio
Director

   
     
 

Iorio Group Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

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:
LHP Chartered Certified Accountants
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

These financial statements were authorised for issue by the director on 3 October 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Tax

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

Iorio Group Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

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.

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.

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 the director) during the year, was 1 (2023 - 1).

4

Investment properties

2024
£

At 1 May

22,000

At 30 April

22,000

There has been no valuation of investment property by an independent valuer.

 

Iorio Group Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

5

Debtors

Note

2024
£

2023
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

8

93,030

69,377

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

 

44,367

956

Other related parties

 

83,184

102,768

Other creditors

 

1,241

660

 

128,792

104,384

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Iorio Group Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

8

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

Mr D Iorio

Interest free loan repayable on demand

(102,768)

28,085

(8,500)

(83,183)

         
       

 

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Mr D Iorio

Interest free loan repayable on demand

(29,700)

4,509

(77,577)

(102,768)

         
       

 

Summary of transactions with subsidiaries

The following companies are considered to be related parties of Iorio Group Ltd by virtue of being 100% subsidiaries:

- Holding Iorio Ltd
- IMIFA Ltd

 
At the balance sheet date the entity was owed £48,663 by the subsidiaries (2023: £68,421).