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Registration number: 06346890

iuDelta Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

image-name
 

iuDelta Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

iuDelta Limited

Company Information

Director

Miss Inga Umblija

Company secretary

James Ryan McGrath

Registered office

39 Bush Farm Drive
Portslade
Brighton
East Sussex
BN41 2GY

Accountants

Lucraft Hodgson & Dawes LLP
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

 

iuDelta Limited

(Registration number: 06346890)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

5

491

655

Current assets

 

Debtors

6

27,427

27,791

Cash at bank and in hand

 

2,996

91,012

 

30,423

118,803

Creditors: Amounts falling due within one year

7

(56,327)

(127,517)

Net current liabilities

 

(25,904)

(8,714)

Net liabilities

 

(25,413)

(8,059)

Capital and Reserves

 

Called up share capital

2

2

Retained Earnings

(25,415)

(8,061)

Shareholders' deficit

 

(25,413)

(8,059)

For the financial year ending 31 March 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 her 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 14 November 2024
 

.........................................
Miss Inga Umblija
Director

   
     
 

iuDelta Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
39 Bush Farm Drive
Portslade
Brighton
East Sussex
BN41 2GY
United Kingdom

These financial statements were authorised for issue by the director on 14 November 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.

The financial statements are presented in Sterling, which is the functional currency of the company.

Going concern

These accounts have been prepared on a going concern basis notwithstanding the company's net liability position at the balance sheet date. The director is confident that with her continued support, the company can remain in operational existence for the foreseeable future.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

 

iuDelta Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

Motor Vehicles

Straight Line 33%

Office Equipment

Reducing Balance 25%

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.

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.

 

iuDelta Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

 

iuDelta Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:

2024
 No.

2023
 No.

Administration and support

1

1

1

1

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

164

218

 

iuDelta Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible Assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

1,764

1,764

At 31 March 2024

1,764

1,764

Depreciation

At 1 April 2023

1,109

1,109

Charge for the year

164

164

At 31 March 2024

1,273

1,273

Carrying amount

At 31 March 2024

491

491

At 31 March 2023

655

655

6

Debtors

Current

2024
£

2023
£

Other debtors

27,427

27,791

 

27,427

27,791

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

56,207

126,917

Trade Creditors

 

120

120

Taxation and social security

 

-

480

 

56,327

127,517

 

iuDelta Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

56,207

126,917

9

Related party transactions

Transactions with other related parties

 

Other related parties

2024
£

2023
£

At start of period

26,750

144,276

Repaid

(2,500)

(121,030)

Interest transactions

2,066

3,504

At end of period

26,316

26,750

During the year the company provided a loan of £26,316 to Evernest Property Group Ltd, a company in which Inga Umblija is a director of. The interest was charged at 8% per annum.

Loans from related parties

2024

Key management
£

Total
£

At start of period

126,917

126,917

Repaid

(70,710)

(70,710)

At end of period

56,207

56,207

2023

Key management
£

Total
£

At start of period

151,023

151,023

Repaid

(24,106)

(24,106)

At end of period

126,917

126,917

Terms of loans from related parties

During the year the director provided the company with a loan which was unsecured and repayable on demand. Interest was charged on the loan.