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REGISTERED NUMBER: 08948923 (England and Wales)















Strategic Report, Report of the Director and

Financial Statements for the Year Ended 30 April 2024

for

I Rob International Limited

I Rob International Limited (Registered number: 08948923)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


I Rob International Limited

Company Information
for the Year Ended 30 April 2024







DIRECTOR: G M Oberheim





REGISTERED OFFICE: Unit 1 & 2
25 Station Road
Coleshill
Birmingham
B46 1HT





REGISTERED NUMBER: 08948923 (England and Wales)





AUDITORS: Charnwood Accountants & Business Advisors LLP
Statutory Auditor
The Point
Granite Way
Mountsorrel
Loughborough
Leicestershire
LE12 7TZ

I Rob International Limited (Registered number: 08948923)

Strategic Report
for the Year Ended 30 April 2024

The director presents his strategic report for the year ended 30 April 2024.

REVIEW OF BUSINESS
iRob International Limited is an innovative automation engineering organisation, primarily operating within the automotive sector. Our team of highly skilled engineers provide a diverse set of competences that enables us to provide turnkey solutions to our customers.

Results and performance
The results for the year show a profit on ordinary activities before tax of £10,417,140 (2023 - £1,042,618).

The results reflect the company's strong underlying trading activities and drive to improve the efficiency and focus on our operations. We are satisfied with the current years trading results and are in line with our expectations.

Business environment
Despite come challenging market conditions we have won new customers and strengthened relationships with existing key customers. We have a growing number of opportunities in the pipeline which is encouraging.

PRINCIPAL RISKS AND UNCERTAINTIES
The process of risk management is applied through a combination of policies, procedures and internal controls. All
policies are subject to Board approval and ongoing review by management. Compliance with regulation, legal and
ethical standards are a high priority for the company to ensure they are able to continue trading. The finance team is
responsible for ensuring that effective internal controls exist to manage the financial risks and that these controls operate effectively for the benefit of the business.

The principal risks from our business are as follows:

Brexit risk: Whilst the company operates primarily in the UK markets, Brexit brings uncertainty to both to our customers and our European supplier base.

Competitor risk: Operating in a highly competitive market with advancements in the use and application of technology moving quickly, the company has to ensure we are balancing both customer requirements and market advances to be able to deliver the best product solution.

Liquidity risk and going concern: The company regularly monitors its liquidity position to ensure that sufficient funds
are available to meet both current and future working capital requirements.

Credit risk: The company assess the credit risk of all customers at the quoting stage of the sales cycle. As part of the terms of negotiating a sale and product fulfilment the company will put emphasis on stage payments to minimise overall exposure.

Economic risk: The company's trading is broadly linked to the performance of the UK economy and therefore, is
exposed to recessionary risk when economies come into difficulties. To mitigate such a risk, management regularly
review the market to assess the potential impact on the business operations.

With the above business risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control.


I Rob International Limited (Registered number: 08948923)

Strategic Report
for the Year Ended 30 April 2024

KEY PERFORMANCE INDICATORS
We consider our key financial performance indicators, as turnover, gross profit and profit after tax.

2024

Turnover £62,875,799
Gross Profit £12,161,183
Profit after tax £7,757,908

2023

Turnover £12,749,334
Gross Profit £2,179,713
Profit after tax £882,869

FUTURE DEVELOPMENTS
The company wishes to continue to build on its strong relationships with current customers as well as considering new market options to allow the business to continue to grow.Investment in fixed assets and staff will continue and it is expected that this will lead to an increase in profitability levels and a strong overall financial position during this time.

ON BEHALF OF THE BOARD:





G M Oberheim - Director


20 November 2024

I Rob International Limited (Registered number: 08948923)

Report of the Director
for the Year Ended 30 April 2024

The director presents his report with the financial statements of the company for the year ended 30 April 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the manufacturer of all installation, tooling, robotics and automation solutions.

DIVIDENDS
No dividends will be distributed for the year ended 30 April 2024.

DIRECTOR
G M Oberheim held office during the whole of the period from 1 May 2023 to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Charnwood Accountants & Business Advisors LLP, have expressed their willingness to continue in office
as auditors and will be proposed for re-appointment at the forthcoming Annual General Meeting in accordance with Section 485 & 487 of the Companies Act 2006.

ON BEHALF OF THE BOARD:





G M Oberheim - Director


20 November 2024

Report of the Independent Auditors to the Members of
I Rob International Limited

Opinion
We have audited the financial statements of I Rob International Limited (the 'company') for the year ended 30 April 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
I Rob International Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
I Rob International Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the Financial Statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the Financial Statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the Financial Statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs(UK). The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. As such material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment and or collusion.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks that the Company operate in and how the Company are complying with the legal and regulatory frameworks. Focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, pension legislation and UK tax legislation.

We inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

We discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the Financial Statements may be susceptible to fraud, having obtained an understanding of the effectiveness of the control environment.

The engagement partner assessed that the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by evaluating management's incentives and opportunities for manipulation of the financial statements. This included the evaluation of the risk of management override of controls. In assessing the potential risks of material misstatement, we obtained an understanding of the company's operations, including the nature of its income and expenditure together with its objectives and strategies to understand the classes of transactions, account balances, expected financial statement disclosures and business risks that may result in risks of material misstatement. Also on the company's control environment, including the policies and procedures implemented by the company to ensure compliance with the requirements of the financial reporting framework.

Report of the Independent Auditors to the Members of
I Rob International Limited


We determined that the principal risk in relation to areas of increased management judgement, which could be impacted by management bias, was through the use of journal entries that increase revenues, profits or the carrying value of property plant and equipment in order to inflate results of the company.

Our audit procedures involved:

The evaluation of the design effectiveness of controls that the company has in place to prevent and detect fraud;

To undertake journal entry testing, with a focus on higher risk journal, such as, posted by senior management, journals with unusual attributes, journals without any descriptions and closing journals posted during the preparation of the financial statements, which are material and not reoccurring or common postings which fall outside of the auditor's expectations. Together with assessing whether the judgments made in making accounting estimates are indicative of a potential bias.

In response to the risk of irregularities and non-compliance with laws and regulations our procedures included, but which were not limited to;

Enquiring of management as to actual and potential litigation and claims against the company;
Completing a review of relevant legal and professional costs within the accounting records for any evidence of previously un-detected or un-reported instances of non-compliance.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Anna Brocklehurst (Senior Statutory Auditor)
for and on behalf of Charnwood Accountants & Business Advisors LLP
Statutory Auditor
The Point
Granite Way
Mountsorrel
Loughborough
Leicestershire
LE12 7TZ

20 November 2024

I Rob International Limited (Registered number: 08948923)

Income Statement
for the Year Ended 30 April 2024

30.4.24 30.4.23
Notes £    £   

TURNOVER 3 62,875,799 12,749,334

Cost of sales 50,714,616 10,569,620
GROSS PROFIT 12,161,183 2,179,714

Administrative expenses 1,672,086 1,248,097
10,489,097 931,617

Other operating income - 12,481
OPERATING PROFIT 5 10,489,097 944,098

Interest receivable and similar income 124,137 113,298
10,613,234 1,057,396

Interest payable and similar expenses 6 196,095 14,778
PROFIT BEFORE TAXATION 10,417,139 1,042,618

Tax on profit 7 2,659,232 159,749
PROFIT FOR THE FINANCIAL YEAR 7,757,907 882,869

I Rob International Limited (Registered number: 08948923)

Other Comprehensive Income
for the Year Ended 30 April 2024

30.4.24 30.4.23
Notes £    £   

PROFIT FOR THE YEAR 7,757,907 882,869


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

7,757,907

882,869

I Rob International Limited (Registered number: 08948923)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 942,232 877,827

CURRENT ASSETS
Stocks 10 8,202,240 13,393,858
Debtors 11 4,388,216 2,108,889
Cash at bank 18,128,399 4,634,620
30,718,855 20,137,367
CREDITORS
Amounts falling due within one year 12 11,089,450 8,233,000
NET CURRENT ASSETS 19,629,405 11,904,367
TOTAL ASSETS LESS CURRENT
LIABILITIES

20,571,637

12,782,194

PROVISIONS FOR LIABILITIES 13 185,168 153,632
NET ASSETS 20,386,469 12,628,562

CAPITAL AND RESERVES
Called up share capital 14 50 50
Capital redemption reserve 15 50 50
Retained earnings 15 20,386,369 12,628,462
SHAREHOLDERS' FUNDS 20,386,469 12,628,562

The financial statements were approved by the director and authorised for issue on 20 November 2024 and were signed by:





G M Oberheim - Director


I Rob International Limited (Registered number: 08948923)

Statement of Changes in Equity
for the Year Ended 30 April 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 May 2022 50 11,835,166 50 11,835,266

Changes in equity
Dividends - (89,573 ) - (89,573 )
Total comprehensive income - 882,869 - 882,869
Balance at 30 April 2023 50 12,628,462 50 12,628,562

Changes in equity
Total comprehensive income - 7,757,907 - 7,757,907
Balance at 30 April 2024 50 20,386,369 50 20,386,469

I Rob International Limited (Registered number: 08948923)

Cash Flow Statement
for the Year Ended 30 April 2024

30.4.24 30.4.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 14,943,742 (3,966,535 )
Interest paid (196,096 ) (14,778 )
Other debtor - 12,481
Tax paid (527,196 ) (782,207 )
Net cash from operating activities 14,220,450 (4,751,039 )

Cash flows from investing activities
Purchase of tangible fixed assets (290,569 ) (396,900 )
Sale of tangible fixed assets 42,588 -
Interest received 124,137 113,298
Net cash from investing activities (123,844 ) (283,602 )

Cash flows from financing activities
Amount withdrawn by directors (602,827 ) (417,382 )
Equity dividends paid - (89,573 )
Net cash from financing activities (602,827 ) (506,955 )

Increase/(decrease) in cash and cash equivalents 13,493,779 (5,541,596 )
Cash and cash equivalents at beginning of
year

2

4,634,620

10,176,216

Cash and cash equivalents at end of year 2 18,128,399 4,634,620

I Rob International Limited (Registered number: 08948923)

Notes to the Cash Flow Statement
for the Year Ended 30 April 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

30.4.24 30.4.23
£    £   
Profit before taxation 10,417,139 1,042,618
Depreciation charges 191,153 253,627
Profit on disposal of fixed assets (7,576 ) -
Government grants - (12,481 )
Finance costs 196,095 14,778
Finance income (124,137 ) (113,298 )
10,672,674 1,185,244
Decrease/(increase) in stocks 5,191,618 (11,491,143 )
(Increase)/decrease in trade and other debtors (1,896,872 ) 327,581
Increase in trade and other creditors 976,322 6,011,783
Cash generated from operations 14,943,742 (3,966,535 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 18,128,399 4,634,620
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 4,634,620 10,176,216


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank 4,634,620 13,493,779 18,128,399
4,634,620 13,493,779 18,128,399
Total 4,634,620 13,493,779 18,128,399

I Rob International Limited (Registered number: 08948923)

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

1. STATUTORY INFORMATION

I Rob International Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The nature of the company's operations and its principal activities are set out in the Strategic Report.

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" and the Companies Act 2006 and under the provision of The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed below.

I Rob International Limited (Registered number: 08948923)

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

2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In the application of the company's accounting policies, which are described in the accounting policies below, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Judgements
In preparing these financial statements, the directors have made the following key judgements that have a significant effect on the amounts recognised in the financial statements as described below.

- Determine whether there are indicators of impairment of the company's tangible assets along with residual values and asset lives. The residual value is the net realisable value of an asset at the end of its useful economic life. The entity has made an assessment of the residual values that are appropriate for the business and reviews this assessment annually. Note 6 provides details of the value of fixed assets capitalised.

Estimates and assumptions
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the entity. Such changes are reflected in the assumptions when they occur.

a) Establishing useful economic lives for depreciation purposes of property, plant and equipment
Long-lived assets, consisting primarily of property, plant and equipment, comprise a significant portion of the total assets. The annual depreciation charge depends primarily on the estimated useful economic lives of each type of asset and estimates of residual values. The directors regularly review these asset useful economic lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset useful lives can have a significant impact on depreciation and amortisation charges for the period. Detail of the useful economic lives is included in the tangible fixed asset accounting policy.

b) Providing for bad and doubtful debts
The entity makes an estimate of the recoverable value of trade and other debtors. The entity uses estimates based on historical experience in determining the level of debts, which they believe, will not be collected. These estimates include such factors as the current credit rating of the debtor, the ageing profile of debtors and historical experience. Any significant reduction in the level of customers that default on payments or other significant improvements that resulted in a reduction in the level of bad debt provision would have a positive impact on the operating results. The level of provision required is reviewed on an on-going basis.

c) WIP
At each reporting date judgement is used by management to establish the net realisable value of . WIP. Provisions are established for net realisable value where appropriate and are made are based on facts available at the time. The level of provision required is reviewed on an on-going basis.
In arriving at an estimate for the net realisable value of WIP, judgement is required in assessing their likely value on realisation taking into account market changes.

I Rob International Limited (Registered number: 08948923)

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

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the amounts (excluding value added tax) derived from the provision of goods and services to customers during the year.

Revenue is recognised when the significant risks and rewards of the goods or services provided have transferred to the buyer, the amount of revenue can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the company.

Revenue is measured at the fair value of the consideration receivable from the sale of goods and services to third parties. Revenue of the company comprises of the following key streams:

Sale of goods - Revenue on the sale of goods delivered is recognised when goods have been despatched to the customer. No revenue is recognised on work in progress.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on reducing balance
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on cost

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
Financial instruments are classified and accounted for according to the substance of the contracted arrangement as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidenced a residual interest in the assets of the company after deducting all of its liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


I Rob International Limited (Registered number: 08948923)

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

2. ACCOUNTING POLICIES - continued
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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
In preparing the financial statements of the company, transactions in currencies other than the functional currency are recognised at the spot rate at the dates of the transactions, or at an average rate where this rate approximates the actual rate at the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences are recognised in profit or loss in the period in which they arise or loss.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

30.4.24 30.4.23
£    £   
United Kingdom 62,875,799 12,666,061
Europe - 83,273
62,875,799 12,749,334

The company's principal activities are as stated in the strategic report and the company operates within the geographical region regions stated above.

Turnover represents the amounts derived from the provision of goods and services which fall within the company’s ordinary activities, stated net of value added tax.

I Rob International Limited (Registered number: 08948923)

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

4. EMPLOYEES AND DIRECTORS
30.4.24 30.4.23
£    £   
Wages and salaries 5,390,301 3,284,447
Social security costs 605,311 369,615
Other pension costs 237,317 95,791
6,232,929 3,749,853

The average number of employees during the year was as follows:
30.4.24 30.4.23

Management 2 2
Administration 4 3
Production 73 54
79 59

30.4.24 30.4.23
£    £   
Director's remuneration 12,564 9,385
Director's pension contributions to money purchase schemes 60,000 -

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.4.24 30.4.23
£    £   
Hire of plant and machinery 45,509 22,928
Other operating leases 40,000 40,000
Depreciation - owned assets 191,152 253,628
Profit on disposal of fixed assets (7,576 ) -
Auditors' remuneration 18,000 18,000
Foreign exchange differences (160,133 ) 41,736

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.4.24 30.4.23
£    £   
Bank loan interest 173,434 -
Other interest payable 22,661 14,778
196,095 14,778

I Rob International Limited (Registered number: 08948923)

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

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.4.24 30.4.23
£    £   
Current tax:
UK corporation tax 2,627,696 156,274
Prior year over provision - (127,789 )
Total current tax 2,627,696 28,485

Deferred tax 31,536 131,264
Tax on profit 2,659,232 159,749

UK corporation tax has been charged at 25% .

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.4.24 30.4.23
£    £   
Profit before tax 10,417,139 1,042,618
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19.490%)

2,604,285

203,206

Effects of:
Expenses not deductible for tax purposes 31,448 5,826
Capital allowances in excess of depreciation (8,037 ) (52,758 )

Deferred tax 31,536 131,264
Prior year adjustment - (127,789 )

Total tax charge 2,659,232 159,749

In the Budget 2020, the government announced that the corporation tax main rate (for all profits except ring fence profits) for the years starting 1 April 2020 and 2021 would remain at 19%. In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining at 19%, as previously enacted). This new law was substantively enacted on 24 May 2021.
In the Autumn Statement in November 2022, the government confirmed the increase in corporation tax rate to 25% from April 2023.

The effective tax rate differs from the UK corporation tax rate principally due to the deductibility of allowances on capital expenditure and other permanent differences arising in the period as detailed in the tax charge reconciliation.

8. DIVIDENDS
30.4.24 30.4.23
£    £   
Ordinary shares of £1 each
Interim - 89,573

I Rob International Limited (Registered number: 08948923)

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

9. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 May 2023 461,893 164,914 300,914
Additions - 93,374 4,037
Disposals - - -
At 30 April 2024 461,893 258,288 304,951
DEPRECIATION
At 1 May 2023 158,845 36,690 143,203
Charge for year 30,305 37,870 24,151
Eliminated on disposal - - -
At 30 April 2024 189,150 74,560 167,354
NET BOOK VALUE
At 30 April 2024 272,743 183,728 137,597
At 30 April 2023 303,048 128,224 157,711

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 May 2023 298,686 404,018 1,630,425
Additions 114,551 78,607 290,569
Disposals (100,000 ) (260,562 ) (360,562 )
At 30 April 2024 313,237 222,063 1,560,432
DEPRECIATION
At 1 May 2023 121,573 292,287 752,598
Charge for year 40,278 58,548 191,152
Eliminated on disposal (64,988 ) (260,562 ) (325,550 )
At 30 April 2024 96,863 90,273 618,200
NET BOOK VALUE
At 30 April 2024 216,374 131,790 942,232
At 30 April 2023 177,113 111,731 877,827

10. STOCKS
30.4.24 30.4.23
£    £   
Work-in-progress 8,202,240 13,393,858

I Rob International Limited (Registered number: 08948923)

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

11. DEBTORS
30.4.24 30.4.23
£    £   
Amounts falling due within one year:
Trade debtors 1,539,220 967,504
Other debtors 1,674,932 165,704
Directors' current accounts 382,455 -
VAT - 191,703
Prepayments 255,142 207,511
3,851,749 1,532,422

Amounts falling due after more than one year:
Other debtors 536,467 576,467

Aggregate amounts 4,388,216 2,108,889

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade creditors 1,546,817 7,524,017
Tax 2,256,774 156,274
Social security and other taxes 186,991 145,566
VAT 3,630,208 -
Other creditors 83,716 64,875
I Rob UK 79,386 79,386
Directors' current accounts - 220,372
Accrued expenses 3,305,558 42,510
11,089,450 8,233,000

13. PROVISIONS FOR LIABILITIES
30.4.24 30.4.23
£    £   
Deferred tax
Accelerated capital allowances 185,168 153,632

Deferred
tax
£   
Balance at 1 May 2023 153,632
Provided during year 31,536
Balance at 30 April 2024 185,168

Deferred tax is provided mainly at the future effective tax rate of 25% (2023 - 25%) based on the rates substantively enacted at the balance sheet date, the expected timing of the reversals and the expected profitability of the company.

This primarily relates to the reversal of timing differences on acquired tangible assets and capital allowances through depreciation and amortisation.

I Rob International Limited (Registered number: 08948923)

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

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
5 Ordinary A 1p 1p 1 1
5 Ordinary B 1p 1p 1 1
5 Ordinary C 1p 1p 1 1
4,980 Ordinary D 1p 1p 46 47
(30.4.23 - 4,985
)
5 Ordinary E 1p 1p 1 -
50 50

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets.

Called-up share capital represents the nominal value of shares that have been issued.

15. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 May 2023 12,628,462 50 12,628,512
Profit for the year 7,757,907 7,757,907
At 30 April 2024 20,386,369 50 20,386,419

Retained earnings as shown in the statement of changes in equity includes all current and prior retained period profits and losses of the company.

Capital redemption reserve relates to the share buy back of 50% of share capital.

16. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The company makes contributions to its pension scheme for employees, including directors when required. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £66,306 (2023 - £26,098) were due to the fund. These are included in other creditors

17. RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent (in the aggregate)
30.4.24 30.4.23
£    £   
Amount due from related party 382,455 -
Amount due to related party - 220,371

I Rob International Limited (Registered number: 08948923)

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

17. RELATED PARTY DISCLOSURES - continued

Other related parties
30.4.24 30.4.23
£    £   
Amount due from related party 1,282,065 123,054
Amount due to related party 79,363 79,363

18. ULTIMATE CONTROLLING PARTY

The company is controlled by its director of the company.