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COMPANY REGISTRATION NUMBER: 1676353
Icteria limited
Filleted Unaudited Financial Statements
31 March 2024
Icteria limited
Financial Statements
Year ended 31 March 2024
Contents
Pages
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 6
Icteria limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Icteria limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Icteria limited for the year ended 31 March 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Icteria limited, as a body, in accordance with the terms of our engagement letter dated 12 December 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Icteria limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Icteria limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Icteria limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Icteria limited. You consider that Icteria limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Icteria limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
27 November 2024
Icteria limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
500,000
440,000
Creditors: amounts falling due within one year
5
285,568
279,258
---------
---------
Net current liabilities
285,568
279,258
---------
---------
Total assets less current liabilities
214,432
160,742
Provisions
Taxation including deferred tax
34,908
19,908
---------
---------
Net assets
179,524
140,834
---------
---------
Capital and reserves
Called up share capital
520
520
Revaluation reserve
229,599
184,599
Profit and loss account
( 50,595)
( 44,285)
---------
---------
Shareholders funds
179,524
140,834
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Icteria limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 27 November 2024 , and are signed on behalf of the board by:
Mr J E Harris
Director
Company registration number: 1676353
Icteria limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 79 Derwen Fawr Road, Swansea, SA2 8DR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Foreign currency
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Going concern
At the year end date, the Statement of Financial Position reflects net current liabilities if with net total assets. The directors consider that the going concern principle remains valid given the fact that the vast majority of the current liabilities comprise unsecured, interest free, director loans with no indication that any such loans will be called upon for repayment for the foreseeable future.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Land and buildings
£
Cost or valuation
At 1 April 2023
440,000
Revaluations
60,000
---------
At 31 March 2024
500,000
---------
Depreciation
At 1 April 2023 and 31 March 2024
---------
Carrying amount
At 31 March 2024
500,000
---------
At 31 March 2023
440,000
---------
Tangible assets held at valuation
The directors have reconsidered the value of the company property at the year end date of 31 March 2024 and are of the opinion that this approximates to the sum of £500,000 (2023: £440,000), being the sterling equivalent of the open market value of the property in its' local currency and converted at the exchange rate pertaining at the balance sheet date. The original cost of the property was £51,724, with subsequent improvements having been undertaken at a cost of £183,769.
5. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
285,568
279,258
---------
---------
6. Related party transactions
No individual, or other entity, had overall control of the company during the year. Directors loan accounts exist as between the company and the directors, with the following balances: At the year end date, the company was indebted, in this respect, to the directors as follows: Miss R M Harris £94,959 (2023 £92,886), the movement being by virtue of £2,073 introduced during the year. Mr J E Harris £94,959 (2023 £92,886), the movement being by virtue of £2,073 introduced during the year. Mr T B Harris £4,959 (2023 £92,886), the movement being by virtue of £2,073 introduced during the year. The loans are free of interest and there are no formal arrangements for repayment of the capital balances.