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REGISTERED NUMBER: 06444348 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

IRIS CONNECT LTD

IRIS CONNECT LTD (REGISTERED NUMBER: 06444348)






Contents of the Financial Statements
for the year ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IRIS CONNECT LTD

Company Information
for the year ended 31 March 2024







DIRECTORS: A J H Newell
G Newell
M G Newell
S Clapp
V Belogaska



SECRETARY: S Clapp



REGISTERED OFFICE: Unit 3
Adur Dock
104 Albion Street
Southwick
BRIGHTON
BN42 4DP



REGISTERED NUMBER: 06444348 (England and Wales)



ACCOUNTANTS: Plus Accounting
Chartered Accountants
Preston Park House
South Road
Brighton
East Sussex
BN1 6SB



BANKERS: National Westminster Bank plc
41-42 London Road
Brighton
East Sussex
BN1 4LL

IRIS CONNECT LTD (REGISTERED NUMBER: 06444348)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 4,359 15,222
Investments 5 69 69
4,428 15,291

CURRENT ASSETS
Stocks 58,681 119,190
Debtors 6 667,684 1,067,251
Cash at bank 374,331 145,534
1,100,696 1,331,975
CREDITORS
Amounts falling due within one year 7 (523,197 ) (538,520 )
NET CURRENT ASSETS 577,499 793,455
TOTAL ASSETS LESS CURRENT
LIABILITIES

581,927

808,746

CREDITORS
Amounts falling due after more than one
year

8

(90,000

)

(150,000

)

PROVISIONS FOR LIABILITIES 12 (1,090 ) (1,830 )
NET ASSETS 490,837 656,916

CAPITAL AND RESERVES
Called up share capital 13 113 111
Share premium 177,103 177,103
Retained earnings 313,621 479,702
SHAREHOLDERS' FUNDS 490,837 656,916

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

IRIS CONNECT LTD (REGISTERED NUMBER: 06444348)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:





A J H Newell - Director


IRIS CONNECT LTD (REGISTERED NUMBER: 06444348)

Notes to the Financial Statements
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Iris Connect 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 company's principal place of business is the registered office.

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

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Iris Connect Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents the fair value of consideration received or receivable net of VAT and trade discounts and is recognised when it is probable that any future economic benefit associated with the transaction will be received and the income can be reliably measured.

90% of revenue earned on the sale of three year service contracts is recognised in the year of sale with the remaining 10% being deferred equally over the next two years and are included in other creditors.

80% of revenue earned on the sale of five year service contracts is recognised in the year of sale with the remaining 20% being deferred equally over the next four years and are included in other creditors.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful economic life.

Short term lease-straight line over 5 years
Plant & machinery -33% on cost
Fixtures & fittings -33% on cost
Computer equipment-33% on cost

Impairment policy
At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less accumulated impairment losses.

Stocks
Stocks are lowered at the lower of cost and selling price less cost to complete, after making due allowance for obsolete and slow moving items. Stock consist of computer related hardware.

IRIS CONNECT LTD (REGISTERED NUMBER: 06444348)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets, liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial 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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 plan for its employees. A defined contribution pension plan is a pension plan under which the company pays contributions into a separate. Once the contributions have been paid, the company has no further obligations.

The contributions are recognised as an expense in the income statement when they fall due. Amounts owed but not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Coronavirus business interruption loan schemes (cbils)
Included in bank loans is a bounce back loan which is guaranteed by the government. As part of the bounce back loan scheme the government is paying the first year of interest on the loan.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2023 - 27 ) .

IRIS CONNECT LTD (REGISTERED NUMBER: 06444348)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 10,023 1,367 54,283 36,103 101,776
Additions - - - 2,333 2,333
Disposals (10,023 ) (1,367 ) (52,741 ) (15,879 ) (80,010 )
At 31 March 2024 - - 1,542 22,557 24,099
DEPRECIATION
At 1 April 2023 2,120 1,367 52,952 30,115 86,554
Charge for year - - 509 3,738 4,247
Eliminated on disposal (2,120 ) (1,367 ) (52,742 ) (14,832 ) (71,061 )
At 31 March 2024 - - 719 19,021 19,740
NET BOOK VALUE
At 31 March 2024 - - 823 3,536 4,359
At 31 March 2023 7,903 - 1,331 5,988 15,222

5. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 April 2023
and 31 March 2024 69
NET BOOK VALUE
At 31 March 2024 69
At 31 March 2023 69

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 356,660 709,903
Other debtors 311,024 357,348
667,684 1,067,251

IRIS CONNECT LTD (REGISTERED NUMBER: 06444348)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 9) 60,000 60,000
Trade creditors 97,207 77,674
Taxation and social security 74,757 89,216
Other creditors 291,233 311,630
523,197 538,520

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 9) 90,000 150,000

9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 60,000 60,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 60,000 60,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 30,000 90,000

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 38,021 16,021
Between one and five years 29,497 90,040
67,518 106,061

11. SECURED DEBTS

The company's bankers have a fixed and floating charge over all of the assets of the company.

12. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 1,090 1,830

IRIS CONNECT LTD (REGISTERED NUMBER: 06444348)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

12. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2023 1,830
Accelerated capital allowances (740 )
Balance at 31 March 2024 1,090

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
NIL Ordinary 0.1p shares 0.1p - 111
2,446 B Shares 0.1p 2 -
2 111

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
111,076 Ordinary shares 0.1p 111 -

The following shares were issued during the year for cash at par :

2,446 B Shares shares of 0.1p

On 27 February 2024 the following changes were made to the share capital of the company:

- the Ordinary 0.1p shares were redesignated to be Ordinary shares.

- 2,446 0.1p B shares were issued at value.

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
A J H Newell
Balance outstanding at start of year 20,378 19,975
Amounts advanced 463 403
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 20,841 20,378

IRIS CONNECT LTD (REGISTERED NUMBER: 06444348)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

M G Newell
Balance outstanding at start of year 180 180
Amounts repaid - -
Amounts written off - -
Amounts waived (180 ) -
Balance outstanding at end of year - 180

S Clapp
Balance outstanding at start of year 246 480
Amounts advanced - 126
Amounts repaid - (360 )
Amounts written off - -
Amounts waived (246 ) -
Balance outstanding at end of year - 246

The loan balances ares repayable on demand. Interest on loan balance greater than £10,000 is payable at rates of 2.25% on the full balance.

During the year a total of £463 (2023: £403) of loan interest was charged.

15. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption under FRS 102 from disclosing transactions between the company and its 100% owned subsidiaries IRIS Connect Inc, Iris Connect NZ and IRIS Connect (Ireland) Limited.

16. SHARE-BASED PAYMENT TRANSACTIONS

Iris Connect Ltd has two Share Option Plans: one EMI scheme and one unapproved scheme.

The EMI scheme was introduced on 6 September 2018 and as at 31 March 2024 two employees had unexercised granted options over 932 ordinary 1 pence B shares.

The unapproved scheme was introduced on 6 September 2018 and as at 31 March 2024 three employees
had unexercised granted options over 1,630 ordinary 1 pence B shares.

The options are exercisable if the agreed conditions are met.

There is no charge to the profit and loss account in the year for unexercised granted options as the conditions that must be met for the unexercised options to be exercised are not expected to be fulfilled in the foreseeable future. A full fair value valuation using the Black-Scholes pricing method is not considered justifiable and therefore no adjustment has be made to the financial statements to reflect these share options.