REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
IRIS CONNECT LTD |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Preston Park House |
South Road |
Brighton |
East Sussex |
BN1 6SB |
BANKERS: |
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 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
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 |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertaking |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
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) |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 9) |
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 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
10. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
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 |
Accelerated capital allowances | (740 | ) |
Balance at 31 March 2024 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
NIL | Ordinary 0.1p shares | 0.1p | - | 111 |
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 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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 |
Balance outstanding at start of year |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | (180 | ) | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | (246 | ) | - |
Balance outstanding at end of year |
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. |