21 29 iBalance Limited 03449506 false 2023-01-01 2024-04-05 2024-04-05 The principal activity of the company is employment support activities. Digita Accounts Production Advanced 6.30.9574.0 true 03449506 2023-01-01 2024-04-05 03449506 2024-04-05 03449506 core:CurrentFinancialInstruments 2024-04-05 03449506 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-05 03449506 bus:SmallEntities 2023-01-01 2024-04-05 03449506 bus:AuditExemptWithAccountantsReport 2023-01-01 2024-04-05 03449506 bus:FullAccounts 2023-01-01 2024-04-05 03449506 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2024-04-05 03449506 bus:RegisteredOffice 2023-01-01 2024-04-05 03449506 bus:Director2 2023-01-01 2024-04-05 03449506 bus:PrivateLimitedCompanyLtd 2023-01-01 2024-04-05 03449506 countries:UnitedKingdom 2023-01-01 2024-04-05 03449506 2022-01-01 2022-12-31 03449506 2022-12-31 03449506 core:CurrentFinancialInstruments 2022-12-31 03449506 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 xbrli:pure iso4217:GBP

Registration number: 03449506

iBalance Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 January 2023 to 5 April 2024

 

iBalance Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

iBalance Limited

(Registration number: 03449506)
Balance Sheet as at 5 April 2024

Note

2024
£

2022
£

Current assets

 

Debtors

4

95,144

107,634

Cash at bank and in hand

 

65,797

107,128

 

160,941

214,762

Creditors: Amounts falling due within one year

5

(142,434)

(211,993)

Net assets

 

18,507

2,769

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

17,507

1,769

Shareholders' funds

 

18,507

2,769

For the financial period ending 5 April 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 period in question in accordance with section 476; and

The director acknowledges his 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 provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the director on 23 December 2024
 

.........................................
Liam Hutton
Director

 

iBalance Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 5 April 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Redwood House Brotherswood Court
Almondsbury
Bristol
BS32 4QW
England

These financial statements were authorised for issue by the director on 23 December 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.

Key sources of estimation uncertainty

In the application of the company's accounting policies, which are described in note 2, the director is required to make judgements, estimates and assumptions about the carrying amount of assets andliabilities that are not readily apparent from other sources. The estimates and associated 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.

The director considers that the accrued income and accruals are the key sources of estimation uncertainty. These balances are material and so are key to the financial statements. The estimates are based on actual hours worked by contractors, with an assessment of whether additional amounts require to be included for unsubmitted time..

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.

 

iBalance Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 5 April 2024

Tax

The tax expense for the period comprises current 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.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

iBalance Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 5 April 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 21 (2022 - 29).

4

Debtors

2024
£

2022
£

Trade debtors

28,185

18,011

Prepayments

2,350

2,350

Other debtors

64,609

87,273

95,144

107,634

5

Creditors

Creditors: amounts falling due within one year

2024
£

2022
£

Due within one year

Trade creditors

5,718

1,374

Taxation and social security

49,587

125,984

Accruals and deferred income

67,202

82,706

Other creditors

19,927

1,929

142,434

211,993

6

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £9,727 (2022 - £23,827). Commitment relates to property rental.

7

Related party transactions

During the year the company recharged various expenses to a related party company in which Mr Alex Brazier (a directors during the year) was the sole director and shareholder. The expenses were recharged on a cost basis and amounted to £85,172 (2022: £17,979). There is a debtor in the accounts owed from this company amounting to £26,103 (2022: £21,575) and this has been paid subsequent to the year end.