IONATEK Ltd 11931707 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is retail sale via mail order houses or via the internet Digita Accounts Production Advanced 6.30.9574.0 true true 11931707 2023-05-01 2024-04-30 11931707 2024-04-30 11931707 bus:OrdinaryShareClass1 bus:CumulativeShares 2024-04-30 11931707 core:CurrentFinancialInstruments 2024-04-30 11931707 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 11931707 core:Goodwill 2024-04-30 11931707 bus:SmallEntities 2023-05-01 2024-04-30 11931707 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 11931707 bus:FilletedAccounts 2023-05-01 2024-04-30 11931707 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 11931707 bus:RegisteredOffice 2023-05-01 2024-04-30 11931707 bus:Director1 2023-05-01 2024-04-30 11931707 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-05-01 2024-04-30 11931707 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 11931707 core:Goodwill 2023-05-01 2024-04-30 11931707 countries:EnglandWales 2023-05-01 2024-04-30 11931707 2023-04-30 11931707 core:Goodwill 2023-04-30 11931707 2022-05-01 2023-04-30 11931707 2023-04-30 11931707 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-04-30 11931707 core:CurrentFinancialInstruments 2023-04-30 11931707 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 11931707 core:Goodwill 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11931707

IONATEK Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

IONATEK Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

IONATEK Ltd

Company Information

Director

Mr P C N G Street

Registered office

320 Garratt Lane
London
SW18 4EJ

Accountants

Franklin, Chartered Accountants
320 Garratt Lane
London
SW18 4EJ

 

IONATEK Ltd

(Registration number: 11931707)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

34,449

Current assets

 

Stocks

5

-

2,697

Debtors

6

124,678

1,418

Cash at bank and in hand

 

106,986

8,387

 

231,664

12,502

Creditors: Amounts falling due within one year

7

(160,426)

(59,389)

Net current assets/(liabilities)

 

71,238

(46,887)

Net assets/(liabilities)

 

71,238

(12,438)

Capital and reserves

 

Called up share capital

8

103

103

Retained earnings

71,135

(12,541)

Shareholders' funds/(deficit)

 

71,238

(12,438)

For the financial year ending 30 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 year 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 8 January 2025
 

.........................................
Mr P C N G Street
Director

 

IONATEK Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
320 Garratt Lane
London
SW18 4EJ

These financial statements were authorised for issue by the director on 8 January 2025.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

IONATEK Ltd

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

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% on cost

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

IONATEK Ltd

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

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.

Financial instruments

Classification
The Company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments.

 Recognition and measurement
Financial instruments are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate.

 Impairment
Financial instruments are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

 

IONATEK Ltd

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

40,449

40,449

Disposals

(40,449)

(40,449)

At 30 April 2024

-

-

Amortisation

At 1 May 2023

6,000

6,000

Amortisation eliminated on disposals

(6,000)

(6,000)

At 30 April 2024

-

-

Carrying amount

At 30 April 2024

-

-

At 30 April 2023

34,449

34,449

5

Stocks

2024
£

2023
£

Other inventories

-

2,697

6

Debtors

Current

2024
£

2023
£

Trade debtors

115,851

-

Prepayments

-

750

Other debtors

8,827

668

 

124,678

1,418

 

IONATEK Ltd

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

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

20,983

17,652

Taxation and social security

37,820

350

Other creditors

101,623

41,387

160,426

59,389

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £0.01 each

10,320

103

10,320

103