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REGISTERED NUMBER: 07387407 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 August 2024

for

iWare Designs Limited

iWare Designs Limited (Registered number: 07387407)

Contents of the Financial Statements
for the Year Ended 31 August 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


iWare Designs Limited (Registered number: 07387407)

Balance Sheet
31 August 2024

2024 2023
Notes £ £
Fixed assets
Tangible assets 4 26,055 22,269

Current assets
Debtors 5 2,820,753 2,451,310
Cash at bank 776,997 495,216
3,597,750 2,946,526
Creditors
Amounts falling due within one year 6 (221,572 ) (205,373 )
Net current assets 3,376,178 2,741,153
Total assets less current liabilities 3,402,233 2,763,422

Provisions for liabilities (7,843 ) (6,882 )
Net assets 3,394,390 2,756,540

Capital and reserves
Called up share capital 100 100
Retained earnings 3,394,290 2,756,440
3,394,390 2,756,540

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

iWare Designs Limited (Registered number: 07387407)

Balance Sheet - continued
31 August 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 January 2025 and were signed on its behalf by:





Mr G A Harwood - Director


iWare Designs Limited (Registered number: 07387407)

Notes to the Financial Statements
for the Year Ended 31 August 2024


1. Statement of compliance

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.

2. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed 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.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery etc - 33% on cost and 25% on reducing balance

iWare Designs Limited (Registered number: 07387407)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024


2. Accounting policies - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial 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.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


iWare Designs Limited (Registered number: 07387407)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024


2. Accounting policies - continued
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.

3. Employees and directors

The average number of employees during the year was 2 (2023 - 3 ) .

4. Tangible fixed assets
Fixtures
Improvements and Computer
to property fittings equipment Totals
£ £ £ £
Cost
At 1 September 2023 3,336 30,280 92,561 126,177
Additions - 932 18,100 19,032
Disposals - - (4,446 ) (4,446 )
At 31 August 2024 3,336 31,212 106,215 140,763
Depreciation
At 1 September 2023 3,107 23,187 77,614 103,908
Charge for year 57 1,832 10,270 12,159
Eliminated on disposal - - (1,359 ) (1,359 )
At 31 August 2024 3,164 25,019 86,525 114,708
Net book value
At 31 August 2024 172 6,193 19,690 26,055
At 31 August 2023 229 7,093 14,947 22,269

5. Debtors: amounts falling due within one year
2024 2023
£ £
Other debtors 2,820,753 2,451,310

iWare Designs Limited (Registered number: 07387407)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024


6. Creditors: amounts falling due within one year
2024 2023
£ £
Taxation and social security 201,059 176,129
Other creditors 20,513 29,244
221,572 205,373

7. Directors' advances, credits and guarantees

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

2024 2023
£ £
Mr G A Harwood and Mrs V J Harwood
Balance outstanding at start of year 169,382 222,465
Amounts advanced 387,572 192,727
Amounts repaid (194,766 ) (245,810 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 362,188 169,382

In 2023, interest had been charged on the outstanding element of the above loan at a rate of 2.25% and 2%, amounting to £4,167. In 2024, interest has been charged on the outstanding element of the above loan at a rate of 2.25%, amounting to £5,913.62.

8. Related party disclosures

A loan exists between this company and Harwood Asset Management Limited (a company controlled by Mr G A Harwood and Mrs V J Harwood) totalling £2,358,875 (2023 - £2,148,876). This loan is interest free and repayable upon demand.