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REGISTERED NUMBER: 02755596 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

FOR

IFINITY LIMITED

IFINITY LIMITED (REGISTERED NUMBER: 02755596)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


IFINITY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: R G Franks
J L Franks





SECRETARY: J L Franks





REGISTERED OFFICE: Unit 201, Second Floor
Metroline House
118-122 College Road
Harrow
Middlesex
HA1 1BQ





REGISTERED NUMBER: 02755596 (England and Wales)





ACCOUNTANTS: EV Accountants Limited
Chartered Accountants
Unit 201, Second Floor
Metroline House
118-122 College Road
Harrow
Middlesex
HA1 1BQ

IFINITY LIMITED (REGISTERED NUMBER: 02755596)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 11,349 12,355

CURRENT ASSETS
Stocks 5 10,100 11,500
Debtors 6 294,835 307,363
Cash at bank and in hand 67,829 31,665
372,764 350,528
CREDITORS
Amounts falling due within one year 7 197,542 187,190
NET CURRENT ASSETS 175,222 163,338
TOTAL ASSETS LESS CURRENT
LIABILITIES

186,571

175,693

CREDITORS
Amounts falling due after more than one
year

8

25,000

50,000
NET ASSETS 161,571 125,693

CAPITAL AND RESERVES
Called up share capital 11 21,168 21,168
Capital redemption reserve 16,666 16,666
Retained earnings 123,737 87,859
SHAREHOLDERS' FUNDS 161,571 125,693

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

IFINITY LIMITED (REGISTERED NUMBER: 02755596)

BALANCE SHEET - continued
30 APRIL 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 January 2025 and were signed on its behalf by:




R G Franks - Director



J L Franks - Director


IFINITY LIMITED (REGISTERED NUMBER: 02755596)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

iFinity 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.

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.

Going concern
The financial statements have been prepared on the going concern basis and the directors confirm their belief in the company's ability to continue as a going concern for a period of at least twelve months from the date of approval of these financial statements.

Turnover
Turnover represents the total value of work done, excluding value added tax, of sales made during the year and derives from the provision of services falling within the Company's ordinary activities.

Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the statement of financial position date, turnover represents the value of the service provided to date based on a proportion of the total contract value. Where payments have been received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Stocks
Stock is valued at the lower of cost and net realisable value.

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.

Software development costs
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Software development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the expected economic life of the project. The estimated useful lives of the projects range from 2 1/2 to 8 years.

IFINITY LIMITED (REGISTERED NUMBER: 02755596)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

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.

Hire purchase and 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 scheme.Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 10 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 May 2023 69,927 7,690 117,994 195,611
Additions 6,215 - - 6,215
At 30 April 2024 76,142 7,690 117,994 201,826
DEPRECIATION
At 1 May 2023 63,368 7,690 112,198 183,256
Charge for year 4,007 - 3,214 7,221
At 30 April 2024 67,375 7,690 115,412 190,477
NET BOOK VALUE
At 30 April 2024 8,767 - 2,582 11,349
At 30 April 2023 6,559 - 5,796 12,355

5. STOCKS
2024 2023
£    £   
Stocks 10,100 11,500

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 179,706 189,630
Amounts owed by connected companies 107,840 113,400
Other debtors 7,289 4,333
294,835 307,363

IFINITY LIMITED (REGISTERED NUMBER: 02755596)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 25,000 27,083
Trade creditors 12,803 17,854
Taxation and social security 47,705 40,785
Other creditors 112,034 101,468
197,542 187,190

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 25,000 50,000

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 12,000 12,000
Between one and five years 48,000 48,000
In more than five years 35,000 47,000
95,000 107,000

10. SECURED DEBTS

The company's bank loans and overdrafts are secured by way of a fixed and floating charge over the company's assets.

11. CALLED UP SHARE CAPITAL

Authorised:
Number: Class: Nominal 2024 2023
Value: £ £
67,000 Ordinary "A" £1 67,000 67,000
33,000 Ordinary "B" £1 33,000 33,000
100,000 100,000

Alloted and Issued:
Number: Class: £ £
667 Ordinary "A" shares of £1 each £1 667 667
32,667 Ordinary "A" shares of £1 each 50p paid £1 16,334 16,334
16,666 Ordinary "A" shares of £1 each 25p paid £1 4,167 4,167

21,168 21,168
"A" Ordinary and "B" Ordinary rank equally in all respect.

12. RELATED PARTY DISCLOSURES

Amounts owed by connected companies include an interest-free loan of £107,840 (2023 - £113,400) to Noods Limited, a company incorporated in England and Wales. The loan is repayable on demand. The directors of this company, R G Franks and J L Franks are also the directors and shareholders of Noods Limited.



IFINITY LIMITED (REGISTERED NUMBER: 02755596)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

13. ULTIMATE CONTROLLING PARTY

The company is controlled by R G Franks and J L Franks.