IBUYER LTD |
Notes to the Accounts |
for the year ended 31 January 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
0 |
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2 |
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3 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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At 1 February 2023 |
1,517 |
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At 31 January 2024 |
1,517 |
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Depreciation |
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At 1 February 2023 |
379 |
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Charge for the year |
285 |
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At 31 January 2024 |
664 |
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Net book value |
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At 31 January 2024 |
853 |
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At 31 January 2023 |
1,138 |
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4 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Other debtors |
9,747 |
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9,747 |
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5 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Bank loans and overdrafts |
4,002 |
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5,543 |
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Trade creditors |
4,142 |
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- |
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Taxation and social security costs |
1,373 |
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8,216 |
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Other creditors |
14,921 |
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19,355 |
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24,438 |
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33,114 |
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6 |
Other information |
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IBUYER LTD is a private company limited by shares and incorporated in England. Its registered office is: |
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5 Clements Court |
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Clements Lane |
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Ilford |
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IG1 2QY |