Registered number
09975789
IBUYER LTD
Filleted Accounts
31 January 2024
Apex Associates LLP
Accountants and Tax Consultants
Apex Chambers
58a Ilford Lane
Ilford
Essex
IG1 2JY
IBUYER LTD
Registered number: 09975789
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 853 1,138
Current assets
Stocks 825 825
Debtors 4 9,747 9,747
Cash at bank and in hand 1,341 18,521
11,913 29,093
Creditors: amounts falling due within one year 5 (24,438) (33,114)
Net current liabilities (12,525) (4,021)
Net liabilities (11,672) (2,883)
Capital and reserves
Called up share capital 120 120
Profit and loss account (11,792) (3,003)
Shareholders' funds (11,672) (2,883)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Salman N Sheikh
Director
Approved by the board on 31 January 2025
IBUYER LTD
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
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).
Turnover
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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023 1,517
At 31 January 2024 1,517
Depreciation
At 1 February 2023 379
Charge for the year 285
At 31 January 2024 664
Net book value
At 31 January 2024 853
At 31 January 2023 1,138
4 Debtors 2024 2023
£ £
Other debtors 9,747 9,747
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 4,002 5,543
Trade creditors 4,142 -
Taxation and social security costs 1,373 8,216
Other creditors 14,921 19,355
24,438 33,114
6 Other information
IBUYER LTD is a private company limited by shares and incorporated in England. Its registered office is:
5 Clements Court
Clements Lane
Ilford
IG1 2QY
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