Company registration number 11321813 (England and Wales)
IONIZE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
IONIZE LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 11
IONIZE LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
(Unaudited)
Notes
£
£
£
£
Fixed assets
Tangible assets
8
18,741
291,351
Current assets
Debtors
9
74,763
95,791
Cash at bank and in hand
414,337
339,643
489,100
435,434
Creditors: amounts falling due within one year
10
(332,915)
(489,081)
Net current assets/(liabilities)
156,185
(53,647)
Total assets less current liabilities
174,926
237,704
Provisions for liabilities
11
(4,687)
(52,762)
Net assets
170,239
184,942
Capital and reserves
Called up share capital
13
100
100
Profit and loss reserves
14
170,139
184,842
Total equity
170,239
184,942

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 11 February 2025 and are signed on its behalf by:
Mr K L Ellmore
Director
Company registration number 11321813 (England and Wales)
IONIZE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Called up share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2022 (Unaudited)
100
324,718
324,818
Year ended 30 June 2023:
Profit and total comprehensive income
-
248,124
248,124
Dividends
-
(388,000)
(388,000)
Balance at 30 June 2023 (Unaudited)
100
184,842
184,942
Year ended 30 June 2024:
Profit and total comprehensive income
-
164,797
164,797
Dividends
-
(179,500)
(179,500)
Balance at 30 June 2024
100
170,139
170,239
IONIZE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

Ionize Limited is a private company limited by shares incorporated in England and Wales. The company number is 11321813 and the registered office is 10B Cefn Llan Science Park, Aberystwyth, Ceredigion, Wales, SY23 3AH. The company's principal activity is stated in the Directors' report on page 1.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

 

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of the following exemption from disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Daikin Europe N.V. These consolidated financial statements are available from its registered office address at Zandvoordestraat 300, B-8400 Oostende, Belgium.

 

1.2
Going concern

The directors have carried out a review of the company's expected performance in conjunction with budgets and cash flow requirements of the business to assess going concern. Whilst the directors recognise that the company remains exposed to the risk of an uncertain environment and its impact on the global economy, they have considered a number of impacts on sales, profits and cash flows. This review happens regularly throughout the year by the directors to assess business performance.

 

The directors have assumed that operations remain open and that the company will continue to service its customers. Further, the directors believe there will be sufficient cash reserves to enable the company to meet its obligations as they fall due, and has the ability to take mitigating actions should they be required, for a period not less than 12 months from approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Revenue for the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods or provision of service), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

IONIZE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
Over 3-5 years
Computer equipment
Over 3 years
Motor vehicles
Over 4 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial instruments and is determined at the time of recognition.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs, less any impairment.

Loans and receivables are measured at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

IONIZE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transactions, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Other financial liabilities

Other financial liabilities, including bank loans, are initially measured at fair value, net of transactions costs, and are measured subsequently at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

IONIZE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Critical accounting judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances:

Critical accounting judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

At 30 June 2024, the company did not make any critical judgements in applying its accounting policies.

 

In the opinion of the directors, there are no critical accounting judgements which could materially impact the financial statements.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Impairment of debts

The company makes estimates of the recoverable value of trade and other debtors. When assessing the impairment of trade and other debtors, the company considers factors including the current credit rating of the debtor, the aging profile of debtors and historical experience.

IONIZE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
3
Turnover and other operating income
2024
2023
(Unaudited)
£
£
Turnover analysed by class of business
Information technology consultancy services
1,656,166
1,558,778
2024
2023
(Unaudited)
£
£
Other operating income
Interest income
3,055
1,060

The company's turnover is derived from its principal activity wholly undertaken in the United Kingdom.

 

Interest received consists of bank interest only.

4
Auditor's remuneration
2024
2023
(Unaudited)
£
£
Fees payable to the company's auditor and associates:
For audit services
Audit of the financial statements of the company
9,720
-
0
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
(Unaudited)
Number
Number
Management and administration
11
10
Total
11
10
6
Directors' remuneration
2024
2023
(Unaudited)
£
£
Remuneration paid to directors
69,495
12,947
IONIZE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
7
Taxation
2024
2023
(Unaudited)
£
£
Current tax
UK corporation tax on profits for the current period at 25% (2023: 20.5%)
107,100
54,063
Deferred tax
Origination and reversal of timing differences
(48,075)
5,720
Total tax charge
59,025
59,783

The corporation tax rate increased to 25% with effect from 1 April 2023. The previous year, the tax rate of

20.5% was used to reflect 3 months of the new rate and 9 months of the previous rate of 19%.

 

The 25% rate is used to measure UK deferred taxes in 2024 (and also in 2023 to the extent that the related

timing differences were expected to reverse after 1 April 2023).

8
Tangible fixed assets
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023 (Unaudited)
15,597
399,881
114,703
530,181
Additions
14,086
40,199
41,818
96,103
Disposals
(28,290)
(399,751)
(156,521)
(584,562)
At 30 June 2024
1,393
40,330
-
0
41,723
Depreciation and impairment
At 1 July 2023 (Unaudited)
10,065
208,477
20,289
238,831
Depreciation charged in the year
2,407
63,821
17,823
84,051
Eliminated in respect of disposals
(12,041)
(249,748)
(38,111)
(299,900)
At 30 June 2024
431
22,550
-
22,982
Carrying amount
At 30 June 2024
962
17,781
-
18,741
At 30 June 2023 (Unaudited)
5,531
191,406
94,414
291,351
IONIZE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
9
Debtors
2024
2023
(Unaudited)
Amounts falling due within one year:
£
£
Trade debtors
14,460
92,937
Amounts owed by group undertakings
59,132
-
0
Other debtors
1,171
2,854
74,763
95,791

Amounts owed by group undertakings consist of £59,132 (2023: £nil) owed by fellow subsidiary Robert Heath Heating Limited, arising as a result of normal business trading. There is no interest charged on the balance owed by the fellow subsidiary, and it is repayable under normal business trading terms. Payment is due at the end of the month following date of invoice.

10
Creditors: amounts falling due within one year
2024
2023
(Unaudited)
£
£
Trade creditors
-
0
367
Corporation tax
107,100
54,063
Other taxation and social security
73,201
50,209
Other creditors
152,614
384,442
332,915
489,081
11
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
(Unaudited)
£
£
Balances:
Accelerated capital allowances
4,687
52,762
2024
Movements in the year:
£
Liability at 1 July 2023
52,762
Credit to profit or loss
(48,075)
Liability at 30 June 2024
4,687
IONIZE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
12
Retirement benefit schemes
2024
2023
(Unaudited)
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
15,061
9,695

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

There were no commitments for defined contribution liabilities at the year end.

13
Called up share capital
2024
2023
2024
2023
(Unaudited)
(Unaudited)
Number
Number
£
£
Ordinary share capital
Issued and fully paid
50 A Ordinary shares of £1 each
50
50
50
50
50 B Ordinary shares of £1 each
50
50
50
50
100
100
100
100
14
Profit and loss reserves
2024
2023
(Unaudited)
£
£
At the beginning of the year
184,842
324,718
Profit for the year
164,797
248,124
Dividends declared and paid in the year
(179,500)
(388,000)
At the end of the year
170,139
184,842
15
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Mr Paul Adkins
Statutory Auditor:
Deloitte LLP
Date of audit report:
11 February 2025
IONIZE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
16
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
(Unaudited)
£
£
Within one year
5,000
5,000
Between two and five years
1,795
6,795
Total commitment
6,795
11,795
17
Related party transactions
Transactions with related parties

At the year end a balance of £1,078 (2023: £253,495) was owed to Mr K Ellmore, director, on his director's current account. During the year Mr K Ellmore received £179,500 in dividends (2023: £388,000).

Other information

The company has taken advantage of the exemption conferred by FRS102 section 33 from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared.

18
Parent company

The immediate parent company is Robert Heath Group Limited, company no. 06713680, registered in England and Wales. Robert Heath Group Limited became the immediate parent company on 24 January 2024 when it acquired the entire share capital of the company.

 

Robert Heath Group Limited was the ultimate controlling party up until 30 January 2024. Prior to 25 January 2024 there was not deemed to be an ultimate controlling party.

 

On 30 January 2024 the ultimate parent undertaking and controlling party became Daikin Industries Limited.

 

The company's results are consolidated into group accounts prepared by Daikin Europe N.V., a company registered in Belguim. This is the parent undertaking of the smallest group to consolidate these financial statements. Copies of these group financial statements are available from their registered office address at Zandvoordestraat 300, B-8400 Oostende, Belgium.

 

The ultimate parent undertaking and controlling party is Daikin Industries Limited, a company registered in Japan. Daikin Industries Limited is the parent undertaking of the largest group to consolidate these financial statements. Copies of these group financial statements are available from their registered office address at Umeda Center Bldg., 2-4-12, Nakazaki-Nishi, Kita-ku, Osaka. 530-8323, Japan.

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