REGISTERED NUMBER: |
Internet For Everything Limited |
Report of the Directors and |
Unaudited Financial Statements |
for the Year Ended 31 December 2024 |
REGISTERED NUMBER: |
Internet For Everything Limited |
Report of the Directors and |
Unaudited Financial Statements |
for the Year Ended 31 December 2024 |
Internet For Everything Limited (Registered number: 05390640) |
Contents of the Financial Statements |
for the Year Ended 31 December 2024 |
Page |
Company information | 1 |
Report of the directors | 2 |
Income statement | 4 |
Balance sheet | 5 |
Statement of changes in equity | 7 |
Notes to the financial statements | 8 |
Internet For Everything Limited |
Company Information |
for the Year Ended 31 December 2024 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
Chartered Accountants |
Mynshull House |
78 Churchgate |
Stockport |
Cheshire |
SK1 1YJ |
Internet For Everything Limited (Registered number: 05390640) |
Report of the Directors |
for the Year Ended 31 December 2024 |
The directors present their report with the financial statements of the company for the year ended 31 December 2024. |
Principal activity |
The principal activity of the company in the year under review was that of the provision of Cloud Services to businesses and organisations. |
Review of business |
I am pleased to present the financial statements for Internet for Everything Limited for the year ended 31 December 2024. This year marks a significant turning point for our business as we transitioned from a challenging 2023 into a year of strong financial recovery, operational improvements, and strategic progress. |
Financial Performance |
The company achieved a solid revenue growth of 8.9%, with turnover increasing to £1.56 million, compared to £1.43 million in the prior year. This growth was driven by our ongoing efforts to migrate customers to a new cloud-based platform, enabling us to enhance our service offerings and build a more scalable business model. |
One of the most notable achievements this year has been the substantial improvement in profitability. In 2023, the company reported a loss of £62,665. However, through a combination of strategic cost reductions, improved gross margins, and stronger recurring revenue, we have successfully delivered a profit of £199,963 in 2024. Our gross profit margin increased to 27.8% (from 22.8% in 2023), reflecting the benefits of our pricing adjustments and operational efficiencies. |
Operational Highlights |
Throughout 2024, we focused on improving our cost structure while investing in future growth: |
- Successfully transitioned to the Microsoft Cloud, reducing infrastructure costs and increasing service agility. |
- Strengthened our sales pipeline through enhanced marketing efforts and a revitalised sales team. |
- Continued investment in automation and upskilling, ensuring our team remains at the forefront of technological advancements. |
- Improved cash flow management, reducing debtor days to 95 days and creditor days to 72 days, demonstrating better working capital efficiency. |
Financial Strength and Stability |
Our liquidity position remains strong, with a current ratio of 3.6 (vs. 2.7 in 2023), indicating a robust ability to meet short-term obligations. The company's debt-to-equity ratio improved to 0.38 (down from 0.58 in 2023), showcasing reduced financial risk and a more stable capital structure. These improvements provide a solid foundation for sustainable growth in the coming years. |
Looking Ahead |
As we move into 2025, our focus remains on: |
- Expanding our managed services offerings to drive higher-value customer contracts. |
- Leveraging cloud-based solutions to enhance operational efficiencies and scalability. |
- Further improving profitability, with an emphasis on increasing average revenue per customer. |
The progress we have made this year positions Internet for Everything Limited for continued success. I would like to extend my sincere gratitude to our employees, customers, and stakeholders for their dedication and support. |
Internet For Everything Limited (Registered number: 05390640) |
Report of the Directors |
for the Year Ended 31 December 2024 |
With a strengthened financial position and a clear strategic vision, I am confident that we are on the right path to sustained growth and long-term v |
Directors |
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
On behalf of the board: |
Internet For Everything Limited (Registered number: 05390640) |
Income Statement |
for the Year Ended 31 December 2024 |
31.12.24 | 31.12.23 |
Notes | £ | £ |
Turnover | 3 |
Cost of sales |
Gross profit |
Administrative expenses |
146,124 | (60,150 | ) |
Other operating income |
Operating profit/(loss) | 5 | ( |
) |
Interest receivable and similar income |
205,414 | (55,918 | ) |
Interest payable and similar expenses |
Profit/(loss) before taxation | ( |
) |
Tax on profit/(loss) | 6 |
Profit/(loss) for the financial year | ( |
) |
Internet For Everything Limited (Registered number: 05390640) |
Balance Sheet |
31 December 2024 |
31.12.24 | 31.12.23 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 7 |
Current assets |
Debtors | 8 |
Cash at bank |
Creditors |
Amounts falling due within one year | 9 |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 10 |
Share premium |
Retained earnings |
Shareholders' funds |
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. |
Internet For Everything Limited (Registered number: 05390640) |
Balance Sheet - continued |
31 December 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Internet For Everything Limited (Registered number: 05390640) |
Statement of Changes in Equity |
for the Year Ended 31 December 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 January 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31 December 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 December 2024 |
Internet For Everything Limited (Registered number: 05390640) |
Notes to the Financial Statements |
for the Year Ended 31 December 2024 |
1. | Statutory information |
Internet For Everything Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding value added tax. |
Tangible fixed assets |
Computer equipment | - |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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. |
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. | Turnover |
The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the company. |
4. | Employees and directors |
The average number of employees during the year was |
31.12.24 | 31.12.23 |
£ | £ |
Directors' remuneration |
Internet For Everything Limited (Registered number: 05390640) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
5. | Operating profit/(loss) |
The operating profit (2023 - operating loss) is stated after charging: |
31.12.24 | 31.12.23 |
£ | £ |
Depreciation - owned assets |
6. | Taxation |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.12.24 | 31.12.23 |
£ | £ |
Current tax: |
UK corporation tax |
Tax on profit/(loss) |
7. | Tangible fixed assets |
Computer |
equipment |
£ |
Cost |
At 1 January 2024 |
Additions |
At 31 December 2024 |
Depreciation |
At 1 January 2024 |
Charge for year |
At 31 December 2024 |
Net book value |
At 31 December 2024 |
At 31 December 2023 |
Internet For Everything Limited (Registered number: 05390640) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
8. | Debtors: amounts falling due within one year |
31.12.24 | 31.12.23 |
£ | £ |
Trade debtors |
Amounts owed by group |
undertakings | 437,500 | 437,500 |
Other debtors |
Prepayments |
9. | Creditors: amounts falling due within one year |
31.12.24 | 31.12.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.24 | 31.12.23 |
value: | £ | £ |
Ordinary "A" | £1 | 10,000 | 10,000 |
Ordinary "B" | £1 | 10,000 | 10,000 |
Ordinary "C" | £1 | 5,000 | 5,000 |
25,000 | 25,000 |
11. | Ultimate controlling party |
The controlling party is IFE Hosting Limited. |