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Registered number: 03786396
Inara-Transfers Limited
Financial Statements
For The Year Ended 31 December 2024
Accounting Help Ltd
ICAEW
344-354 Gray's Inn Road
London
WC1X 8BP
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 03786396
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 58,636 67,114
Tangible Assets 5 1,850 -
60,486 67,114
CURRENT ASSETS
Debtors 6 1,366 4,990
Cash at bank and in hand 215,532 83,929
216,898 88,919
Creditors: Amounts Falling Due Within One Year 7 (143,659 ) (63,283 )
NET CURRENT ASSETS (LIABILITIES) 73,239 25,636
TOTAL ASSETS LESS CURRENT LIABILITIES 133,725 92,750
Creditors: Amounts Falling Due After More Than One Year 8 (7,566 ) (17,622 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (352 ) -
NET ASSETS 125,807 75,128
CAPITAL AND RESERVES
Called up share capital 10 233,002 2
Profit and Loss Account (107,195 ) 75,126
SHAREHOLDERS' FUNDS 125,807 75,128
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These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Juan Olivares Gazul
Director
14/02/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Inara-Transfers Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03786396 . The registered office is 134 Elephant Road, London, SE17 1FD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are Software development costs. 
These costs are amortised to profit and loss account over its estimated useful economic life as follows:
  • 20% reducing balance month-on-month for software development costs; and
  • £360 per annum straight line for integrated computer software.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery Over 5 Years
Fixtures & Fittings Over 5 Years
Computer Equipment Over 5 Years
2.5. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.7. Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
2.8. 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.
2.9. Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 7 7
7 7
4. Intangible Assets
Other
£
Cost
As at 1 January 2024 305,265
As at 31 December 2024 305,265
Amortisation
As at 1 January 2024 238,151
Provided during the period 8,478
As at 31 December 2024 246,629
Net Book Value
As at 31 December 2024 58,636
As at 1 January 2024 67,114
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2024 164,827 83,846 - 248,673
Additions - - 1,929 1,929
As at 31 December 2024 164,827 83,846 1,929 250,602
...CONTINUED
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Page 5
Depreciation
As at 1 January 2024 164,827 83,846 - 248,673
Provided during the period - - 79 79
As at 31 December 2024 164,827 83,846 79 248,752
Net Book Value
As at 31 December 2024 - - 1,850 1,850
As at 1 January 2024 - - - -
6. Debtors
2024 2023
as restated
£ £
Due within one year
Prepayments and accrued income 1,052 -
Other debtors 314 4,990
1,366 4,990
7. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Trade creditors 5,177 5,784
Bank loans and overdrafts 10,648 10,648
Other taxes and social security Costs 9,293 1,674
Other creditors 465 32,273
Loan to group company 93,775 -
Accruals 24,301 12,904
143,659 63,283
Restatement of comparatives
The comparatives have been restated to recognise liabilities of £12,904 within Accruals in creditors due within one year where they were previously recognised as trade creditors. Management consider this to better reflect the nature of these balances.
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
as restated
£ £
Bank loans 7,566 17,622
9. Deferred Taxation
The provision for deferred tax is made up as follows:
The asset net book value of £1,850 resulted in a deffered tax liability of £352 being recognized at 19% tax rate applied.
2024 2023
as restated
£ £
Other timing differences 352 -
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10. Share Capital
2024 2023
as restated
£ £
Allotted, Called up and fully paid 233,002 2
11. Related Party Transactions
As at the balance sheet date, a sum of £93,775 was owed to International Money Express, Inc., holding company.These amounts have no fixed repayment date and no interest is charged.
12. Controlling Party
International Money Express Inc. holds 100% of the issued share capital , therefore, is deemed the ultimate controlling party. The company acquired Inara-Transfers Limited on 30th June 2024.
13. Audit Information
The auditor's report on the accounts of Inara-Transfers Limited for the year ended 31 December 2024 was unqualified.
The auditor's report was signed by Tor Stringfellow FCA (Senior Statutory Auditor) for and on behalf of Williamson & Croft Audit Limited , Statutory Auditor.
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