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COMPANY REGISTRATION NUMBER: 06638150
IBSA Ltd
Filleted Unaudited Accounts
31 December 2024
IBSA Ltd
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
Current assets
Debtors
7
33,544
13,632
Cash at bank and in hand
4,813
14,259
--------
--------
38,357
27,891
--------
--------
Capital, reserves and liabilities
Called up share capital
8
10,100
10,100
Profit and loss account
( 127,212)
( 167,100)
---------
---------
Shareholders deficit
( 117,112)
( 157,000)
Creditors: amounts falling due within one year
9
155,469
184,891
---------
---------
38,357
27,891
---------
---------
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts .
These accounts were approved by the board of directors and authorised for issue on 14 March 2025 , and are signed on behalf of the board by:
Mr M R Saunders
Director
Company registration number: 06638150
IBSA Ltd
Notes to the Accounts
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 Cotman Close, London, NW11 6QD.
2. Statement of compliance
These accounts have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The accounts are prepared in sterling, which is the functional currency of the entity.
Going concern
In the opinion of the directors the company is a going concern and the accounts are prepared on that basis. The directors believe that with their continued support the company has the financial resources from which to meet its future trading obligations.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for the provision of subscription based membership services supplied and other event related services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website development platform
-
3 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment
-
3 years straight line
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 2 ).
5. Intangible assets
Development costs
£
Cost
At 1 January 2024 and 31 December 2024
55,097
--------
Amortisation
At 1 January 2024 and 31 December 2024
55,097
--------
Carrying amount
At 31 December 2024
--------
At 31 December 2023
--------
6. Tangible assets
Computer equipment
Total
£
£
Cost
At 1 January 2024 and 31 December 2024
4,776
4,776
-------
-------
Depreciation
At 1 January 2024 and 31 December 2024
4,776
4,776
-------
-------
Carrying amount
At 31 December 2024
-------
-------
At 31 December 2023
-------
-------
7. Debtors
2024
2023
£
£
Trade debtors
32,290
12,530
Other debtors
1,254
1,102
--------
--------
33,544
13,632
--------
--------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
10,000
10,000
10,000
10,000
Redeemable Preference shares of £ 1 each
100
100
100
100
--------
--------
--------
--------
10,100
10,100
10,100
10,100
--------
--------
--------
--------
The company has in issue a total of 100 Redeemable Preference shares of £1 each. These shares carry a right to dividend from available distributable profits, on a cumulative basis, but carry no voting rights and are redeemable at the absolute discretion of the board of directors.
9. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
12,680
2,627
Social security and other taxes
3,355
2,788
Other creditors - borrowings
95,296
140,296
Other creditors
44,138
39,180
---------
---------
155,469
184,891
---------
---------
10. Related party transactions
Throughout the year the company remained indebted to IFS Holdings Ltd , a company owned and controlled by Mr M R Saunders and Mrs S R Saunders, for an amount of £95,296 (2023: £140,296). The amount is considered repayable on demand, in the absence of any formal repayment terms, and carries no interest. No other transactions with related parties were undertaken such as are required to be disclosed under the Financial Reporting Standard 102 Section 1A.
11. Controlling party
The ultimate controlling party are Mr M R Saunders and Mrs S R Saunders who each own 50% of the issued ordinary share capital of the company.