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COMPANY REGISTRATION NUMBER: 01687173
Instafibre Ltd
Unaudited Financial Statements
30 June 2024
Instafibre Ltd
Financial Statements
Year ended 30 June 2024
Contents
Page
Directors' report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
4
Instafibre Ltd
Directors' Report
Year ended 30 June 2024
The directors present their report and the unaudited financial statements of the company for the year ended 30 June 2024 .
Directors
The directors who served the company during the year were as follows:
D.F. Robson
A L Pearce
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 17 March 2025 and signed on behalf of the board by:
A L Pearce
Director
Registered office:
Insta House
Ivanhoe Road
Hogwood Business Park
Finchampstead
Wokingham
Berks
RG40 3PZ
Instafibre Ltd
Statement of Income and Retained Earnings
Year ended 30 June 2024
2024
2023
Note
£
£
Turnover
69,707
52,647
Cost of sales
68,754
53,121
--------
--------
Gross profit/(loss)
953
( 474)
Administrative expenses
3,177
4,022
-------
-------
Operating loss
( 2,224)
( 4,496)
-------
-------
Loss before taxation
( 2,224)
( 4,496)
Tax on loss
-------
-------
Loss for the financial year and total comprehensive income
( 2,224)
( 4,496)
-------
-------
Retained earnings at the start of the year
96,503
100,999
--------
---------
Retained earnings at the end of the year
94,279
96,503
--------
---------
All the activities of the company are from continuing operations.
Instafibre Ltd
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
4
100
100
Current assets
Debtors
5
93,403
103,062
Cash at bank and in hand
15,792
8,250
---------
---------
109,195
111,312
Creditors: amounts falling due within one year
6
14,916
14,809
---------
---------
Net current assets
94,279
96,503
--------
--------
Total assets less current liabilities
94,379
96,603
--------
--------
Net assets
94,379
96,603
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
94,279
96,503
--------
--------
Shareholders funds
94,379
96,603
--------
--------
These financial statements have been prepared 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'.
For the year ending 30 June 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 financial statements 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 financial statements .
These financial statements were approved by the board of directors and authorised for issue on 17 March 2025 , and are signed on behalf of the board by:
A L Pearce
Director
Company registration number: 01687173
Instafibre Ltd
Notes to the Financial Statements
Year ended 30 June 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 Insta House, Ivanhoe Road, Hogwood Business Park, Finchampstead, Wokingham, RG40 3PZ, Berks.
2. Statement of compliance
These financial statements 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 financial statements 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
4. Intangible assets
Development costs
£
Cost
At 1 July 2023 and 30 June 2024
100
----
Amortisation
At 1 July 2023 and 30 June 2024
----
Carrying amount
At 30 June 2024
100
----
At 30 June 2023
100
----
5. Debtors
2024
2023
£
£
Trade debtors
89,843
103,062
Other debtors
3,560
--------
---------
93,403
103,062
--------
---------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
10,070
10,968
Social security and other taxes
241
Other creditors
4,846
3,600
--------
--------
14,916
14,809
--------
--------
7. Related party transactions
The company was under the control of Mr J.Robson and his close family throughout the current and previous year. The company sold rights to operate patents of £69,707 (2023 - £52,647) to subsidiaries of Insta (International) Ltd, a company in which Mr J.Robson and his close family have a majority shareholding. The amount owed to the company by subsidiaries of Insta (International) Ltd at the year end was £89,843 (2023 - £103,062).