Registration number:
Iris Distribution Limited
for the Period from 3 July 2023 to 31 December 2024
Iris Distribution Limited
Contents
Company Information |
|
Abridged Balance Sheet |
|
Notes to the Unaudited Abridged Financial Statements |
Iris Distribution Limited
Company Information
Directors |
Mr Ioris Francini Mr Floris Weisz Mr Graham Wallace |
Registered office |
|
Accountants |
|
Iris Distribution Limited
(Registration number: 14975409)
Abridged Balance Sheet as at 31 December 2024
Note |
2024 |
|
Current assets |
||
Debtors |
|
|
Cash at bank and in hand |
|
|
|
||
Creditors: Amounts falling due within one year |
( |
|
Total assets less current liabilities |
( |
|
Creditors: Amounts falling due after more than one year |
( |
|
Net liabilities |
( |
|
Capital and reserves |
||
Called up share capital |
1,000 |
|
Retained earnings |
(993,055) |
|
Shareholders' deficit |
(992,055) |
For the financial period 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Iris Distribution Limited
(Registration number: 14975409)
Abridged Balance Sheet as at 31 December 2024
Approved and authorised by the
.........................................
Mr Ioris Francini
Director
.........................................
Mr Floris Weisz
Director
.........................................
Mr Graham Wallace
Director
Iris Distribution Limited
Notes to the Unaudited Abridged Financial Statements for the Period from 3 July 2023 to 31 December 2024
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are prepared in Pounds Sterling which is the functional currency of the company and are rounded to the nearest whole Pound.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Iris Distribution Limited
Notes to the Unaudited Abridged Financial Statements for the Period from 3 July 2023 to 31 December 2024
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Financial instruments
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Onerous Contract Provision
During the period, the company entered into an agreement to acquire media rights and a separate agreement to sell these rights to a third-party customer. The customer is currently unable to fulfill its financial obligations under the contract, and the directors believe that the customer is unlikely to meet its obligations for the remaining term. As a result, the agreement is considered onerous, and a loss is expected. A provision of £1.819m (€2.2m) has been recognised to cover the anticipated net economic outflow over the remainder of the agreement.