Iris Distribution Limited 14975409 false 2023-07-03 2024-12-31 2024-12-31 The principal activity of the company is the provision of admin services Digita Accounts Production Advanced 6.30.9574.0 true 14975409 2023-07-03 2024-12-31 14975409 2024-12-31 14975409 core:CurrentFinancialInstruments 2024-12-31 14975409 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 14975409 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 14975409 bus:SmallEntities 2023-07-03 2024-12-31 14975409 bus:AuditExemptWithAccountantsReport 2023-07-03 2024-12-31 14975409 bus:AbridgedAccounts 2023-07-03 2024-12-31 14975409 bus:SmallCompaniesRegimeForAccounts 2023-07-03 2024-12-31 14975409 bus:RegisteredOffice 2023-07-03 2024-12-31 14975409 bus:Director1 2023-07-03 2024-12-31 14975409 bus:Director2 2023-07-03 2024-12-31 14975409 bus:Director3 2023-07-03 2024-12-31 14975409 bus:PrivateLimitedCompanyLtd 2023-07-03 2024-12-31 14975409 bus:Agent1 2023-07-03 2024-12-31 14975409 countries:UnitedKingdom 2023-07-03 2024-12-31 iso4217:GBP xbrli:pure

Registration number: 14975409

Iris Distribution Limited


Annual Report and Unaudited Abridged Financial Statements

for the Period from 3 July 2023 to 31 December 2024

 

Iris Distribution Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 5

 

Iris Distribution Limited

Company Information

Directors

Mr Ioris Francini

Mr Floris Weisz

Mr Graham Wallace

Registered office

5th Floor
86 Jermyn Street
London
SW1Y 6AW

Accountants

Verfides 5th Floor
86 Jermyn Street
London
SW1Y 6AW

 

Iris Distribution Limited

(Registration number: 14975409)
Abridged Balance Sheet as at 31 December 2024

Note

2024
£

Current assets

 

Debtors

1,224,307

Cash at bank and in hand

 

1,597,777

 

2,822,084

Creditors: Amounts falling due within one year

(3,400,659)

Total assets less current liabilities

 

(578,575)

Creditors: Amounts falling due after more than one year

(413,480)

Net liabilities

 

(992,055)

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 members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

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 Board on 27 March 2025 and signed on its behalf by:
 

.........................................

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

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
5th Floor
86 Jermyn Street
London
SW1Y 6AW

2

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

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.


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.