Company No:
Contents
Note | 31.05.2024 | |
£ | ||
Fixed assets | ||
Tangible assets | 3 |
|
1,363 | ||
Current assets | ||
Cash at bank and in hand | 4 |
|
40,200 | ||
Creditors: amounts falling due within one year | 5 | (
|
Net current assets | 10,773 | |
Total assets less current liabilities | 12,136 | |
Provision for liabilities | 6 | (
|
Net assets |
|
|
Capital and reserves | ||
Called-up share capital | 7 |
|
Profit and loss account |
|
|
Total shareholders' funds |
|
Directors' responsibilities:
The financial statements of iiWaS Ltd (registered number:
Iain Washer
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
iiWaS Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Rowan Tree Barn South Burnside, Saline, Dunfermline, KY12 9LN, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The company became VAT registered on 1 November 2023 and after this date turnover is recognised net of VAT.
Current tax is provided at amounts expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Plant and machinery etc. |
|
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 Company after deducting all of its liabilities.
Basic financial assets
Basic financial assets, which include bank balances, are initially measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.
Period from 11.05.2023 to 31.05.2024 |
|
Number | |
Monthly average number of persons employed by the Company during the period, including directors |
|
Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 11 May 2023 |
|
|
|
Additions |
|
|
|
At 31 May 2024 |
|
|
|
Accumulated depreciation | |||
At 11 May 2023 |
|
|
|
Charge for the financial period |
|
|
|
At 31 May 2024 |
|
|
|
Net book value | |||
At 31 May 2024 |
|
|
31.05.2024 | |
£ | |
Cash at bank and in hand |
|
31.05.2024 | |
£ | |
Taxation and social security |
|
Other creditors |
|
|
31.05.2024 | |
£ | |
At the beginning of financial period |
|
Charged to the Profit and Loss Account | (
|
At the end of financial period | (
|
31.05.2024 | |
£ | |
Allotted, called-up and fully-paid | |
|
|
|
|
100 |
Transactions with the entity’s directors (or members of its governing body)
Amounts owed to directors
31.05.2024 | |
£ | |
Directors' Loan Account |
|