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Registration number: 05909842

IBEX Technology Ltd (Formerly IBEX UK Limited)

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

IBEX Technology Ltd (Formerly IBEX UK Limited)

Contents

Company Information

1

Accountants' Report

2

Statement of Financial Position

3

Notes to the Unaudited Financial Statements

4 to 8

 

IBEX Technology Ltd (Formerly IBEX UK Limited)

Company Information

Director

A I Pulley

Registered office

Aberdeen House
Vicarage Hill
Westerham
Kent
TN16 1AY

Accountants

Innovi Advisors Ltd
Chartered Certified Accountants163 Herne Hill
London
SE24 9LR

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
IBEX Technology Ltd (Formerly IBEX UK Limited)
for the Year Ended 31 August 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of IBEX Technology Ltd (Formerly IBEX UK Limited) for the year ended 31 August 2024 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of IBEX Technology Ltd (Formerly IBEX UK Limited), as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of IBEX Technology Ltd (Formerly IBEX UK Limited) and state those matters that we have agreed to state to the Board of Directors of IBEX Technology Ltd (Formerly IBEX UK Limited), as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than IBEX Technology Ltd (Formerly IBEX UK Limited) and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that IBEX Technology Ltd (Formerly IBEX UK Limited) has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of IBEX Technology Ltd (Formerly IBEX UK Limited). You consider that IBEX Technology Ltd (Formerly IBEX UK Limited) is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of IBEX Technology Ltd (Formerly IBEX UK Limited). For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Innovi Advisors Ltd
Chartered Certified Accountants
163 Herne Hill
London
SE24 9LR

12 May 2025

 

IBEX Technology Ltd (Formerly IBEX UK Limited)

(Registration number: 05909842)
Statement of Financial Position as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

7,238

7,847

Current assets

 

Stocks

5

364

352

Debtors

6

13,296

16,480

Cash at bank and in hand

 

8,667

14,427

 

22,327

31,259

Creditors: Amounts falling due within one year

7

(26,411)

(36,187)

Net current liabilities

 

(4,084)

(4,928)

Total assets less current liabilities

 

3,154

2,919

Provisions for liabilities

(1,375)

(1,660)

Net assets

 

1,779

1,259

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

779

259

Shareholders' funds

 

1,779

1,259

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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; and

The director acknowledges his 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 12 May 2025
 

.........................................
A I Pulley
Director

   
     
 

IBEX Technology Ltd (Formerly IBEX UK Limited)

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Aberdeen House
Vicarage Hill
Westerham
Kent
TN16 1AY

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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These 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.

The presentation currency of the financial statements is Pound Sterling (£) rounded to the nearest 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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

IBEX Technology Ltd (Formerly IBEX UK Limited)

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plan and machinery

25% Reducing balance method

Furniture and fittings

25% Reducing balance method

Computer equipment

25% Reducing balance method

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

IBEX Technology Ltd (Formerly IBEX UK Limited)

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities, or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

IBEX Technology Ltd (Formerly IBEX UK Limited)

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 September 2023

11,664

13,694

23,413

48,771

Additions

-

-

1,759

1,759

At 31 August 2024

11,664

13,694

25,172

50,530

Depreciation

At 1 September 2023

10,163

12,905

17,856

40,924

Charge for the year

375

197

1,796

2,368

At 31 August 2024

10,538

13,102

19,652

43,292

Carrying amount

At 31 August 2024

1,126

592

5,520

7,238

At 31 August 2023

1,501

789

5,557

7,847

5

Stocks

2024
£

2023
£

Other inventories

364

352

6

Debtors

2024
£

2023
£

Other debtors

13,296

16,480

13,296

16,480

 

IBEX Technology Ltd (Formerly IBEX UK Limited)

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

11,964

13,133

Taxation and social security

 

12,996

21,717

Accruals and deferred income

 

1,290

1,225

Other creditors

 

161

112

 

26,411

36,187

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

11,964

13,133