| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 30 September 2024 |
| for |
| ION Enterprises Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 30 September 2024 |
| for |
| ION Enterprises Limited |
| ION Enterprises Limited (Registered number: 02502463) |
| Contents of the Financial Statements |
| for the Year Ended 30 September 2024 |
| Page |
| Company Information | 1 |
| Abridged Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| ION Enterprises Limited |
| Company Information |
| for the Year Ended 30 September 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 4 Cedar Park |
| Cobham Road |
| Ferndown Industrial Estate |
| Wimborne |
| Dorset |
| BH21 7SF |
| ION Enterprises Limited (Registered number: 02502463) |
| Abridged Balance Sheet |
| 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Prepayments and accrued income |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 6 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| ION Enterprises Limited (Registered number: 02502463) |
| Abridged Balance Sheet - continued |
| 30 September 2024 |
| The financial statements were approved by the director and authorised for issue on |
| ION Enterprises Limited (Registered number: 02502463) |
| Notes to the Financial Statements |
| for the Year Ended 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| ION Enterprises Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Tangible fixed assets are depreciated at the following rates: |
| Computer - 3 year straight line. |
| Government grants |
| Grant income is recognised in the profit and loss account for the initial twelve month interest free period of the Bounce Back Loan with an equal and corresponding finance charge recognised in expenses in the profit and loss account. |
| A similar treatment will apply for any further interest free periods taken up by the company during the |
| term of the loan. The annual rate of interest on the Bounce Back Loan is calculated according to the chancellor's pledge to fix this at 2.5%. The loan will be subsequently recorded at amortised cost using the annual rate of interest of 2.5%. This has been adopted on the basis the loan is considered a commercial business loan and therefore 2.5% annual interest is effectively the market rate of interest. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| ION Enterprises Limited (Registered number: 02502463) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Research and development |
| Research and development expenditure is written off as incurred. |
| Foreign currencies |
| Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account. |
| Trade and other debtors |
| Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial in such cases the receivables are stated at cost less impairment losses for bad and doubtful debts. |
| Trade and other creditors |
| Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. |
| Impairment, of assets |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| ION Enterprises Limited (Registered number: 02502463) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 4. | INTANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST |
| At 1 October 2023 |
| Additions |
| At 30 September 2024 |
| AMORTISATION |
| At 1 October 2023 |
| Amortisation for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 5. | TANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
| 2024 | 2023 |
| £ | £ |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 3,772 | 9,967 |
| ION Enterprises Limited (Registered number: 02502463) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 7. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 3,772 | 9,967 |
| 8. | OTHER FINANCIAL COMMITMENTS |
| At 30 September 2024, the company had an outstanding loan of £32,615 (2023 - £38,099) taken out under the government bounce back loan scheme. |
| There were no other financial commitments, contingencies or guarantees made on behalf of the director. |
| 9. | OFF-BALANCE SHEET ARRANGEMENTS |
| There were no off-balance sheet arrangements at the financial year end. |
| 10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| There were no advances to the director during the financial year. |
| 11. | RELATED PARTY DISCLOSURES |
| All transactions conducted between the company and the company's parent company, "Ion Enterprises Group Inc" during the financial year were conducted under normal market conditions. |
| At the financial year end, the company was owed £2,10,613 from the company's parent company (2023 - owed £60,801 ). |
| 12. | ULTIMATE CONTROLLING PARTY |
| The company is controlled by Ion Enterprises Group Inc, a company registered in Canada, by virtue of its ownership of 100% of the ordinary share capital. Ion Enterprises Group Inc purchased the shares in the company from the former parent, Ion Enterprises Inc on 1 April 2024. |