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Registration number: 08250370

Initia Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Initia Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Initia Limited

Company Information

Directors

Mr Neil Morris

Mr John Robinson

Registered office

Fawley House
2 Regatta Place Marlow Road
Bourne End
Bucks
SL8 5TD

Accountants

Sterling Grove Accountants Limited
Chartered Certified AccountantsFawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

 

Initia Limited

(Registration number: 08250370)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

429

129

Current assets

 

Debtors

5

18,796

17,722

Cash at bank and in hand

 

7,758

2,557

 

26,554

20,279

Creditors: Amounts falling due within one year

6

(25,254)

(18,421)

Net current assets

 

1,300

1,858

Total assets less current liabilities

 

1,729

1,987

Creditors: Amounts falling due after more than one year

6

(10,236)

(13,973)

Net liabilities

 

(8,507)

(11,986)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(8,607)

(12,086)

Shareholders' deficit

 

(8,507)

(11,986)

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.

Directors' 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 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Initia Limited

(Registration number: 08250370)
Balance Sheet as at 31 August 2024

Approved and authorised by the Board on 20 May 2025 and signed on its behalf by:
 

.........................................
Mr Neil Morris
Director

.........................................
Mr John Robinson
Director

 

Initia 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:
Fawley House
2 Regatta Place Marlow Road
Bourne End
Bucks
SL8 5TD
United Kingdom

These financial statements were authorised for issue by the Board on 20 May 2025.

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.

Going concern

The financial statements have been prepared on a going concern basis on the grounds that the directors continue to provide sufficient finance.

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.

Government grants

Government grants are recognised under the accrual model of grant recognition. This model requires the grant to be classified as either a revenue-based grant or a capital-based grant.

Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises expenses for the related costs for which the grants are intended to compensate.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

 

Initia Limited

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

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and equipment

15% reducing balance

Computer equipment

33% reducing balance

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 at the transaction price, 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.

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 at the transaction price.

 

Initia Limited

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

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 profit and loss account 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Initia Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 September 2023

1,698

274

1,972

Additions

499

-

499

At 31 August 2024

2,197

274

2,471

Depreciation

At 1 September 2023

1,623

220

1,843

Charge for the year

191

8

199

At 31 August 2024

1,814

228

2,042

Carrying amount

At 31 August 2024

383

46

429

At 31 August 2023

75

54

129

5

Debtors

Current

2024
£

2023
£

Trade debtors

18,496

17,422

Other debtors

300

300

 

18,796

17,722

 

Initia Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

6,398

6,036

Trade creditors

 

4,242

-

Taxation and social security

 

3,880

3,172

Accruals and deferred income

 

6,360

6,300

Other creditors

 

4,374

2,913

 

25,254

18,421

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

10,236

13,973

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

10,236

13,973

Current loans and borrowings

2024
£

2023
£

Bank borrowings

6,398

6,036

 

Initia Limited

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

8

Related party transactions

Transactions with directors

2023

At 1 September 2022
£

Repayments by director
£

At 31 August 2023
£

Mr Neil Morris

Advance

641

(641)

-

Mr John Robinson

Advance

478

(478)

-