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Registered number: 13624395












ION PACIFIC (UK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

 

ION PACIFIC (UK) LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 7


 

ION PACIFIC (UK) LIMITED
 
COMPANY INFORMATION


Directors
A Adefris 
A J R Autain 




Company secretary
Reed Smith Corporate Services Limited



Registered number
13624395



Registered office
1 Blossom Yard
Fourth Floor

London

E1 6RS




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:13624395
ION PACIFIC (UK) LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
673
-

  
673
-

Current assets
  

Debtors: amounts falling due within one year
 5 
8,666
3,733

Cash at bank and in hand
  
2,197
9

  
10,863
3,742

Creditors: amounts falling due within one year
 6 
(435,084)
(392,142)

Net current liabilities
  
 
 
(424,221)
 
 
(388,400)

Total assets less current liabilities
  
(423,548)
(388,400)

  

Net liabilities
  
(423,548)
(388,400)


Capital and reserves
  

Called up share capital 
 7 
1
1

Profit and loss account
  
(423,549)
(388,401)

Total deficit
  
(423,548)
(388,400)


Page 2


 
REGISTERED NUMBER:13624395
ION PACIFIC (UK) LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A Adefris
Director

Date: 15 June 2025

The notes on pages 4 to 7 form part of these financial statements.

Page 3

 

ION PACIFIC (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

1.


General information

ION Pacific (UK) Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 1 Blossom Yard, Fourth Floor, London, United Kingdom, E1 6RS.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis notwithstanding the fact that the company has a deficiency on total equity at the end of the year. The directors consider this basis to be appropriate as the company has sufficient facilities available from its shareholders to fund its working capital requirements for a period of at least twelve months from the date these financial statements were approved.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 

ION PACIFIC (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
24 months

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 

ION PACIFIC (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.


3.


Employees



The average monthly number of employees, including directors, during the period was 2 (2023 - 3).


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2024
3,519


Additions
734


Disposals
(3,519)



At 31 December 2024

734



Depreciation


At 1 January 2024
3,519


Charge for the period on owned assets
61


Disposals
(3,519)



At 31 December 2024

61



Net book value



At 31 December 2024
673



At 31 December 2023
-

Page 6

 

ION PACIFIC (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

5.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
6,378
-

Other debtors
2,288
3,733

8,666
3,733


Amounts owed by group undertakings are interest free, have no fixed repayment date and are repayable on demand.


6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
417,414
383,482

Accruals and deferred income
17,670
8,660

435,084
392,142


Amounts owed to group undertakings are interest free, have no fixed repayment date and are repayable on demand.


7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1.00
1
1

The holders of the ordinary share are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.



8.


Related party transactions

The company has taken advantage of the exemption available in FRS102 Section 33.1A "Related party disclosures" whereby it has not disclosed transactions with its parent company as it is a wholly owned subsidiary.


9.


Parent undertaking

The ultimate parent undertaking at the balance sheet date was ION Pacific Holdings Limited, a company incorporated in Cayman Islands whose registered address is 190 Elgin Avenue, George Town, Grand Cayman, Cayman Islands, KY1-9008.

 
Page 7