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Company registration number: 08989604
IRIS PROJECT SOLUTIONS LTD
Unaudited filleted financial statements
30 September 2024
IRIS PROJECT SOLUTIONS LTD
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
IRIS PROJECT SOLUTIONS LTD
Directors and other information
Directors
R G Preston
M I Thompson
M W Oliver
Company number 08989604
Registered office Unit 7 Fern Court
Bracken Hill Business Park
Peterlee
Co Durham
Business address Unit 7 Fern Court
Bracken Hill Business Park
Peterlee
Co Durham
Bankers Santander UK plc
Customer Service Centre
Bootle
Merseyside
IRIS PROJECT SOLUTIONS LTD
Statement of financial position
30th September 2024
2024 2023
Note £ £ £ £
Current assets
Debtors 5 266,019 742,934
Cash at bank and in hand 130,703 128,126
_______ _______
396,722 871,060
Creditors: amounts falling due
within one year 6 ( 288,577) ( 581,387)
_______ _______
Net current assets 108,145 289,673
_______ _______
Total assets less current liabilities 108,145 289,673
_______ _______
Net assets 108,145 289,673
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 108,045 289,573
_______ _______
Shareholders funds 108,145 289,673
_______ _______
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 April 2025 , and are signed on behalf of the board by:
M I Thompson
Director
Company registration number: 08989604
IRIS PROJECT SOLUTIONS LTD
Notes to the financial statements
Year ended 30th September 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Iris Project Solutions Ltd, Unit 7 Fern Court, Bracken Hill Business Park, Peterlee, Co Durham.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 6 ).
5. Debtors
2024 2023
£ £
Trade debtors 253,215 626,558
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 60,000
Other debtors 12,804 56,376
_______ _______
266,019 742,934
_______ _______
6. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 215,600 338,621
Corporation tax 24,491 26,358
Social security and other taxes 40,217 161,530
Other creditors 8,269 54,878
_______ _______
288,577 581,387
_______ _______
7. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Iris Engineering & Technology Ltd - Purchases 157,618 149,379 ( 47,015) ( 46,947)
_______ _______ _______ _______
The company is related to Iris Engineering & Technology Ltd which is subject to the common control of two of the directors of the company. Iris Engineering & Technology Ltd provides sub-contract services to the company at commercial rates.
8. Controlling party
The company is a 75% owned subsidiary of Iris Business Services Ltd , a company incorporated in Great Britain. The financial statements of the parent company may be obtained from Iris Business Services Ltd, Unit 7, Fern court, Bracken Hill Business Park, Peterlee, Co Durham.