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Company No: 09243318 (England and Wales)

IBHERO.COM LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH THE REGISTRAR

IBHERO.COM LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

Contents

IBHERO.COM LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024
IBHERO.COM LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024
DIRECTORS Mr A J G Matchett
Ms A Ward
REGISTERED OFFICE 2nd Floor 105-107 Farringdon Road
London
EC1R 3BU
United Kingdom
COMPANY NUMBER 09243318 (England and Wales)
ACCOUNTANT Shaw Gibbs Limited
264 Banbury Road
Oxford
OX2 7DY
United Kingdom
IBHERO.COM LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2024
IBHERO.COM LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 510,083 330,906
Tangible assets 4 18,419 46,021
528,502 376,927
Current assets
Stocks 23,377 28,764
Debtors 5 1,916,851 1,683,273
Investments 6 0 2,660,806
Cash at bank and in hand 2,902,677 202,298
4,842,905 4,575,141
Creditors: amounts falling due within one year 7 ( 3,247,704) ( 2,944,319)
Net current assets 1,595,201 1,630,822
Total assets less current liabilities 2,123,703 2,007,749
Provision for liabilities 8 ( 4,605) ( 94,231)
Net assets 2,119,098 1,913,518
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 2,118,998 1,913,418
Total shareholders' funds 2,119,098 1,913,518

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

Directors' responsibilities:

The financial statements of IBHero.Com Limited (registered number: 09243318) were approved and authorised for issue by the Board of Directors on 09 July 2025. They were signed on its behalf by:

Mr A J G Matchett
Director
IBHERO.COM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024
IBHERO.COM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

IBHero.Com Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2nd Floor 105-107 Farringdon Road, London, EC1R 3BU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 5 years straight line
Research and development

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 years straight line

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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 as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 42 45

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 January 2024 528,811 528,811
Additions 306,285 306,285
At 31 December 2024 835,096 835,096
Accumulated amortisation
At 01 January 2024 197,905 197,905
Charge for the financial year 127,108 127,108
At 31 December 2024 325,013 325,013
Net book value
At 31 December 2024 510,083 510,083
At 31 December 2023 330,906 330,906

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2024 221,138 221,138
Additions 1,309 1,309
At 31 December 2024 222,447 222,447
Accumulated depreciation
At 01 January 2024 175,117 175,117
Charge for the financial year 28,911 28,911
At 31 December 2024 204,028 204,028
Net book value
At 31 December 2024 18,419 18,419
At 31 December 2023 46,021 46,021

5. Debtors

2024 2023
£ £
Trade debtors 1,075,995 465,930
Amounts owed by Group undertakings 619,942 427,039
Prepayments and accrued income 173,744 742,818
Other debtors 47,170 47,486
1,916,851 1,683,273

6. Current asset investments

2024 2023
£ £
Instruments measured at fair value through profit or loss 0 2,660,806

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 915,842 91,771
Amounts owed to Group undertakings 1,059,095 1,481,888
Convertible loan notes 260,645 396,939
Accruals and deferred income 485,129 394,755
Corporation tax 47,469 79,580
Other taxation and social security 349,816 427,225
Other creditors 129,708 72,161
3,247,704 2,944,319

Included within creditors: amounts falling due within one year are unsecured convertible loans totalling £260,645 (2023: £396,939). The noteholder has the right to convert all outstanding notes held into preference shares at any point before repayment of principal. Interest of £2,882 (2023: £2,555) has been charged on these loan notes.

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 94,231) ( 42,513)
Credited/(charged) to the Profit and Loss Account 89,626 ( 51,718)
At the end of financial year ( 4,605) ( 94,231)

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 A ordinary shares of £ 1.00 each 100 100

10. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 54,237 21,806

11. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Convertible loan notes held by a director 260,645 396,939

Other related party transactions

2024 2023
£ £
The following amounts were owed to the company by Financial Edge Holding Co Limited, a company that A Matchett and A Ward are directors of. 628 628
The following amounts were owed to the company by Financial Edge (Asia), a company that A Matchett is director of. 116,121 393,944
The following amounts were owed by the company to IBHero.com (US) Inc, a company that A Matchett is director of. 1,059,095 1,481,888
The following amounts were owed to the company by Financial EdgeTraining PTE Ltd, a company that A Matchett is director of. 96,288 32,467
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