| Ionsquared Limited |
| Notes to the Accounts |
| for the year ended 31 July 2024 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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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. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities. |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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| 2 |
Employees |
2024 |
|
2023 |
| Number |
Number |
|
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Average number of persons employed by the company |
1 |
|
1 |
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| 3 |
Tangible fixed assets |
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Plant and machinery etc |
| £ |
|
Cost |
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At 1 August 2023 |
1,183 |
|
Additions |
583 |
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At 31 July 2024 |
1,766 |
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Depreciation |
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At 1 August 2023 |
361 |
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Charge for the year |
281 |
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At 31 July 2024 |
642 |
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Net book value |
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At 31 July 2024 |
1,124 |
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At 31 July 2023 |
822 |
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| 4 |
Investments |
| Investments in |
| subsidiary |
| undertakings |
| £ |
|
Cost |
|
At 1 August 2023 |
101 |
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At 31 July 2024 |
101 |
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The investment in subsidiaries represent the entire £100 share capital of Tech-I Limited and the £1 share capital of Caservico Limited. Tech-I Limited made a profit of £252 after tax in the year ended 31 July 2024 and at that date had net assets of £1536. Caservico Limited made a profit after tax of £413 in the year ended 31 July 2024 and had net liabilities at that date of £2211. |
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| 5 |
Debtors |
2024 |
|
2023 |
| £ |
£ |
|
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
50,189 |
|
49,064 |
|
Other debtors |
30,754 |
|
- |
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|
80,943 |
|
49,064 |
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| 6 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
| £ |
£ |
|
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
4,171 |
|
2,882 |
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Taxation and social security costs |
32,090 |
|
25,329 |
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Other creditors |
1,450 |
|
8,601 |
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37,711 |
|
36,812 |
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| 7 |
Other information |
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Ionsquared Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
58 Southcote Lane |
|
Reading |
|
RG30 3AD |