iFro Ltd 07417976 false 2023-11-01 2024-10-31 2024-10-31 The principal activity of the company is to provide IT and project management services Digita Accounts Production Advanced 6.30.9574.0 true true 07417976 2023-11-01 2024-10-31 07417976 2024-10-31 07417976 bus:OrdinaryShareClass1 2024-10-31 07417976 core:CurrentFinancialInstruments 2024-10-31 07417976 core:CurrentFinancialInstruments core:WithinOneYear 2024-10-31 07417976 core:FurnitureFittings 2024-10-31 07417976 bus:SmallEntities 2023-11-01 2024-10-31 07417976 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 07417976 bus:FilletedAccounts 2023-11-01 2024-10-31 07417976 bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 07417976 bus:RegisteredOffice 2023-11-01 2024-10-31 07417976 bus:Director1 2023-11-01 2024-10-31 07417976 bus:OrdinaryShareClass1 2023-11-01 2024-10-31 07417976 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 07417976 bus:Agent1 2023-11-01 2024-10-31 07417976 core:FurnitureFittings 2023-11-01 2024-10-31 07417976 core:OfficeEquipment 2023-11-01 2024-10-31 07417976 countries:AllCountries 2023-11-01 2024-10-31 07417976 2023-10-31 07417976 core:FurnitureFittings 2023-10-31 07417976 2022-11-01 2023-10-31 07417976 2023-10-31 07417976 bus:OrdinaryShareClass1 2023-10-31 07417976 core:CurrentFinancialInstruments 2023-10-31 07417976 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 07417976 core:FurnitureFittings 2023-10-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07417976

iFro Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

iFro Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

iFro Ltd

Company Information

Director

Mr Steven Carl Frowen

Registered office

3rd Floor
166 College Road
Harrow
Middlesex
HA1 1BH

Accountants

MG Contractor Services Ltd
Chartered Accountants166 College Road
Harrow
Middlesex
HA1 1BH

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
iFro Ltd
for the Year Ended 31 October 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of iFro Ltd for the year ended 31 October 2024 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of iFro Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of iFro Ltd and state those matters that we have agreed to state to the Board of Directors of iFro Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than iFro Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that iFro Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of iFro Ltd. You consider that iFro Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of iFro Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

MG Contractor Services Ltd
Chartered Accountants
166 College Road
Harrow
Middlesex
HA1 1BH

11 July 2025

 

iFro Ltd

(Registration number: 07417976)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

396

1,068

Current assets

 

Debtors

5

-

2,437

Creditors: Amounts falling due within one year

6

(5,060)

(4,325)

Net current liabilities

 

(5,060)

(1,888)

Net liabilities

 

(4,664)

(820)

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

(4,665)

(821)

Shareholders' deficit

 

(4,664)

(820)

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

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 11 July 2025
 

.........................................
Mr Steven Carl Frowen
Director

 

iFro Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
3rd Floor
166 College Road
Harrow
Middlesex
HA1 1BH
England

These financial statements were authorised for issue by the director on 11 July 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.

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.

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.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

iFro Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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

Office equipment

25% straight line

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 initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

iFro Ltd

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 November 2023

12,124

12,124

At 31 October 2024

12,124

12,124

Depreciation

At 1 November 2023

11,056

11,056

Charge for the year

672

672

At 31 October 2024

11,728

11,728

Carrying amount

At 31 October 2024

396

396

At 31 October 2023

1,068

1,068

5

Debtors

Current

2024
£

2023
£

Other debtors

-

2,437

 

-

2,437

 

iFro Ltd

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

2,545

4,325

Other creditors

 

2,515

-

 

5,060

4,325

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

2,545

4,325

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

9

Related party transactions

During the year, the company made the following related party transactions:

Director
At the balance sheet date, the amounts due to/(from) the Director was £2,515 (2023 - (£980)). Interest was charged at 2.25% on these loans. These loans were unsecured and repayable on demand.