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Registration number: 10490176

ITHACA LABS LIMITED

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2024

 

ITHACA LABS LIMITED

Contents

Company Information

1

Director's Report

2

Profit and Loss Account

3

Balance Sheet

4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 9

 

ITHACA LABS LIMITED

Company Information

Director

Mr M Tsirekas

Registered office

19 Tree Road
London
E16 3DZ

 

ITHACA LABS LIMITED

Director's Report for the Year Ended 30 November 2024

The director presents his report and the financial statements for the year ended 30 November 2024.

Director of the company

The director who held office during the year was as follows:

Mr M Tsirekas

Principal activity

The principal activity of the company is information technology consultancy services

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 30 July 2025
 

.........................................
Mr M Tsirekas
Director

 

ITHACA LABS LIMITED

Profit and Loss Account for the Year Ended 30 November 2024

Note

2024
£

2023
£

Turnover

 

8,700

61,300

Gross profit

 

8,700

61,300

Administrative expenses

 

(10,553)

(8,493)

Operating (loss)/profit

 

(1,853)

52,807

(Loss)/profit before tax

(1,853)

52,807

Tax on (loss)/profit

 

-

(7,932)

(Loss)/profit for the financial year

 

(1,853)

44,875

 

ITHACA LABS LIMITED

(Registration number: 10490176)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Current assets

 

Debtors

5

-

1,000

Cash at bank and in hand

 

4,522

57,992

 

4,522

58,992

Creditors: Amounts falling due within one year

6

(1,199)

(20,599)

Net assets

 

3,323

38,393

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

3,322

38,392

Shareholders' funds

 

3,323

38,393

For the financial year ending 30 November 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 30 July 2025
 

.........................................
Mr M Tsirekas
Director

 

ITHACA LABS LIMITED

Statement of Changes in Equity for the Year Ended 30 November 2024

Share capital
£

Retained earnings
£

Total
£

At 1 December 2023

1

38,393

38,394

Loss for the year

-

(1,853)

(1,853)

Dividends

-

(33,218)

(33,218)

At 30 November 2024

1

3,322

3,323

Share capital
£

Retained earnings
£

Total
£

At 1 December 2022

1

10,072

10,073

Profit for the year

-

44,875

44,875

Dividends

-

(16,555)

(16,555)

At 30 November 2023

1

38,392

38,393

 

ITHACA LABS LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

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

The address of its registered office is:
19 Tree Road
London
E16 3DZ
England

These financial statements were authorised for issue by the director on 30 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.

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 tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

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.

 

ITHACA LABS LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

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

33.33% on straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

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.

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).

 

ITHACA LABS LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2023

1,575

1,575

At 30 November 2024

1,575

1,575

Depreciation

At 1 December 2023

1,575

1,575

At 30 November 2024

1,575

1,575

Carrying amount

At 30 November 2024

-

-

5

Debtors

Current

2024
£

2023
£

Trade debtors

-

1,000

 

-

1,000

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

-

7,932

Accruals and deferred income

1,200

1,200

Other creditors

(1)

11,467

1,199

20,599

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       
 

ITHACA LABS LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

8

Dividends

2024

2023

£

£

Interim dividend of £33,218.00 (2023 - £16,555.00) per ordinary share

33,218

16,555