| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 JANUARY 2024 TO 25 JULY 2024 |
| FOR |
| IO SPHERE LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 JANUARY 2024 TO 25 JULY 2024 |
| FOR |
| IO SPHERE LIMITED |
| IO SPHERE LIMITED (REGISTERED NUMBER: 14356607) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 JANUARY 2024 TO 25 JULY 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| IO SPHERE LIMITED |
| COMPANY INFORMATION |
| FOR THE PERIOD 1 JANUARY 2024 TO 25 JULY 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 15 West Street |
| Brighton |
| East Sussex |
| BN1 2RL |
| IO SPHERE LIMITED (REGISTERED NUMBER: 14356607) |
| BALANCE SHEET |
| 25 JULY 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| ( |
) | ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| IO SPHERE LIMITED (REGISTERED NUMBER: 14356607) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 JANUARY 2024 TO 25 JULY 2024 |
| 1. | STATUTORY INFORMATION |
| Io Sphere Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents sales of services net of VAT. Turnover is recognised at the point the customer is entitled to consideration. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Computer equipment | - |
| Taxation |
| Taxation for the period 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| 4. | INTANGIBLE FIXED ASSETS |
| Development | Computer |
| costs | software | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 25 July 2024 |
| AMORTISATION |
| At 1 January 2024 |
| Amortisation for period |
| At 25 July 2024 |
| NET BOOK VALUE |
| At 25 July 2024 |
| At 31 December 2023 |
| IO SPHERE LIMITED (REGISTERED NUMBER: 14356607) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 JANUARY 2024 TO 25 JULY 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Computer |
| equipment |
| £ |
| COST |
| At 1 January 2024 |
| and 25 July 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for period |
| At 25 July 2024 |
| NET BOOK VALUE |
| At 25 July 2024 |
| At 31 December 2023 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Accrued income |
| Prepayments |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Social security and other taxes |
| VAT | 13,096 | 35,553 |
| Pensions payable | 1,225 | 4,319 |
| Accrued expenses |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Shareholder loans | 1,033,451 | - |
| Directors' loan accounts | 290,865 | 884,315 |
| 9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| During the period, O H Colin maintained a loan to the company. As at 25 July 2024 the company owed him £261,250 (2023: £261,250). This balance represented the maximum amount outstanding during the period, interest is charged on the loan and the balance is repayable over one year. |
| During the period, J C Cotton maintained a loan to the company. As at 25 July 2024 the company owed him £29,615 (2023: £29,615). This balance represented the maximum amount outstanding during the period, interest is charged on the loan and the balance is repayable over one year. |
| 10. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is |
| This was by virtue of their 95% holding of the issued share capital. |
| 11. | TRANSITION TO FRS 102 1A |
| The company transitioned from FRS 105 to FRS 102 as of 1 January 2024, adopting the principles of FRS 102 1a retrospectively. The transition to FRS 102 had no affect on figures for the prior period, and therefore, no restatement is required |