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REGISTERED NUMBER: 14356607 (England and Wales)











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: O H Colin
J C Cotton





REGISTERED OFFICE: 102 Middlesex Street
London
E1 7EZ





REGISTERED NUMBER: 14356607 (England and Wales)





ACCOUNTANTS: Galloways Accounting (Hove) Limited
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 4 142,494 129,716
Tangible assets 5 715 833
143,209 130,549

CURRENT ASSETS
Debtors 6 275,731 187,314
Cash at bank 12,332 41,238
288,063 228,552
CREDITORS
Amounts falling due within one year 7 (44,257 ) (70,152 )
NET CURRENT ASSETS 243,806 158,400
TOTAL ASSETS LESS CURRENT LIABILITIES 387,015 288,949

CREDITORS
Amounts falling due after more than one year 8 (1,324,316 ) (884,315 )
NET LIABILITIES (937,301 ) (595,366 )

CAPITAL AND RESERVES
Called up share capital 111,153 111,153
Share premium 31,732 31,732
Retained earnings (1,080,186 ) (738,251 )
(937,301 ) (595,366 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 25 July 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 25 July 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 August 2025 and were signed on its behalf by:




O H Colin - Director



J C Cotton - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Development costs are being amortised evenly over their estimated useful life of five years.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 20% on cost

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 7 (2023 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Development Computer
costs software Totals
£    £    £   
COST
At 1 January 2024 143,538 18,858 162,396
Additions 12,842 20,065 32,907
At 25 July 2024 156,380 38,923 195,303
AMORTISATION
At 1 January 2024 28,908 3,772 32,680
Amortisation for period 16,991 3,138 20,129
At 25 July 2024 45,899 6,910 52,809
NET BOOK VALUE
At 25 July 2024 110,481 32,013 142,494
At 31 December 2023 114,630 15,086 129,716

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 1,041
DEPRECIATION
At 1 January 2024 208
Charge for period 118
At 25 July 2024 326
NET BOOK VALUE
At 25 July 2024 715
At 31 December 2023 833

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 164,742 169,369
Accrued income 97,160 -
Prepayments 13,829 17,945
275,731 187,314

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 14,799 8,806
Social security and other taxes 12,738 20,634
VAT 13,096 35,553
Pensions payable 1,225 4,319
Accrued expenses 2,399 840
44,257 70,152

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Shareholder loans 1,033,451 -
Directors' loan accounts 290,865 884,315
1,324,316 884,315

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 O Colin & A Colin.

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