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Registration number: 13718018

iProduct Labs Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 November 2024

 

iProduct Labs Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 11

 

iProduct Labs Limited

Company Information

Director

Mr Matthew Robert Larter

Company secretary

Ms Natasha Kate Marie Parsons

Registered office

20-22 Wenlock Road
London
N1 7GU

Accountants

Franklin, Chartered Accountants 320 Garratt Lane
London
SW18 4EJ

 

iProduct Labs Limited

(Registration number: 13718018)
Abridged Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,001

3,118

Current assets

 

Debtors

5,146

4,827

Cash at bank and in hand

 

43,885

3,335

 

49,031

8,162

Creditors: Amounts falling due within one year

(20,146)

(9,933)

Net current assets/(liabilities)

 

28,885

(1,771)

Total assets less current liabilities

 

29,886

1,347

Provisions for liabilities

(190)

(593)

Net assets

 

29,696

754

Capital and reserves

 

Called up share capital

5

300

300

Retained earnings

29,396

454

Shareholders' funds

 

29,696

754

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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

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 26 August 2025
 

 

iProduct Labs Limited

(Registration number: 13718018)
Abridged Balance Sheet as at 30 November 2024

.........................................
Mr Matthew Robert Larter
Director

 

iProduct Labs Limited

Notes to the Unaudited Abridged 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 & Wales.

The address of its registered office is:
20-22 Wenlock Road
London
N1 7GU

The principal place of business is:
92 Red Post Hill
London
SE24 9PW

These financial statements were authorised for issue by the director on 26 August 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 abridged 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 abridged 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

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.

 

iProduct Labs Limited

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

33.33% 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.

 

iProduct Labs Limited

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

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

iProduct Labs Limited

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

Financial instruments

Classification
The Company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments.

 Recognition and measurement
Financial instruments are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate.

 Impairment
Financial instruments are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 3).

 

iProduct Labs Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2023

7,076

7,076

Additions

363

363

At 30 November 2024

7,439

7,439

Depreciation

At 1 December 2023

3,958

3,958

Charge for the year

2,480

2,480

At 30 November 2024

6,438

6,438

Carrying amount

At 30 November 2024

1,001

1,001

At 30 November 2023

3,118

3,118

5

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

100

100

100

100

Ordinary B of £1 each

100

100

100

100

Ordinary C of £1 each

100

100

100

100

300

300

300

300

6

Dividends

Interim dividends paid

 

iProduct Labs Limited

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

2024
£

2023
£

Interim dividend of £107.2899 (2023 - £140.00) per each Ordinary A

10,729

14,000

Interim dividend of £160.00 (2023 - £140.00) per each Ordinary B

16,000

14,000

26,729

28,000

7

Related party transactions

 

iProduct Labs Limited

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

Transactions with the director

2024

At 1 December 2023
£

At 30 November 2024
£

Mr Matthew Robert Larter

Directors Loan

300

300

2023

At 1 December 2022
£

Repayments by director
£

At 30 November 2023
£

Mr Matthew Robert Larter

Directors Loan

1,300

(1,000)

300

 

iProduct Labs Limited

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

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

40,680

50,000

Contributions paid to money purchase schemes

55,000

28,000

95,680

78,000

Dividends paid to the director

2024
£

2023
£

Mr Matthew Robert Larter

Ordinary A

10,729

14,000