REGISTERED NUMBER: 09055249 (England and Wales)

ICanProve.IT Limited

Unaudited Financial Statements for the Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr B L Callenfors

REGISTERED OFFICE:

4 Gleneagles Court

Brighton Road

Crawley

West Sussex

RH10 6AD

REGISTERED NUMBER:

09055249 (England and Wales)

ACCOUNTANTS:

Swindells LLP

Chartered Accountants

Atlantic House

8 Bell Lane

Bellbrook Industrial Estate

Uckfield

East Sussex

TN22 1QL

FIXED ASSETS

Tangible assets

4

5,625

9,170

CURRENT ASSETS

Debtors

5

298,560

331,563

Cash at bank

2,484

3,734

301,044

335,297

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

6

734,674

751,381

NET CURRENT LIABILITIES

(433,630

)

(416,084

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(428,005

)

(406,914

)

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

7

(5,833

)

(15,834

)

PROVISIONS FOR LIABILITIES

(1,406

)

(2,293

)

NET LIABILITIES

(435,244

)

(425,041

)

CAPITAL AND RESERVES

Called up share capital

8

1,003

1,003

Retained earnings

(436,247

)

(426,044

)

SHAREHOLDERS' FUNDS

(435,244

)

(425,041

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 September 2025 and were signed by:

Mr B L Callenfors - Director

1.	STATUTORY INFORMATION

ICanProve.IT 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 net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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 contributes to employees' pension schemes. Contributions payable are charged to the income statement in the period to which they relate.

Going concern

These financial statements have been prepared on a going concern basis notwithstanding the deficit in net assets shown on the Balance Sheet. The directors have assessed whether the going concern basis of preparation continues to be appropriate, based on whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern.

At the time of approving the financial statements the directors believe that all appropriate measures have been or will be taken to ensure that the company will be able to continue its operations for at least the next twelve months. The parent company, Observit AB, and Observit Limited, a fellow group company, have indicated that they will continue to support the company for at least this period. The directors have thus concluded that the going concern basis remains appropriate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

17,557

18,533

36,090

DEPRECIATION

At 1 January 2024

15,066

11,854

26,920

Charge for year

1,875

1,670

3,545

At 31 December 2024

16,941

13,524

30,465

NET BOOK VALUE

At 31 December 2024

616

5,009

5,625

At 31 December 2023

2,491

6,679

9,170

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

75,191

72,014

Other debtors

223,369

259,549

298,560

331,563

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

10,000

10,000

Trade creditors

722,974

739,970

Accruals and deferred income

1,700

1,411

734,674

751,381

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 1-2 years

5,833

10,000

Bank loans - 2-5 years

-

5,834

5,833

15,834

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

1,000

Ordinary

£1

1,000

1,000

2

Ordinary A

£1

2

2

1

Ordinary B

£1

1

1

1,003

1,003

Ordinary shares have full voting, dividend and capital distribution rights. Ordinary A shares and Ordinary B shares do not carry voting rights or any rights to capital distributions (including on winding up), but do have full dividend rights.

9.	RELATED PARTY DISCLOSURES

During the period Observit Limited, a company under common control, made payments on behalf of the company totalling £107,248 (2023 - £199,979) and the company made repayments totalling £101,270 (2023 - £485,652). At the balance sheet date Observit Limited owed the company £223,057 (2023 - £229,035). This loan is unsecured, interest free and repayable on demand.

10.	PARENT COMPANY

The company's parent company is Observit AB, a company registered in Sweden with the registered office address of Sundsvall Kommun, Västernorrlands Iän, Sweden.