I-Net Systems Limited Company accounts

COMPANY REGISTRATION NUMBER: 03304232

I-Net Systems Limited

Unaudited Abridged Financial Statements

31 January 2025

I-Net Systems Limited

Abridged Financial Statements

Year ended 31 January 2025

Contents	Page

Director's report	1

Abridged statement of income and retained earnings	2

Abridged statement of financial position	3

Notes to the abridged financial statements	5

I-Net Systems Limited

Director's Report

Year ended 31 January 2025

The director presents his report and the unaudited abridged financial statements of the company for the year ended 31 January 2025 .

Director

The director who served the company during the year was as follows:

Mr S Money

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 27 October 2025 and signed on behalf of the board by:

Mr S Money
Director

Registered office:

Arkle House

31 Lonsdale Street

Carlisle

Cumbria

CA1 1BJ

I-Net Systems Limited

Abridged Statement of Income and Retained Earnings

Year ended 31 January 2025

	2025	2024
Note	£	£
Gross profit	–	–

Administrative expenses	( 3,124)	( 3,009)
	-------	-------
Operating loss	( 3,124)	( 3,009)

		-------	-------
Loss before taxation	4	( 3,124)	( 3,009)

Tax on loss	–	–
	-------	-------
Loss for the financial year and total comprehensive income	( 3,124)	( 3,009)
	-------	-------

Retained losses at the start of the year	( 56,125)	( 53,116)
	--------	--------
Retained losses at the end of the year	( 59,249)	( 56,125)
	--------	--------

All the activities of the company are from continuing operations.

I-Net Systems Limited

Abridged Statement of Financial Position

31 January 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	5		69	92

Current assets

Debtors	–	50
Cash at bank and in hand	332	350
	----	----
	332	400

Creditors: amounts falling due within one year	59,649		56,616
	--------		--------
Net current liabilities		59,317	56,216
		--------	--------
Total assets less current liabilities		( 59,248)	( 56,124)
		--------	--------
Net liabilities		( 59,248)	( 56,124)
		--------	--------

Capital and reserves

Called up share capital	1	1
Profit and loss account	( 59,249)	( 56,125)
	--------	--------
Shareholders deficit	( 59,248)	( 56,124)
	--------	--------

These abridged financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31 January 2025 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 abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 January 2025 in accordance with Section 444(2A) of the Companies Act 2006.

I-Net Systems Limited

Abridged Statement of Financial Position (continued)

31 January 2025

These abridged financial statements were approved by the board of directors and authorised for issue on 27 October 2025 , and are signed on behalf of the board by:

Mr S Money
Director

Company registration number: 03304232

I-Net Systems Limited

Notes to the Abridged Financial Statements

Year ended 31 January 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Arkle House, 31 Lonsdale Street, Carlisle, Cumbria, CA1 1BJ.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

In the director's opinion the company remains a going concern despite the net liability position due to the ongoing support of the company director.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires the use of estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Any estimate that has a degree of uncertainty or where judgement has been exercised in a particular area is expressly disclosed within the relevant accounting policy.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Plant and machinery	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

4. Profit before taxation

Profit before taxation is stated after charging:

	2025	2024
	£	£
Depreciation of tangible assets	23	31
	----	----

5. Tangible assets

	£
Cost
At 1 February 2024 and 31 January 2025	12,517
	--------
Depreciation
At 1 February 2024	12,425
Charge for the year	23
	--------
At 31 January 2025	12,448
	--------
Carrying amount
At 31 January 2025	69
	--------
At 31 January 2024	92
	--------