REGISTERED NUMBER: 07387407 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2025

for

iWare Designs Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

Mr G A Harwood

Mrs V J Harwood

Secretary:

Mr G A Harwood

Registered office:

Queens Head House

The Street

Acle

Norwich

Norfolk

NR13 3DY

Registered number:

07387407 (England and Wales)

Accountants:

Stephenson Smart (East Anglia) Limited

Queens Head House

The Street

Acle

Norwich

Norfolk

NR13 3DY

Fixed assets

Tangible assets

4

13,763

26,055

Current assets

Debtors

5

2,439,364

2,820,753

Cash at bank

1,118,225

776,997

3,557,589

3,597,750

Creditors

Amounts falling due within one year

6

(185,364

)

(221,572

)

Net current assets

3,372,225

3,376,178

Total assets less current liabilities

3,385,988

3,402,233

Provisions for liabilities

(4,781

)

(7,843

)

Net assets

3,381,207

3,394,390

Capital and reserves

Called up share capital

100

100

Retained earnings

3,381,107

3,394,290

3,381,207

3,394,390

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2025 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 May 2026 and were signed on its behalf by:

Mr G A Harwood - Director

1.	Statement of compliance

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.

2.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Tangible fixed 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 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 etc - 33% on cost and 25% on reducing balance

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3.	Employees and directors

The average number of employees during the year was 3 (2024 - 2 ) .

4.	Tangible fixed assets

Fixtures

Improvements

and

Computer

to property

fittings

equipment

Totals

£

£

£

£

Cost

At 1 September 2024

3,336

31,212

106,215

140,763

Additions

-

-

6,267

6,267

Disposals

-

(21,124

)

(72,087

)

(93,211

)

At 31 August 2025

3,336

10,088

40,395

53,819

Depreciation

At 1 September 2024

3,164

25,019

86,525

114,708

Charge for year

43

874

8,910

9,827

Eliminated on disposal

-

(18,428

)

(66,051

)

(84,479

)

At 31 August 2025

3,207

7,465

29,384

40,056

Net book value

At 31 August 2025

129

2,623

11,011

13,763

At 31 August 2024

172

6,193

19,690

26,055

5.

Debtors: amounts falling due within one year

31.8.25

31.8.24

£

£

Other debtors

2,439,364

2,820,753

6.

Creditors: amounts falling due within one year

31.8.25

31.8.24

£

£

Taxation and social security

168,908

201,059

Other creditors

16,456

20,513

185,364

221,572

7.	Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 31 August 2025 and 31 August 2024:

31.8.25

31.8.24

£

£

Mr G A Harwood and Mrs V J Harwood

Balance outstanding at start of year

362,188

169,382

Amounts advanced

313,805

387,572

Amounts repaid

(676,668

)

(194,766

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(675

)

362,188

In 2024, interest had been charged on the outstanding element of the above loan at the HMRC official rate of 2.25%, amounting to £5,913.62.

In 2025, interest has been charged on the outstanding element of the above loan at the HMRC official rate of 2.25% until 6 April 2025 when the rate changed to 3.75%, and this rate was used instead. Using the strict method, the amount came to £6,709.75.

8.	Related party disclosures

A loan exists between this company and Harwood Asset Management Limited (a company controlled by Mr G A Harwood and Mrs V J Harwood) totalling £2,358,875 (2024 - £2,358,875). This loan is interest free and repayable upon demand.