REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 28 FEBRUARY 2022 |
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IFLSCIENCE LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 28 FEBRUARY 2022 |
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FOR |
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IFLSCIENCE LIMITED |
IFLSCIENCE LIMITED (REGISTERED NUMBER: 09435049) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2022 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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IFLSCIENCE LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 28 FEBRUARY 2022 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
61 Station Road |
Sudbury |
Suffolk |
CO10 2SP |
IFLSCIENCE LIMITED (REGISTERED NUMBER: 09435049) |
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BALANCE SHEET |
28 FEBRUARY 2022 |
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28.2.21 | 28.2.22 |
£ | £ | Notes | £ | £ |
FIXED ASSETS |
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Intangible assets | 4 |
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Property, plant and equipment | 5 |
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Investments | 6 |
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CURRENT ASSETS |
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Inventories |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
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Amounts falling due within one year | 8 |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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CAPITAL AND RESERVES |
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Called up share capital | 9 |
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) | SHAREHOLDERS' FUNDS | ( |
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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. |
IFLSCIENCE LIMITED (REGISTERED NUMBER: 09435049) |
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BALANCE SHEET - continued |
28 FEBRUARY 2022 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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IFLSCIENCE LIMITED (REGISTERED NUMBER: 09435049) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2022 |
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1. | STATUTORY INFORMATION |
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IFLScience Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents the value of sales during the year, by reference to invoiced sales. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses. |
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Website |
The company has capitalised costs incurred in developing the company's website from which it derives the majority of its income. |
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The directors have determined that the useful life of the website is 2 years and the costs are amortised evenly over this period. |
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Trademarks |
The company has capitalised the costs of establishing and registering trademarks. |
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Trademark registration is for 10 years and the costs are amortised evenly over this period. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Computer equipment | - |
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Stocks |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Cost is calculated on an average cost basis which produces a valuation commensurate with a traditional historic cost basis. |
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Financial instruments |
The company enters into basic financial instrument transactions, as appropriate and as and when required, that result in the recognition of financial assets and liabilities within the financial statements such as trade and other accounts receivable and payable, bank loans and hire purchase and lease contracts. |
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IFLSCIENCE LIMITED (REGISTERED NUMBER: 09435049) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2022 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year 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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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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. |
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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. |
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Going concern |
At the year end the company had significant net current liabilities and its total liabilities exceeded its total assets. However there is sufficient financial support available from other associated companies controlled by the Director to be of the opinion that the company remains a going concern for a period of at least twelve months from the date of approving these financial statements. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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IFLSCIENCE LIMITED (REGISTERED NUMBER: 09435049) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2022 |
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4. | INTANGIBLE FIXED ASSETS |
Totals | Trademarks | Website |
£ | £ | £ |
COST |
At 1 March 2021 |
and 28 February 2022 |
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AMORTISATION |
At 1 March 2021 |
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Amortisation for year |
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At 28 February 2022 |
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NET BOOK VALUE |
At 28 February 2022 |
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At 28 February 2021 |
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5. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
and | Computer |
Totals | fittings | equipment |
£ | £ | £ |
COST |
At 1 March 2021 |
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Disposals | ( |
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At 28 February 2022 |
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DEPRECIATION |
At 1 March 2021 |
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Charge for year |
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Eliminated on disposal | ( |
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At 28 February 2022 |
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NET BOOK VALUE |
At 28 February 2022 |
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At 28 February 2021 |
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6. | FIXED ASSET INVESTMENTS |
IFLSCIENCE LIMITED (REGISTERED NUMBER: 09435049) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2022 |
Loans to |
group |
undertakings |
£ |
At 1 March 2021 |
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Other movement |
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At 28 February 2022 |
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The investment in the subsidiary is held in US Dollars. The movement in the year reflects the change in exchange rates. |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.22 | 28.2.21 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.22 | 28.2.21 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Amounts owed to associates | 1,822,937 | 1,727,821 |
Taxation and social security |
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Other creditors |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 28.2.22 | 28.2.21 |
value: | £ | £ |
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Ordinary | £1 | 102 | 102 |
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10. | ULTIMATE CONTROLLING PARTY |
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The controlling party is R A Kafato. |