Registration number:
IORO Holdings Limited
trading as
for the Period from 14 August 2019 to 31 August 2020
IORO Holdings Limited
trading as IORO Holdings Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
IORO Holdings Limited
trading as IORO Holdings Limited
Company Information
Director |
Mrs Sara Eleanor Healy |
Registered office |
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Accountants |
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IORO Holdings Limited
trading as IORO Holdings Limited
(Registration number: 12156118)
Balance Sheet as at 31 August 2020
Note |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
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Net current liabilities |
( |
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Total assets less current liabilities |
( |
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Creditors: Amounts falling due after more than one year |
( |
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Net liabilities |
( |
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Capital and reserves |
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Called up share capital |
100 |
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Profit and loss account |
(129,981) |
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Total equity |
(129,881) |
IORO Holdings Limited
trading as IORO Holdings Limited
(Registration number: 12156118)
Balance Sheet as at 31 August 2020
For the financial period ending 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
IORO Holdings Limited
trading as IORO Holdings Limited
Notes to the Unaudited Financial Statements for the Period from 14 August 2019 to 31 August 2020
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These 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
At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the shareholders that they will continue to give financial support to the company for twelve months from the date of signing these accounts.
On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above may not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustments to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.
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.
IORO Holdings Limited
trading as IORO Holdings Limited
Notes to the Unaudited Financial Statements for the Period from 14 August 2019 to 31 August 2020
Tangible assets
Tangible assets are stated in the statement of financial position 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% straight line |
IORO Holdings Limited
trading as IORO Holdings Limited
Notes to the Unaudited Financial Statements for the Period from 14 August 2019 to 31 August 2020
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
IORO Holdings Limited
trading as IORO Holdings Limited
Notes to the Unaudited Financial Statements for the Period from 14 August 2019 to 31 August 2020
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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Additions |
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At 31 August 2020 |
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Depreciation |
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Charge for the period |
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At 31 August 2020 |
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Carrying amount |
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At 31 August 2020 |
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Debtors |
2020 |
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Trade debtors |
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Prepayments |
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Other debtors |
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IORO Holdings Limited
trading as IORO Holdings Limited
Notes to the Unaudited Financial Statements for the Period from 14 August 2019 to 31 August 2020
Creditors |
Creditors: amounts falling due within one year
2020 |
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Due within one year |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2020 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2020 |
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Non-current loans and borrowings |
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Bank borrowings |
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