Company No: 06825906 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	William Samuel Arrowsmith
	Simon Dominic Ingram
	Paula Jayne Miller

SECRETARY

Paula Jayne Miller

REGISTERED OFFICE	C/O Praxis
	1 Poultry
	London
	EC2R 8EJ
	United Kingdom

COMPANY NUMBER

06825906 (England and Wales)

ACCOUNTANT	Praxis
	1 Poultry
	London
	EC2R 8EJ
	United Kingdom

	Note	2021		2020
		£		£
Fixed assets
Intangible assets	3	241,370		285,984
Tangible assets	4	7,549		11,507
Investments	5	626		624
		249,545		298,115
Current assets
Debtors	6	160,143		41,763
Cash at bank and in hand		12,384		74,782
		172,527		116,545
Creditors
Amounts falling due within one year	7	( 37,721)		( 21,912)
Net current assets		134,806		94,633
Total assets less current liabilities		384,351		392,748
Creditors
Amounts falling due after more than one year		( 40,833)		0
Net assets		343,518		392,748
Capital and reserves
Called-up share capital	8	370		366
Share premium account		76,816		75,404
Profit and loss account		266,332		316,978
Total shareholders' funds		343,518		392,748

For the financial year ending 31 December 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Ionoco Holdings Limited (registered number: 06825906) were approved and authorised for issue by the Board of Directors on 20 May 2022. They were signed on its behalf by:

P J Miller Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ionoco Holdings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Praxis, 1 Poultry, London, EC2R 8EJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Exemption from preparing group accounts

Ionoco Holdings Limited is exempt from preparing consolidated accounts as it is part of a small group.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill	10 years straight line
Other intangible assets	not amortised

Goodwill

Goodwill arising on the acquisition of subsidiary undertakings and business, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life, which is 10 years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery etc.

3 - 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, that are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	3		3

3. Intangible assets

	Goodwill		Other intangible assets		Total
	£		£		£
Cost
At 01 January 2021	119,385		400,000		519,385
Additions	0		7,500		7,500
At 31 December 2021	119,385		407,500		526,885
Accumulated amortisation
At 01 January 2021	103,401		130,000		233,401
Charge for the financial year	11,938		40,176		52,114
At 31 December 2021	115,339		170,176		285,515
Net book value
At 31 December 2021	4,046		237,324		241,370
At 31 December 2020	15,984		270,000		285,984

4. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 January 2021	65,956		65,956
At 31 December 2021	65,956		65,956
Accumulated depreciation
At 01 January 2021	54,449		54,449
Charge for the financial year	3,958		3,958
At 31 December 2021	58,407		58,407
Net book value
At 31 December 2021	7,549		7,549
At 31 December 2020	11,507		11,507

5. Fixed asset investments

Investments in subsidiaries

	2021
	£
Cost
At 01 January 2021	624
Additions	2
At 31 December 2021	626
Carrying value at 31 December 2021	626
Carrying value at 31 December 2020	624

6. Debtors

	2021		2020
	£		£
Trade debtors	0		5,142
Amounts owed by own subsidiaries	157,278		24,873
Other debtors	2,865		11,748
	160,143		41,763

7. Creditors: amounts falling due within one year

	2021		2020
	£		£
Bank loans	9,167		0
Trade creditors	20,450		19,437
Other creditors	8,104		2,475
	37,721		21,912

8. Called-up share capital

	2021		2020
	£		£
Allotted, called-up and fully-paid
31,793 Ordinary A shares of £ 0.01 each (2020: 31,439 shares of £ 0.01 each)	318		314
5,209 Ordinary B shares of £ 0.01 each	52		52
	370		366

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2021		2020
	£		£
- within one year	30,367		34,000
- between one and five years	0		30,367
	30,367		64,367

The Company had no material capital commitments at the year ended 31 December 2021.

10. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial year.