IOA Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03855501 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

IOA LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S R Hawkins

G L Weller

REGISTERED OFFICE:

Essex House

21 Eastways

Witham

Essex

CM8 3YQ

REGISTERED NUMBER:

03855501 (England and Wales)

ACCOUNTANTS:

Crowe U.K. LLP

Riverside House

40-46 High Street

Maidstone

Kent

ME14 1JH

FIXED ASSETS

Tangible assets

4

1,907

2,895

CURRENT ASSETS

Debtors

5

615,311

108,651

Cash at bank and in hand

89,393

9,196

704,704

117,847

CREDITORS

Amounts falling due within one year

6

(654,435

)

(83,997

)

NET CURRENT ASSETS

50,269

33,850

TOTAL ASSETS LESS CURRENT LIABILITIES

52,176

36,745

CAPITAL AND RESERVES

Called up share capital

7

9

11

Capital redemption reserve

8

13

11

Retained earnings

8

52,154

36,723

SHAREHOLDERS' FUNDS

52,176

36,745

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2022 and were signed on its behalf by:

G L Weller - Director

1.	STATUTORY INFORMATION

IOA Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Going Concern

Accounting standards require the directors to consider the appropriateness of the going concern basis when preparing the financial statements. The directors confirm that they consider that the going concern basis remains appropriate. The directors believe that the company has sufficient resources to continue in operational existence for the foreseeable future. The directors believe this to be the case as the company has positive reserves, cash balances and no significant long term liabilities. They have also concluded that there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

Therefore they continue to adopt the going concern basis of accounting preparing the annual financial statements.

Turnover

Revenue represents income recognised by the Company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

Revenue is recognised when collections from members' gaming machines have been made, usually on a weekly or fortnightly basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office equipment is depreciated at 25% reducing balance.

Fixtures and fittings is depreciated at 25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of the financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial reporting standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

- the requirements of Section 7 Statement of Cash Flows;

- the requirements of Section 3 Financial statement of Presentation paragraph 3.17 (d);

- the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A;

- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29;

- the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

- the requirements of Section 33 Related Party Disclosures paragraph 33.7.

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.

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.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with no significant risk of change in value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2021

2,788

36,240

39,028

Additions

-

100

100

At 31 December 2021

2,788

36,340

39,128

DEPRECIATION

At 1 January 2021

2,318

33,815

36,133

Charge for year

470

618

1,088

At 31 December 2021

2,788

34,433

37,221

NET BOOK VALUE

At 31 December 2021

-

1,907

1,907

At 31 December 2020

470

2,425

2,895

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

583,687

103,492

Tax

1,149

1,150

VAT

11,799

3,136

Prepayments

18,676

873

615,311

108,651

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

593,343

71,841

Corporation tax

1

17

Accruals and deferred income

61,091

12,139

654,435

83,997

7.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2021

2020

value:

£

£

9

Share capital 1

£1

9

11

8.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 January 2021

36,723

11

36,734

Profit for the year

15,431

15,431

Purchase of own shares

-

2

2

At 31 December 2021

52,154

13

52,167

Capital redemption reserve

On the purchase of own shares as part of a buy-back programme, a transfer is made from retained earnings to the capital redemption reserve equivalent to the nominal value of shares purchased.

Profit & loss account

Profit and loss account represents accumulated reserves.

9.	RELATED PARTY DISCLOSURES

Trident Machines Limited

A company in which the former directors of IOA Limited have a material interest.

During the year the company made sales of £350,886 (2020: £370,537) to Trident Machines Limited, as at the balance sheet date £304,268 (2020: £11,921) was outstanding.

During the year the company made purchases of £49,166 (2020: £73,910) from Trident Machines Limited, as at the balance sheet date £69,699 (2020: £9,285) was outstanding.

The above balances include those in relation to another entity which the former directors of Trident Machines Limited had connection with.

Trident went into administration during 2022. The directors of IOA Limited are in negotiation regarding the balances outstanding. No provision has been made within these accounts as no agreement has yet been reached.

Amdex Solutions Limited

A company in which the former directors of IOA Limited have a material interest.

During the year the company made sales of £NIL (2020: £NIL) to Amdex Solutions Limited, as at the balance sheet date £NIL (2020: £NIL) was outstanding.

During the year the company made purchases of £NIL (2020 £53,344) from Amdex Solutions Limited, as at the balance sheet date £18,722 (2020: £14,977) was outstanding.

Essex Leisure Limited

A company in which the directors of IOA Limited have a material interest.

During the year the company made sales of £720,061 (2020: £NIL) to Essex Leisure Limited, as at the balance sheet date £73,731 (2020: £NIL) was outstanding.

During the year the company made purchases of £19,107 (2020 £NIL) to Essex Leisure Limited, as at the balance sheet date £23,185 (2020: £NIL) was outstanding.

10.	ULTIMATE CONTROLLING PARTY

The company is constituted as a mutual organisation for the benefit of the members. The directors of the company act in accordance with the member's wishes.