Company Registration No. 09327536 (England and Wales)
Iris and Violet Ltd
Unaudited accounts
for the year ended 31 March 2023
Iris and Violet Ltd
Unaudited accounts
Contents
Iris and Violet Ltd
Company Information
for the year ended 31 March 2023
Director
Ms Kristy Goodger
Company Number
09327536 (England and Wales)
Registered Office
43-45 High Road,
Bushey Health,
England
WD23 1EE
Accountants
Charterwells
Suite 8, 2nd Floor
43-45 High Road
Bushey Heath
WD23 1EE
Iris and Violet Ltd
Statement of financial position
as at 31 March 2023
Intangible assets
9,864
8,820
Cash at bank and in hand
(71)
6,087
Creditors: amounts falling due within one year
5,226
3,883
Net current assets
5,155
9,970
Total assets less current liabilities
15,371
19,504
Creditors: amounts falling due after more than one year
(14,427)
(19,485)
Profit and loss account
943
18
Shareholders' funds
944
19
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 30 October 2023 and were signed on its behalf by
Ms Kristy Goodger
Director
Company Registration No. 09327536
Iris and Violet Ltd
Notes to the Accounts
for the year ended 31 March 2023
Iris and Violet Ltd is a private company, limited by shares, registered in England and Wales, registration number 09327536. The registered office is 43-45 High Road,, Bushey Health,, England, WD23 1EE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value-added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates, and other similar allowances.
Expenditure on research and development is written off in the year in which it is incurred.
Tangible fixed assets and depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & fittings
20% Straight Line
Iris and Violet Ltd
Notes to the Accounts
for the year ended 31 March 2023
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognized on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable timing differences. Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilized. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset
reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognized in profit or loss, except when they related to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognized in other comprehensive income or directly in equity respectively.
Intangible fixed assets (including Research & Development) are included at cost.
4
Intangible fixed assets
Other
Iris and Violet Ltd
Notes to the Accounts
for the year ended 31 March 2023
5
Tangible fixed assets
Fixtures & fittings
6
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
5,792
7,445
Loans from directors
(11,018)
(11,328)
7
Creditors: amounts falling due after more than one year
2023
2022
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Director's Loan
11,328
-
-
11,328
The loan above is interest free and repayable on demand. This loan has been repaid in full within 9 months after the accounting year end.
9
Average number of employees
During the year the average number of employees was 1 (2022: 1).
