IOA Limited - Accounts to registrar (filleted) - small 23.2.5
IOA Limited - Accounts to registrar (filleted) - small 23.2.5
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
IOA LIMITED |
IOA LIMITED (REGISTERED NUMBER: 03855501) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
IOA LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Riverside House |
40-46 High Street |
Maidstone |
Kent |
ME14 1JH |
IOA LIMITED (REGISTERED NUMBER: 03855501) |
BALANCE SHEET |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Capital redemption reserve | 8 |
Retained earnings | 8 |
SHAREHOLDERS' FUNDS |
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. |
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 |
IOA LIMITED (REGISTERED NUMBER: 03855501) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
IOA Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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. |
IOA LIMITED (REGISTERED NUMBER: 03855501) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
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. |
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 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Office |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2022 |
and 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
IOA LIMITED (REGISTERED NUMBER: 03855501) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Tax |
VAT |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Corporation tax |
Accruals and deferred income |
7. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Share capital 1 | £1 | 8 | 9 |
8. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2022 | 52,167 |
Deficit for the year | ( |
) | ( |
) |
Purchase of own shares | - | 1 | 1 |
At 31 December 2022 | 36,429 |
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. |
IOA LIMITED (REGISTERED NUMBER: 03855501) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
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 £283,367 (2021: £350,886) to Trident Machines Limited, as at the balance sheet date £230,563 (2021: £304,268) was outstanding. |
During the year the company made purchases of £16,531 (2021: £49,166) from Trident Machines Limited, as at the balance sheet date £79,363 (2021: £69,699) 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 purchases of £NIL (2021: £NIL) from Amdex Solutions Limited, as at the balance sheet date £18,722 (2021: £18,722) 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 £1,099,377 (2021: £720,061) to Essex Leisure Limited, as at the balance sheet date £56,520 (2021: £73,731) was outstanding. |
During the year the company made purchases of £78,912 (2021: £19,107) to Essex Leisure Limited, as at the balance sheet date £81,252 (2021: £23,185) 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. |