Iruvis Limited Company Accounts

Iruvis Limited Company Accounts

IRUVIS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 5092183
Iruvis Limited
Unaudited Financial Statements
30 April 2018
Iruvis Limited
Financial Statements
Year ended 30 April 2018
Contents
Page
Directors' report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
4
The following pages do not form part of the financial statements
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
10
Iruvis Limited
Directors' Report
Year ended 30 April 2018
The directors present their report and the unaudited financial statements of the company for the year ended 30 April 2018 .
Directors
The directors who served the company during the year were as follows:
M R Osborne
L F Forrest
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 2 January 2019 and signed on behalf of the board by:
M R Osborne
Director
Iruvis Limited
Statement of Income and Retained Earnings
Year ended 30 April 2018
2018
2017
Note
£
£
Turnover
30,001
30,000
--------
--------
Gross profit
30,001
30,000
Administrative expenses
10,246
8,573
--------
--------
Operating profit
19,755
21,427
--------
--------
Profit before taxation
4
19,755
21,427
Tax on profit
3,732
2,330
--------
--------
Profit for the financial year and total comprehensive income
16,023
19,097
--------
--------
Retained earnings at the start of the year
224,433
205,336
---------
---------
Retained earnings at the end of the year
240,456
224,433
---------
---------
All the activities of the company are from continuing operations.
Iruvis Limited
Statement of Financial Position
30 April 2018
2018
2017
Note
£
£
£
Fixed assets
Intangible assets
5
21,812
16,148
Tangible assets
6
357
476
Investments
7
622
622
--------
--------
22,791
17,246
Current assets
Debtors
8
224,848
210,639
Creditors: amounts falling due within one year
9
7,011
3,280
---------
---------
Net current assets
217,837
207,359
---------
---------
Total assets less current liabilities
240,628
224,605
---------
---------
Net assets
240,628
224,605
---------
---------
Capital and reserves
Called up share capital
172
172
Profit and loss account
240,456
224,433
---------
---------
Members funds
240,628
224,605
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 30 April 2018 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 year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 2 January 2019 , and are signed on behalf of the board by:
M R Osborne
Director
Company registration number: 5092183
Iruvis Limited
Notes to the Financial Statements
Year ended 30 April 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is .
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
The turnover in the profit and loss account represents amounts receivable in respect of licence fees on intellectual property rights for the year.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Profit before taxation
Profit before taxation is stated after charging:
2018
2017
£
£
Amortisation of intangible assets
9,164
7,464
Depreciation of tangible assets
119
159
-------
-------
5. Intangible assets
Patents, trademarks and licences
£
Cost
At 1 May 2017
91,071
Additions from internal developments
14,828
---------
At 30 April 2018
105,899
---------
Amortisation
At 1 May 2017
74,923
Charge for the year
9,164
---------
At 30 April 2018
84,087
---------
Carrying amount
At 30 April 2018
21,812
---------
At 30 April 2017
16,148
---------
6. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 May 2017 and 30 April 2018
15,000
15,000
--------
--------
Depreciation
At 1 May 2017
14,524
14,524
Charge for the year
119
119
--------
--------
At 30 April 2018
14,643
14,643
--------
--------
Carrying amount
At 30 April 2018
357
357
--------
--------
At 30 April 2017
476
476
--------
--------
7. Investments
Shares in group undertakings
£
Cost
At 1 May 2017 and 30 April 2018
622
----
Impairment
At 1 May 2017 and 30 April 2018
–
----
Carrying amount
At 30 April 2018
622
----
The company owns 100% of the issued share capital of OpTek Limited. Extracts from the subsidiary accounts for the year ended 30th April 2018 are as follows:
2018 2017
£ £
Aggregate capital and reserves 5,257,319 3,802,168
Profit for the year 1,455,151 1,019,727
The company owns 90% of the issued share capital of Optek Systems Inc. a company incorporated in the United States of America. Extracts from the subsidiary accounts for the year ended 31 December 2017 are as follows:
2018 2017
£ £
Aggregate capital and reserves 45,676 36,926
Profit for the year (30,209) 96,623
Under the provision of section 248 of the Companies Act 1985 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.
8. Debtors
2018
2017
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
224,848
210,639
---------
---------
9. Creditors: amounts falling due within one year
2018
2017
£
£
Corporation tax
6,061
2,330
Other creditors
950
950
-------
-------
7,011
3,280
-------
-------
10. Related party transactions
OpTek Limited is a wholly owned subsidiary of Iruvis Limited . The financial statements include amounts related to this company as follows: The company received a £30,000 (2017: £30,000) licence fee from OpTek Limited for use of the technology associated with its' intellectual property rights. Included in debtors is a loan account balance of £224,848 (2017: £210,639), owed by OpTek Limited. This loan is interest free and repayable on demand.
Iruvis Limited
Management Information
Year ended 30 April 2018
The following pages do not form part of the financial statements.
Iruvis Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Iruvis Limited
Year ended 30 April 2018
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Iruvis Limited for the year ended 30 April 2018, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given me. As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Iruvis Limited, as a body, in accordance with the terms of my engagement letter dated 10 December 2015. My work has been undertaken solely to prepare for your approval the financial statements of Iruvis Limited and state those matters that I have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Iruvis Limited and its Board of Directors, as a body, for my work or for this report.
It is your duty to ensure that Iruvis Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Iruvis Limited. You consider that Iruvis Limited is exempt from the statutory audit requirement for the year. I have not been instructed to carry out an audit or a review of the financial statements of Iruvis Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
DMC ACCOUNTING Chartered accountant
Olympic House Unit 1A Corinium Industrial Estate Raans Road Amersham Buckinghamshire HP6 6YJ
2 January 2019