Isometric HQ Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 13829439

Isometric HQ Ltd

Filleted Unaudited Financial Statements

31 March 2023

Isometric HQ Ltd

Financial Statements

Period from 5 January 2022 to 31 March 2023

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Isometric HQ Ltd

Statement of Financial Position

31 March 2023

	31 Mar 23
Note	£

Fixed assets

Intangible assets	5	110,345
Tangible assets	6	39,844
		---------
		150,189

Current assets

Debtors	7	88,463
Cash at bank and in hand		19,462,612
		-------------
		19,551,075

Creditors: amounts falling due within one year	8	29,296
		-------------
Net current assets		19,521,779
		-------------
Total assets less current liabilities		19,671,968

Creditors: amounts falling due after more than one year	9	74,570
		-------------
Net assets		19,597,398
		-------------

Capital and reserves

Called up share capital	205
Share premium account	20,914,333
Profit and loss account	( 1,317,140)
	-------------
Shareholders funds	19,597,398
	-------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the period ending 31 March 2023 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 period 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 .

Isometric HQ Ltd

Statement of Financial Position (continued)

31 March 2023

These financial statements were approved by the board of directors and authorised for issue on 3 October 2023 , and are signed on behalf of the board by:

Mr E Jubbawy

Director

Company registration number: 13829439

Isometric HQ Ltd

Notes to the Financial Statements

Period from 5 January 2022 to 31 March 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Isometric Hq Ltd, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, '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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. For the rendering of services, revenue is recognised when the services are transferred. When the outcome of a transaction can be estimated reliably, revenue is recognised based on the stage of completion of the transaction at the end of the reporting period. If the outcome of the transaction involving the rendering of services cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Income tax

The taxation expense represents the aggregate amount of current 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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

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 only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

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, trademarks and licences	-	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.

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:

	Equipment	-	33% straight line

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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 7 .

5. Intangible assets

	Patents, trademarks and licences
	£
Cost
Additions	116,153
	---------
At 31 March 2023	116,153
	---------
Amortisation
Charge for the period	5,808
	---------
At 31 March 2023	5,808
	---------
Carrying amount
At 31 March 2023	110,345
	---------

6. Tangible assets

	Equipment
	£
Cost
At 5 January 2022	–
Additions	44,473
	--------
At 31 March 2023	44,473
	--------
Depreciation
At 5 January 2022	–
Charge for the period	4,629
	--------
At 31 March 2023	4,629
	--------
Carrying amount
At 31 March 2023	39,844
	--------

7. Debtors

	31 Mar 23
	£
Trade debtors	10,305
Other debtors	78,158
	--------
	88,463
	--------

8. Creditors: amounts falling due within one year

	31 Mar 23
	£
Bank loans and overdrafts	1,030
Trade creditors	28,266
	--------
	29,296
	--------

9. Creditors: amounts falling due after more than one year

	31 Mar 23
	£
Social security and other taxes	66,420
Other creditors	8,150
	--------
	74,570
	--------