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COMPANY REGISTRATION NUMBER: 05489935
IUSOLUTIONS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 April 2023
IUSOLUTIONS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2023
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 5
IUSOLUTIONS LIMITED
BALANCE SHEET
30 April 2023
2023
2022
(restated)
Note
£
£
Fixed assets
Tangible assets
5
495,213
341,064
Current assets
Debtors
6
58
3,338
Cash at bank and in hand
102,322
101,959
------------
------------
102,380
105,297
Creditors: amounts falling due within one year
7
( 807)
( 4,506)
------------
------------
Net current assets
101,573
100,791
------------
------------
Total assets less current liabilities
596,786
441,855
Provisions
( 24,200)
------------
------------
Net assets
572,586
441,855
------------
------------
Capital and reserves
Called up share capital
9
100
100
Non-distributable reserve
129,987
Profit and loss account
442,499
441,755
------------
------------
Shareholders funds
572,586
441,855
------------
------------
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 profit and loss account has not been delivered.
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his 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 6 July 2023 , and are signed on behalf of the board by:
Mr I Uddin
Director
Company registration number: 05489935
IUSOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 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 35 Westgate, Huddersfield, West Yorkshire, HD1 1PA.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Taxation
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. FRS102 requires that investment property whose fair value can be measured reliably without undue cost or effort and on an on-going basis be measured at fair value in accordance with section 16 of FRS 102. All other investment property is to be accounted for as property, plant and equipment in accordance with section 17 of FRS 102.
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:
Office equipment
-
15% reducing balance
Computer equipment
-
33% straight line
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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.
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 year amounted to 2 (2022: 2 ).
5. Tangible assets
Freehold investment property
Office equipment
Computer equipment
Total
£
£
£
£
Cost or valuation
At 1 May 2022 (as restated)
340,813
1,600
2,042
344,455
Fair value adjustment
154,187
154,187
------------
------------
------------
------------
At 30 April 2023
495,000
1,600
2,042
498,642
------------
------------
------------
------------
Depreciation
At 1 May 2022
1,350
2,041
3,391
Charge for the year
38
38
------------
------------
------------
------------
At 30 April 2023
1,388
2,041
3,429
------------
------------
------------
------------
Carrying amount
At 30 April 2023
495,000
212
1
495,213
------------
------------
------------
------------
At 30 April 2022
340,813
250
1
341,064
------------
------------
------------
------------
6. Debtors
2023
2022
(restated)
£
£
Trade debtors
3,338
Other debtors
58
------------
------------
58
3,338
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
(restated)
£
£
Corporation tax
413
2,807
Social security and other taxes
1,273
Director loan accounts
333
365
Other creditors
61
61
------------
------------
807
4,506
------------
------------
8. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
(restated)
£
£
Included in provisions
24,200
------------
------------
9. Called up share capital
Issued, called up and fully paid
2023
2022
(restated)
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
------------
------------
------------
------------
10. Prior year adjustments
The director has reviewed the investment properties in the Balance Sheet. As a result of this, a prior year adjustment has been made to eliminate the depreciation charged in previous years.
11. Related party transactions
The director's loan of £333 (2022: £365) set out above is unsecured, repayable on demand and currently interest free. The company is controlled by the director.