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COMPANY REGISTRATION NUMBER: 7522093
iZolo Limited
Filleted Unaudited Abridged Financial Statements
28 February 2023
iZolo Limited
Abridged Financial Statements
Year ended 28th February 2023
Contents
Page
Officers and professional advisers
1
Accountants report to the board of directors on the preparation of the unaudited statutory abridged financial statements
2
Abridged statement of financial position
3
Notes to the abridged financial statements
5
iZolo Limited
Officers and Professional Advisers
The Board of Directors
Mr J.D. Chorley
Mrs J.L. Chorley
Registered Office
Barbary Hill
Spooner Vale
Windermee
LA23 1AU
Accountants
WH Audit Limited
Accountants
The White House
Station Road
West Hagley
West Midlands
DY9 0NU
iZolo Limited
Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of iZolo Limited
Year ended 28th February 2023
As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the abridged financial statements for the year ended 28th February 2023, which comprise the abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
WH Audit Limited Accountants
The White House Station Road West Hagley West Midlands DY9 0NU
31 October 2023
iZolo Limited
Abridged Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
13,040
15,457
Investments
7
381,900
336
---------
--------
394,940
15,793
Current assets
Debtors
8
5,186
4
Cash at bank and in hand
61,479
72,028
--------
--------
66,665
72,032
Creditors: amounts falling due within one year
9
31,581
30,436
--------
--------
Net current assets
35,084
41,596
---------
--------
Total assets less current liabilities
430,024
57,389
---------
--------
Net assets
430,024
57,389
---------
--------
iZolo Limited
Abridged Statement of Financial Position (continued)
28 February 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Fair value reserve
381,564
Profit and loss account
48,360
57,289
---------
--------
Shareholders funds
430,024
57,389
---------
--------
These abridged 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 abridged statement of comprehensive income has not been delivered.
For the year ending 28th February 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 abridged 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 abridged financial statements .
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 28th February 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 31 October 2023 , and are signed on behalf of the board by:
Mrs J.L. Chorley
Director
Company registration number: 7522093
iZolo Limited
Notes to the Abridged Financial Statements
Year ended 28th February 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 Barbary Hill, Spooner Vale, Windermee, LA23 1AU.
2. Statement of compliance
These abridged 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 abridged 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 abridged 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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
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.
Tangible assets
All fixed assets are initially recorded at cost. No depreciation has been charged in the period since acquisition, as the director believes that the value of assets has not diminished.
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:
Computer 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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2023
2022
£
£
Dividends on equity shares
4,000
----
-------
6. Tangible assets
Computer equipment
Total
£
£
Cost
At 1st March 2022
18,655
18,655
Additions
1,964
1,964
Disposals
( 916)
( 916)
--------
--------
At 28th February 2023
19,703
19,703
--------
--------
Depreciation
At 1st March 2022
3,198
3,198
Charge for the year
3,694
3,694
Disposals
( 229)
( 229)
--------
--------
At 28th February 2023
6,663
6,663
--------
--------
Carrying amount
At 28th February 2023
13,040
13,040
--------
--------
At 28th February 2022
15,457
15,457
--------
--------
7. Investments
Other investments other than loans
£
Cost
At 1st March 2022
336
Revaluations
381,564
---------
At 28th February 2023
381,900
---------
Impairment
At 1st March 2022 and 28th February 2023
---------
Carrying amount
At 28th February 2023
381,900
---------
At 28th February 2022
336
---------
8. Debtors
2023
2022
£
£
Trade debtors
3,474
Corporation tax repayable
1,661
Other debtors
51
4
-------
----
5,186
4
-------
----
9. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
14,771
1,150
Corporation tax
12,476
Director loan accounts
4,000
4,000
Other creditors
12,810
12,810
--------
--------
31,581
30,436
--------
--------
Other creditors relates to a shareholder loan, and it is secured via a debenture registered at Companies House on 8th March 2011.