Registered number
14183193
ISTEVENE LIMITED
Unaudited Filleted Accounts
30 June 2023
ISTEVENE LIMITED
Company Information
Director
Mr S Cadeddu (appointed on 20 June 2022)
Accountants
Key Business Consultants LLP
Unit 5 Drakes Courtyard
291 Kilburn High Road
London
NW6 7JR
Bankers
Llyods Bank plc
Registered office
76 Ridge Avenue
London
N21 2AU
Registered number
14183193
ISTEVENE LIMITED
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of ISTEVENE LIMITED for the period ended 30 June 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of ISTEVENE LIMITED for the period ended 30 June 2023 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Key Business Consultants LLP
Chartered Accountants
Unit 5 Drakes Courtyard
291 Kilburn High Road
London
NW6 7JR
29 November 2023
ISTEVENE LIMITED
Registered number: 14183193
Balance Sheet
as at 30 June 2023
Notes 2023
£
Fixed assets
Intangible assets 3 21,875
Tangible assets 4 125,264
147,139
Current assets
Stocks 8,000
Cash at bank and in hand 6,659
14,659
Creditors: amounts falling due within one year 5 (144,332)
Net current liabilities (129,673)
Total assets less current liabilities 17,466
Creditors: amounts falling due after more than one year 6 (40,741)
Net liabilities (23,275)
Capital and reserves
Called up share capital 1
Profit and loss account (23,276)
Shareholder's funds (23,275)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S Cadeddu
Director
Approved by the board on 29 November 2023
ISTEVENE LIMITED
Notes to the Accounts
for the period from 20 June 2022 to 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). These accounts have been prepared under the going concern basis due to the shareholder's continued financial support.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold building No depreciation
Plant and machinery 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
1 Accounting policies (cont.)
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023
Number
Average number of persons employed by the company 1
3 Intangible fixed assets £
Goodwill:
Cost
Additions 25,000
At 30 June 2023 25,000
Amortisation
Provided during the period 3,125
At 30 June 2023 3,125
Net book value
At 30 June 2023 21,875
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
Additions 117,670 12,000 129,670
Disposals - (3,000) (3,000)
At 30 June 2023 117,670 9,000 126,670
Depreciation
Charge for the period - 1,406 1,406
At 30 June 2023 - 1,406 1,406
Net book value
At 30 June 2023 117,670 7,594 125,264
Freehold land and buildings: 2023
£
Historical cost 117,670
Cumulative depreciation based on historical cost 2,353
115,317
5 Creditors: amounts falling due within one year 2023
£
Bank loans and overdrafts 7,284
Trade creditors 648
Other creditors 136,400
144,332
6 Creditors: amounts falling due after one year 2023
£
Bank loans 40,741
7 Loans 2023
£
Creditors include:
Secured bank loans 48,025
National Westminster Bank Plc holds a freehold 1st legal charge against the property situated at 236 Dickson Road, Blackpool, Lancashire and its associated assets.
8 Related party transactions
At the period end, the company owed the director, Mr S Cadeddu £136,152 in interest free, repayable on demand loans.
9 Controlling party
The ultimate control throughout the period was the director, Mr S Cadeddu.
10 Other information
ISTEVENE LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
76 Ridge Avenue
London
N21 2AU
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