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COMPANY REGISTRATION NUMBER: 2401864
Isaac Limited
Filleted Unaudited Financial Statements
31 July 2023
Isaac Limited
Financial Statements
Year ended 31st July 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Isaac Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
11,920
14,397
Current assets
Stocks
58,765
58,925
Debtors
6
77,900
25,588
---------
--------
136,665
84,513
Creditors: amounts falling due within one year
7
101,848
60,137
---------
--------
Net current assets
34,817
24,376
--------
--------
Total assets less current liabilities
46,737
38,773
Creditors: amounts falling due after more than one year
8
26,612
37,184
--------
--------
Net assets
20,125
1,589
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
20,025
1,489
--------
-------
Shareholders funds
20,125
1,589
--------
-------
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 income and retained earnings has not been delivered.
For the year ending 31st July 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 .
Isaac Limited
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 5 February 2024 , and are signed on behalf of the board by:
Mr. S. G. Scott
Director
Company registration number: 2401864
Isaac Limited
Notes to the Financial Statements
Year ended 31st July 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 2 Forrest Way, Gatewarth Industrial Estate, Great Sankey, Warrington, WA5 1DF.
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.
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.
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:
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
20% reducing balance
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 6 ).
5. Tangible assets
Fixtures and fittings
Motor Vehicles
Total
£
£
£
Cost
At 1st August 2022 and 31st July 2023
81,663
12,350
94,013
--------
--------
--------
Depreciation
At 1st August 2022
73,640
5,976
79,616
Charge for the year
1,203
1,274
2,477
--------
--------
--------
At 31st July 2023
74,843
7,250
82,093
--------
--------
--------
Carrying amount
At 31st July 2023
6,820
5,100
11,920
--------
--------
--------
At 31st July 2022
8,023
6,374
14,397
--------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
73,609
20,662
Other debtors
4,291
4,926
--------
--------
77,900
25,588
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
43,332
37,702
Trade creditors
13,678
5,192
Social security and other taxes
14,597
6,031
Other creditors
30,241
11,212
---------
--------
101,848
60,137
---------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
26,612
36,461
Other creditors
723
--------
--------
26,612
37,184
--------
--------
9. Director's advances, credits and guarantees
2023 2022
£ £
Director loan accounts 27,018 6,018
-------- -------
No interest has been charged to the company in respect of this loan which is repayable on demand and classified in creditors due within one year.
10. Related party transactions
The company was under the control of Mr S. G. Scott throughout the current and previous year. Mr S. G. Scott is the managing director.