Company registration number 04763348 (England and Wales)
ISCA MERCATURA LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
ISCA MERCATURA LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ISCA MERCATURA LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
76,366
79,009
Current assets
Stocks
600
102
Cash at bank and in hand
1,623
11,245
2,223
11,347
Creditors: amounts falling due within one year
5
(96,579)
(104,519)
Net current liabilities
(94,356)
(93,172)
Net liabilities
(17,990)
(14,163)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(18,090)
(14,263)
Total equity
(17,990)
(14,163)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 6 March 2024 and are signed on its behalf by:
Mr S B Howell
Director
Company registration number 04763348 (England and Wales)
ISCA MERCATURA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
1
Accounting policies
Company information
ISCA Mercatura Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cilhaul, Guilsfield, Welshpool, SY21 9NH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for services provided in the normal course of business net of VAT and trade discounts.
Revenue from the publishing of books and investments is recognised over the period of service when, and to the extent that, the company obtains the right to consideration in exchange for services provided.
1.4
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
- 25% on cost
1.5
Fixed asset investments
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
ISCA MERCATURA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Computer equipment
£
Cost
At 1 September 2022 and 31 August 2023
5,025
Depreciation and impairment
At 1 September 2022 and 31 August 2023
5,025
Carrying amount
At 31 August 2023
At 31 August 2022
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
76,366
79,009
ISCA MERCATURA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
4
Fixed asset investments
(Continued)
- 4 -
Movements in fixed asset investments
Investments
Other
Total
£
£
£
Cost or valuation
At 1 September 2022
78,258
751
79,009
Valuation changes
(1,892)
(751)
(2,643)
At 31 August 2023
76,366
-
76,366
Carrying amount
At 31 August 2023
76,366
-
76,366
At 31 August 2022
78,258
751
79,009
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
95,419
103,419
Accruals and deferred income
1,160
1,100
96,579
104,519
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
40
40
40
40
Ordinary B shares of £1 each
40
40
40
40
Ordinary C shares of £1 each
20
20
20
20
100
100
100
100
7
Directors' transactions
The directors operate a current loan account with the company, which is debited with payments made by the company on behalf of the directors and credited with funds introduced and undrawn director's fees. At the year end, the amount outstanding due to the directors was £95,419 (2022 - £103,419); this amount being included in creditors amounts falling due within one year.