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Registration number: 09840726

Isokron Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Isokron Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Isokron Limited

(Registration number: 09840726)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

1,622

442

Current assets

 

Debtors

7

7,684

7,133

Cash at bank and in hand

 

2,995

524

 

10,679

7,657

Creditors: Amounts falling due within one year

8

(28)

(604)

Net current assets

 

10,651

7,053

Total assets less current liabilities

 

12,273

7,495

Creditors: Amounts falling due after more than one year

8

(279,436)

(252,593)

Net liabilities

 

(267,163)

(245,098)

Capital and reserves

 

Called up share capital

9

42

42

Share premium reserve

29,998

29,998

Retained earnings

(297,203)

(275,138)

Shareholders' deficit

 

(267,163)

(245,098)

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 12 March 2024 and signed on its behalf by:
 

 

Isokron Limited

(Registration number: 09840726)
Balance Sheet as at 31 December 2023

.........................................
Mr N Kakoschke
Director

 

Isokron Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Parkhill Studio
Walton Road
Wetherby
West Yorkshire
LS22 5DZ
England

These financial statements were authorised for issue by the Board on 12 March 2024.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Isokron Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

33.3% Straight Line

Computer Equipment

33.3% Straight Line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development Costs

20% Straight line

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

1,236

704

 

Isokron Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 January 2023

115,350

115,350

At 31 December 2023

115,350

115,350

Amortisation

At 1 January 2023

115,350

115,350

At 31 December 2023

115,350

115,350

Carrying amount

At 31 December 2023

-

-

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

2,591

2,591

Additions

2,416

2,416

At 31 December 2023

5,007

5,007

Depreciation

At 1 January 2023

2,149

2,149

Charge for the year

1,236

1,236

At 31 December 2023

3,385

3,385

Carrying amount

At 31 December 2023

1,622

1,622

At 31 December 2022

442

442

 

Isokron Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Debtors

Current

2023
£

2022
£

Prepayments

338

-

Other debtors

7,346

7,133

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

28

604

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Directors loan accounts

10

279,436

252,593

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.01 each

4,211

42

4,211

42

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Directors loan accounts

279,436

252,593