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Registered Number: 07018621
England and Wales

 

 

 

ISIS BUSINESS ASSIGNMENTS LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 July 2022

End date: 30 June 2023
Director C Olaiya
Registered Number 07018621
Registered Office 13 Wendover Way, Tilehurst,
Reading, England,
RG30 4RU
Accountants Blue Peak Consulting Limited
Wyvols Court
Basingstoke Road
Reading
RG7 1WY
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 2,321    322 
2,321    322 
Current assets      
Debtors 4 5   
Cash at bank and in hand 5,394    254 
5,399    254 
Creditors: amount falling due within one year 5 (6,682)   (21,074)
Net current liabilities (1,283)   (20,820)
 
Total assets less current liabilities 1,038    (20,498)
Net assets 1,038    (20,498)
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 938    (20,598)
Shareholder's funds 1,038    (20,498)
 


For the year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 23 February 2024 and were signed by:


-------------------------------
C Olaiya
Director
2
Company information
Isis Business Assignments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 13 Wendover Way, Tilehurst, Reading, RG30 4RU.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102(1A) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 3 Years Straight Line
Computer Equipment 3 Years Straight Line
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2.

Average number of employees

Average number of employees during the year was 1 (2022 : 1).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Total
  £   £   £
At 01 July 2022 572    3,701    4,273 
Additions   2,566    2,566 
Disposals    
At 30 June 2023 572    6,267    6,839 
Depreciation
At 01 July 2022 572    3,379    3,951 
Charge for year   567    567 
On disposals    
At 30 June 2023 572    3,946    4,518 
Net book values
Closing balance as at 30 June 2023   2,321    2,321 
Opening balance as at 01 July 2022   322    322 


4.

Debtors: amounts falling due within one year

2023
£
  2022
£
Other Debtors 5   
5   

5.

Creditors: amount falling due within one year

2023
£
  2022
£
Corporation Tax 2,689   
Accrued Expenses 960   
Other Creditors   1,575 
Directors Loan Account 622    19,499 
VAT 2,411   
6,682    21,074 

3