Company registration number 11512197 (England and Wales)
ISOLUTION PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
ISOLUTION PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ISOLUTION PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,174
-
0
Investment property
5
291,000
249,500
294,174
249,500
Current assets
Cash at bank and in hand
15,943
17,819
Creditors: amounts falling due within one year
6
(256,584)
(258,348)
Net current liabilities
(240,641)
(240,529)
Total assets less current liabilities
53,533
8,971
Provisions for liabilities
(8,488)
-
0
Net assets
45,045
8,971
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
45,044
8,970
Total equity
45,045
8,971

The director of the company has 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 director acknowledges his 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 and signed by the director and authorised for issue on 18 March 2024
Mr J M Mogg
Director
Company registration number 11512197 (England and Wales)
ISOLUTION PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
1
Accounting policies
Company information

Isolution Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit F, Whiteacres, Cambridge Road, Whetstone, Leicestershire, LE8 6ZG.

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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration receivable in respect of rental income arising in the normal course of business.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:

Computers
33.3% on cost
1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
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).

 

Recoverable amount is the higher of fair value less costs to sell and value in use.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss,

 

 

 

 

 

 

ISOLUTION PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous tax periods. Deferred tax is recognised in respect of all timing differences with certain exceptions. Timing differences are differences between taxable profits income as stated in the financial statements that arise from the inclusion of income and expenses in tax periods different from those in which they are recognised in the financial statements. The company's liability for deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
ISOLUTION PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2022
-
0
Additions
3,463
At 31 August 2023
3,463
Depreciation and impairment
At 1 September 2022
-
0
Depreciation charged in the year
289
At 31 August 2023
289
Carrying amount
At 31 August 2023
3,174
At 31 August 2022
-
0
5
Investment property
2023
£
Fair value
At 1 September 2022
249,500
Revaluations
41,500
At 31 August 2023
291,000

Investment property comprises one property held for rental purposes. The fair value of investment property has been arrived at on the basis of a valuation carried out at the year end by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

6
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
513
2,277
Other creditors
256,071
256,071
256,584
258,348
2023-08-312022-09-01false18 March 2024CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr J M Mogg2024-03-18115121972022-09-012023-08-31115121972023-08-31115121972022-08-3111512197core:OtherPropertyPlantEquipment2023-08-3111512197core:OtherPropertyPlantEquipment2022-08-3111512197core:CurrentFinancialInstrumentscore:WithinOneYear2023-08-3111512197core:CurrentFinancialInstrumentscore:WithinOneYear2022-08-3111512197core:CurrentFinancialInstruments2023-08-3111512197core:CurrentFinancialInstruments2022-08-3111512197core:ShareCapital2023-08-3111512197core:ShareCapital2022-08-3111512197core:RetainedEarningsAccumulatedLosses2023-08-3111512197core:RetainedEarningsAccumulatedLosses2022-08-3111512197bus:Director12022-09-012023-08-3111512197core:ComputerEquipment2022-09-012023-08-31115121972021-09-012022-08-3111512197core:OtherPropertyPlantEquipment2022-08-3111512197core:OtherPropertyPlantEquipment2022-09-012023-08-31115121972022-08-3111512197bus:PrivateLimitedCompanyLtd2022-09-012023-08-3111512197bus:SmallCompaniesRegimeForAccounts2022-09-012023-08-3111512197bus:FRS1022022-09-012023-08-3111512197bus:AuditExemptWithAccountantsReport2022-09-012023-08-3111512197bus:FullAccounts2022-09-012023-08-31xbrli:purexbrli:sharesiso4217:GBP