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Registered number: 13818055
Iuzon Ltd
Director's Report and
Unaudited Financial Statements
For The Year Ended 31 December 2023
South
Contents
Page
Company Information 1
Director's Report 2
Accountants' Report 3
Profit and Loss Account 4
Balance Sheet 5—6
Notes to the Financial Statements 7—9
Page 1
Company Information
Director Mr Muhammad Salman Khan
Company Number 13818055
Registered Office 47 Tidman Road
Reading
RG2 0DB
Accountants South
133 West Hendon Broadway
London
NW9 7DY
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Page 2
Director's Report
The director presents his report and the financial statements for the year ended 31 December 2023.
Directors
The director who held office during the year were as follows:
Mr Muhammad Salman Khan
Statement of Director's Responsibilities
The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the director is required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
This report has 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.
On behalf of the board
Mr Muhammad Salman Khan
Director
30/08/2024
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Page 3
Accountants' Report
Report to the director on the preparation of the unaudited statutory accounts of Iuzon Ltd for the year ended 31 December 2023
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Iuzon Ltd which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the director of Iuzon Ltd , as a body, in accordance with the terms of our engagement letter dated 20 December 2022. Our work has been undertaken solely to prepare for your approval the accounts of Iuzon Ltd and state those matters that we have agreed to state to the director of Iuzon Ltd , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Iuzon Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Iuzon Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Iuzon Ltd . You consider that Iuzon Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Iuzon Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
AQ Accountants limited
30/08/2024
South
133 West Hendon Broadway
London
NW9 7DY
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Profit and Loss Account
31 December 2023 31 December 2022
Notes £ £
TURNOVER 46,497 41,850
Cost of sales (7,329 ) (9,003 )
GROSS PROFIT 39,168 32,847
Administrative expenses (32,528 ) (25,251 )
OPERATING PROFIT AND PROFIT BEFORE TAXATION 6,640 7,596
Tax on Profit (1,282 ) (1,897 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 5,358 5,699
The notes on pages 7 to 9 form part of these financial statements.
Page 4
Page 5
Balance Sheet
31 December 2023 31 December 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 19,082 17,765
19,082 17,765
CURRENT ASSETS
Stocks 5 636 650
Cash at bank and in hand 13,476 6,846
14,112 7,496
Creditors: Amounts Falling Due Within One Year 6 (22,136 ) (19,561 )
NET CURRENT ASSETS (LIABILITIES) (8,024 ) (12,065 )
TOTAL ASSETS LESS CURRENT LIABILITIES 11,058 5,700
NET ASSETS 11,058 5,700
CAPITAL AND RESERVES
Called up share capital 7 1 1
Profit and Loss Account 11,057 5,699
SHAREHOLDERS' FUNDS 11,058 5,700
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For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
Mr Muhammad Salman Khan
Director
30/08/2024
The notes on pages 7 to 9 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Iuzon Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13818055 . The registered office is 47 Tidman Road, Reading, RG2 0DB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25%
Motor Vehicles 6%
Fixtures & Fittings 25%
Computer Equipment 33.33%
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 - 14,449 1,133 5,000 20,582
Additions 3,479 900 - - 4,379
As at 31 December 2023 3,479 15,349 1,133 5,000 24,961
Depreciation
As at 1 January 2023 - 867 283 1,667 2,817
Provided during the period 870 869 212 1,111 3,062
As at 31 December 2023 870 1,736 495 2,778 5,879
...CONTINUED
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Net Book Value
As at 31 December 2023 2,609 13,613 638 2,222 19,082
As at 1 January 2023 - 13,582 850 3,333 17,765
5. Stocks
31 December 2023 31 December 2022
£ £
Stock 636 650
6. Creditors: Amounts Falling Due Within One Year
31 December 2023 31 December 2022
£ £
Other creditors 20,854 17,664
Taxation and social security 1,282 1,897
22,136 19,561
7. Share Capital
31 December 2023 31 December 2022
£ £
Allotted, Called up and fully paid 1 1
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