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Registration number: 13298722

Ismosys Group Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Ismosys Group Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Ismosys Group Limited

Company Information

Director

Geoffrey Ian Hill

Registered office

Astute House
Rutherford Close
Stevenage
Hertfordshire
SG1 2EF

Accountants

Mansell & Co
Chartered Certified Accountants
5 Ducketts Wharf
South Street
Bishop's Stortford
Hertfordshire
CM23 3AR

 

Ismosys Group Limited

(Registration number: 13298722)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

5,255

5,255

Current assets

 

Debtors

5

207,576

256,492

Cash at bank and in hand

 

-

316,599

 

207,576

573,091

Creditors: Amounts falling due within one year

6

(707,747)

(931,934)

Net current liabilities

 

(500,171)

(358,843)

Net liabilities

 

(494,916)

(353,588)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(495,016)

(353,688)

Shareholders' deficit

 

(494,916)

(353,588)

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.

Director's 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 director acknowledges his 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 August 2024
 

.........................................
Geoffrey Ian Hill
Director

 

Ismosys Group 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:
Astute House
Rutherford Close
Stevenage
Hertfordshire
SG1 2EF
United Kingdom

These financial statements were authorised for issue by the director on 23 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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.

Group accounts not prepared

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Ismosys Group Limited

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Ismosys Group Limited

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 14 (2022 - 17).

4

Investments

2023
£

2022
£

Investments in subsidiaries

5,255

5,255

Subsidiaries

£

Cost or valuation

At 1 January 2023

5,255

Provision

Carrying amount

At 31 December 2023

5,255

At 31 December 2022

5,255

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

Ismosys Group Limited

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

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Ismosys Benelux BVBA

Belgium

Ordinary

100%

100%

Ismosys France SA

France

Ordinary

100%

100%

Ismosys Iberia SL

Spain

Ordinary

100%

100%

Ismosys Italy SRL

Italy

Ordinary

100%

100%

Subsidiary undertakings

Ismosys Benelux BVBA

The principal activity of Ismosys Benelux BVBA is a sales agent and consultancy to drive sales of electronic components.

Ismosys France SA

The principal activity of Ismosys France SA is a sales agent and consultancy to drive sales of electronic components.

Ismosys Iberia SL

The principal activity of Ismosys Iberia SL is a sales agent and consultancy to drive sales of electronic components.

Ismosys Italy SRL

The principal activity of Ismosys Italy SRL is a sales agent and consultancy to drive sales of electronic components.

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

11,746

40,148

Amounts owed by group undertakings and undertakings in which the company has a participating interest

84,120

-

Prepayments

 

103,196

216,244

Other debtors

 

8,514

100

   

207,576

256,492

 

Ismosys Group Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

12,643

-

Trade creditors

 

377,408

209,940

Amounts owed to group undertakings and undertakings in which the company has a participating interest

204,202

321,466

Taxation and social security

 

9,081

9,544

Accruals and deferred income

 

100,908

388,444

Other creditors

 

3,505

2,540

 

707,747

931,934

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

8

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

12,643

-

9

Parent and ultimate parent undertaking

The company's immediate parent is Astute Electronics Limited, incorporated in United Kingdom.

 The most senior parent entity producing publicly available financial statements is Astute Electronics Limited. These financial statements are available upon request from Astute House, Rutherford Close, Meadway Technology Park, Stevenage, Hertfordshire, SG1 2EF