Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 08801107 Mr Muhammad Irfan iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08801107 2022-12-31 08801107 2023-12-31 08801107 2023-01-01 2023-12-31 08801107 frs-core:CurrentFinancialInstruments 2023-12-31 08801107 frs-core:Non-currentFinancialInstruments 2023-12-31 08801107 frs-core:BetweenOneFiveYears 2023-12-31 08801107 frs-core:ComputerEquipment 2023-12-31 08801107 frs-core:ComputerEquipment 2023-01-01 2023-12-31 08801107 frs-core:ComputerEquipment 2022-12-31 08801107 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 08801107 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 08801107 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 08801107 frs-core:FurnitureFittings 2023-12-31 08801107 frs-core:FurnitureFittings 2023-01-01 2023-12-31 08801107 frs-core:FurnitureFittings 2022-12-31 08801107 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-12-31 08801107 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 08801107 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2022-12-31 08801107 frs-core:MotorVehicles 2023-12-31 08801107 frs-core:MotorVehicles 2023-01-01 2023-12-31 08801107 frs-core:MotorVehicles 2022-12-31 08801107 frs-core:PlantMachinery 2023-12-31 08801107 frs-core:PlantMachinery 2023-01-01 2023-12-31 08801107 frs-core:PlantMachinery 2022-12-31 08801107 frs-core:WithinOneYear 2023-12-31 08801107 frs-core:ShareCapital 2023-12-31 08801107 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 08801107 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08801107 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 08801107 frs-bus:SmallEntities 2023-01-01 2023-12-31 08801107 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 08801107 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08801107 frs-bus:Director1 2023-01-01 2023-12-31 08801107 frs-core:CurrentFinancialInstruments 2 2023-12-31 08801107 frs-countries:EnglandWales 2023-01-01 2023-12-31 08801107 2021-12-31 08801107 2022-12-31 08801107 2022-01-01 2022-12-31 08801107 frs-core:CurrentFinancialInstruments 2022-12-31 08801107 frs-core:Non-currentFinancialInstruments 2022-12-31 08801107 frs-core:BetweenOneFiveYears 2022-12-31 08801107 frs-core:WithinOneYear 2022-12-31 08801107 frs-core:ShareCapital 2022-12-31 08801107 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 08801107 frs-core:CurrentFinancialInstruments 1 2022-12-31 08801107 frs-core:CurrentFinancialInstruments 2 2022-12-31
Registered number: 08801107
Iz Energy Services Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 08801107
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 23,138 23,138
Tangible Assets 5 274,501 157,125
297,639 180,263
CURRENT ASSETS
Stocks 6 1,397,441 346,146
Debtors 7 1,520,879 1,784,531
Cash at bank and in hand 31,931 25,525
2,950,251 2,156,202
Creditors: Amounts Falling Due Within One Year 8 (2,228,014 ) (1,317,498 )
NET CURRENT ASSETS (LIABILITIES) 722,237 838,704
TOTAL ASSETS LESS CURRENT LIABILITIES 1,019,876 1,018,967
Creditors: Amounts Falling Due After More Than One Year 9 (269,812 ) (415,945 )
NET ASSETS 750,064 603,022
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 749,964 602,922
SHAREHOLDERS' FUNDS 750,064 603,022
Page 1
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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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Muhammad Irfan
Director
11/10/2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Iz Energy Services Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08801107 . The registered office is Unit 2 & 3 Muirhead Quays, Fresh Wharf Estate, Barking, Essex, IG11 7BG.
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. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are amortised at cost. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.4. Research and Development
The development costs are capitalised as an intangible asset, as the entity can demonstrate that all the recognition criteria in Section 18 of FRS 102 are met. The development costs are measured at cost, which includes all directly attributable costs necessary to create, produce, and prepare the asset to be capable of operating in the manner intended by management. Expenditure on research and development is written off in the year it is incurred.
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2.5. 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:
Leasehold Over the lease period of 10 years
Plant & Machinery 25% on cost
Motor Vehicles 25% on cost
Fixtures & Fittings 25 % on cost
Computer Equipment 33% on cost
2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. 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.
2.8. 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.
...CONTINUED
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2.8. Taxation - continued
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: 50 (2022: 33)
50 33
4. Intangible Assets
Development Costs
£
Cost
As at 1 January 2023 23,138
As at 31 December 2023 23,138
Net Book Value
As at 31 December 2023 23,138
As at 1 January 2023 23,138
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 January 2023 64,065 - 179,552 6,665
Additions 62,057 58,778 38,782 54,516
As at 31 December 2023 126,122 58,778 218,334 61,181
Depreciation
As at 1 January 2023 6,407 - 98,237 3,193
Provided during the period 12,612 14,694 50,753 15,295
As at 31 December 2023 19,019 14,694 148,990 18,488
...CONTINUED
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Page 6
Net Book Value
As at 31 December 2023 107,103 44,084 69,344 42,693
As at 1 January 2023 57,658 - 81,315 3,472
Computer Equipment Total
£ £
Cost
As at 1 January 2023 25,839 276,121
Additions 7,815 221,948
As at 31 December 2023 33,654 498,069
Depreciation
As at 1 January 2023 11,159 118,996
Provided during the period 11,218 104,572
As at 31 December 2023 22,377 223,568
Net Book Value
As at 31 December 2023 11,277 274,501
As at 1 January 2023 14,680 157,125
6. Stocks
2023 2022
£ £
Stock 1,397,441 346,146
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 93,723 542,737
Prepayments and accrued income 1,138,592 937,429
VAT Receivables 146,238 160,418
Rent Deposit - 2,071
1,378,553 1,642,655
Due after more than one year
Rent Deposit > 1 year 142,326 141,876
142,326 141,876
1,520,879 1,784,531
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8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 24,410 23,617
Trade creditors 1,288,602 646,885
Bank loans and overdrafts 268,208 247,123
Corporation tax 56,676 115,396
Other taxes and social security 487,870 158,380
Other creditors 87,914 112,736
Pension Payable 3,410 2,437
Accruals and deferred income 10,400 10,400
Director's loan account 524 524
2,228,014 1,317,498
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 15,691 17,155
Bank loans 254,121 398,790
269,812 415,945
10. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 24,410 23,617
Later than one year and not later than five years 15,691 17,155
40,101 40,772
40,101 40,772
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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