Number
12626089
THE ISO SPECIALISTS LTD
Filleted Accounts
31 May 2024
THE ISO SPECIALISTS LTD
Registered number: 12626089
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 133 211
133 211
Current assets
Debtors 4 6,331 6,089
Cash at bank and in hand 5,384 5,412
11,715 11,501
Creditors: amounts falling due within one year 5 (5,145) (4,744)
Net current assets 6,570 6,757
Total assets less current liabilities 6,703 6,968
Net assets 6,703 6,968
Capital and reserves
Called up share capital 100 100
Profit and loss account 6,603 6,868
Shareholder's funds 6,703 6,968
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Angela Theresa Watson
Director
Approved by the board on 31 October 2024
THE ISO SPECIALISTS LTD
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures and computers over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Fixtures and computers Total
£ £
Cost
At 1 June 2023 312 312
At 31 May 2024 312 312
Depreciation
At 1 June 2023 101 101
Charge for the year 78 78
At 31 May 2024 179 179
Net book value
At 31 May 2024 133 133
At 31 May 2023 211 211
4 Debtors 2024 2023
£ £
VAT repayable 77 -
Angela Theresa Watson 5,593 5,827
Prepayments 661 262
6,331 6,089
5 Creditors: amounts falling due within one year 2024 2023
£ £
Corporation tax 5,117 2,831
VAT - 1,864
Trade creditors 28 49
5,145 4,744
6 Ultimate controlling party and related party transactions
The company was under the control of Angela Theresa Watson throughout the current period.
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 except for those disclosed below.
2024
£
Balance owing (to) / from Angela Theresa Watson 5,593 5,827
Interest at 2.25% per annum is charged on balances over £10,000 owed to the company.
7 Other information
THE ISO SPECIALISTS LTD is a private company limited by shares and incorporated in England. Its registered office is:
47 Springfield Road
Bigrigg
Egremont
Cumbria
CA22 2TQ
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