IS2020 Ltd |
Notes to the Accounts |
for the year ended 12 February 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Tangible fixed assets |
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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 revenue generating life, as follows: |
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Leasehold land and buildings |
2% straight line |
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Debtors |
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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. |
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Creditors |
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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. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
0 |
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0 |
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3 |
Tangible fixed assets |
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Land and buildings |
£ |
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Cost |
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At 13 February 2023 |
632,386 |
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Additions |
792,842 |
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Surplus on revaluation |
450,000 |
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At 12 February 2024 |
1,875,228 |
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Depreciation |
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At 12 February 2024 |
- |
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Net book value |
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At 12 February 2024 |
1,875,228 |
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At 12 February 2023 |
632,386 |
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Freehold land and buildings: |
2024 |
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2023 |
£ |
£ |
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Historical cost |
1,425,228 |
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632,386 |
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Cumulative depreciation based on historical cost |
- |
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- |
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1,425,228 |
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632,386 |
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4 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Other debtors |
297,888 |
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45,750 |
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5 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Bank and other loans |
1,799,192 |
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- |
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Other creditors |
420,254 |
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762,499 |
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2,219,446 |
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762,499 |
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6 |
Loans |
2024 |
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2023 |
£ |
£ |
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Creditors include: |
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Secured loans |
1,050,192 |
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- |
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Loans are secured by fixed and floating charges over the assets of the company. |
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7 |
Revaluation reserve |
2024 |
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2023 |
£ |
£ |
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Gain on revaluation of land and buildings |
450,000 |
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- |
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At 12 February 2024 |
450,000 |
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- |
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8 |
Other information |
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IS2020 Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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5 Vicarage Gardens |
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Ascot |
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SL5 9DX |