Registered number
14338631
IS2020 Ltd
Filleted Accounts
12 February 2024
IS2020 Ltd
Registered number: 14338631
Balance Sheet
as at 12 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,875,228 632,386
Current assets
Debtors 4 297,888 45,750
Cash at bank and in hand 5,111 13,507
302,999 59,257
Creditors: amounts falling due within one year 5 (2,219,446) (762,499)
Net current liabilities (1,916,447) (703,242)
Net liabilities (41,219) (70,856)
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7 450,000 -
Profit and loss account (491,319) (70,956)
Shareholder's funds (41,219) (70,856)
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 his 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.
V Beroskin
Director
Approved by the board on 16 August 2024
IS2020 Ltd
Notes to the Accounts
for the year ended 12 February 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).
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 revenue generating life, as follows:
Leasehold land and buildings 2% straight line
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings
£
Cost
At 13 February 2023 632,386
Additions 792,842
Surplus on revaluation 450,000
At 12 February 2024 1,875,228
Depreciation
At 12 February 2024 -
Net book value
At 12 February 2024 1,875,228
At 12 February 2023 632,386
Freehold land and buildings: 2024 2023
£ £
Historical cost 1,425,228 632,386
Cumulative depreciation based on historical cost - -
1,425,228 632,386
4 Debtors 2024 2023
£ £
Other debtors 297,888 45,750
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank and other loans 1,799,192 -
Other creditors 420,254 762,499
2,219,446 762,499
6 Loans 2024 2023
£ £
Creditors include:
Secured loans 1,050,192 -
Loans are secured by fixed and floating charges over the assets of the company.
7 Revaluation reserve 2024 2023
£ £
Gain on revaluation of land and buildings 450,000 -
At 12 February 2024 450,000 -
8 Other information
IS2020 Ltd is a private company limited by shares and incorporated in England. Its registered office is:
5 Vicarage Gardens
Ascot
SL5 9DX
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