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Company No: 10763190 (England and Wales)

ISPY SERVICES LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

ISPY SERVICES LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

ISPY SERVICES LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
ISPY SERVICES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS Clive David Morris
Deborah Julia Morris
REGISTERED OFFICE 5th Floor Dencora Court
Tylers Avenue
Southend-On-Sea
SS1 2BB
United Kingdom
COMPANY NUMBER 10763190 (England and Wales)
CHARTERED ACCOUNTANTS Gascoynes
Gascoyne House
Moseleys Farm Business Centre
Fornham All Saints
Bury St Edmunds
Suffolk
IP28 6JY
ISPY SERVICES LIMITED

BALANCE SHEET

As at 31 March 2024
ISPY SERVICES LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 14,179 16,594
14,179 16,594
Current assets
Stocks 34,678 27,690
Debtors 4 731,247 485,502
Cash at bank and in hand ( 148,475) ( 150,016)
617,450 363,176
Creditors: amounts falling due within one year 5 ( 541,721) ( 323,261)
Net current assets 75,729 39,915
Total assets less current liabilities 89,908 56,509
Net assets 89,908 56,509
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 89,808 56,409
Total shareholder's funds 89,908 56,509

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of ISPY Services Limited (registered number: 10763190) were approved and authorised for issue by the Board of Directors on 15 November 2024. They were signed on its behalf by:

Deborah Julia Morris
Director
ISPY SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
ISPY SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

ISPY Services Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 5th Floor Dencora Court, Tylers Avenue, Southend-On-Sea, SS1 2BB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 20 - 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 17 18

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 24,565 24,565
At 31 March 2024 24,565 24,565
Accumulated depreciation
At 01 April 2023 7,971 7,971
Charge for the financial year 2,415 2,415
At 31 March 2024 10,386 10,386
Net book value
At 31 March 2024 14,179 14,179
At 31 March 2023 16,594 16,594

4. Debtors

2024 2023
£ £
Amounts owed by Group undertakings 67,921 0
Short term loans to Group companies 661,182 483,281
Other debtors 2,144 2,221
731,247 485,502

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 90,000 120,000
Trade creditors 85,104 47,969
Other taxation and social security 29,385 524
Other creditors 337,232 154,768
541,721 323,261

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100