Registered number
08248520
Isoline Ltd
Filleted Accounts
31 October 2024
Isoline Ltd
Registered number: 08248520
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 293 259
Current assets
Debtors 4 45,234 35,099
Cash at bank and in hand 47,675 56,867
92,909 91,966
Creditors: amounts falling due within one year 5 (92,185) (91,198)
Net current assets 724 768
Net assets 1,017 1,027
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 17 27
Shareholders' funds 1,017 1,027
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Charlotte Lisk
Director
Approved by the board on 13 December 2024
Isoline Ltd
Notes to the Accounts
for the year ended 31 October 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:
Plant and machinery 25% 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.
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 2 2
3 Tangible fixed assets
Plant and machinery
£
Cost
At 1 November 2023 4,560
Additions 391
Disposals (345)
At 31 October 2024 4,606
Depreciation
At 1 November 2023 4,301
Charge for the year 98
On disposals (86)
At 31 October 2024 4,313
Net book value
At 31 October 2024 293
At 31 October 2023 259
4 Debtors 2024 2023
£ £
Trade debtors 45,234 35,099
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors and accruals 231 152
Taxation and social security costs 56,193 40,185
Other creditors 35,761 50,861
92,185 91,198
6 Controlling party
The directors each hold 50% of the issued shares and therefore there is no ultimate controlling party.
7 Other information
Isoline Ltd is a private company limited by shares and incorporated in England. Its registered office is:
4 Cheam House
1 Dante Road
London
SE11 4RB
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