REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2024 |
FOR |
ISOFIN LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2024 |
FOR |
ISOFIN LIMITED |
ISOFIN LIMITED (REGISTERED NUMBER: 07573165) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
ISOFIN LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MAY 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
9a High Street |
Woburn Sands |
Milton Keynes |
Buckinghamshire |
MK17 8RF |
ISOFIN LIMITED (REGISTERED NUMBER: 07573165) |
STATEMENT OF FINANCIAL POSITION |
31ST MAY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 7 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
ISOFIN LIMITED (REGISTERED NUMBER: 07573165) |
STATEMENT OF FINANCIAL POSITION - continued |
31ST MAY 2024 |
The financial statements were approved by the director and authorised for issue on |
ISOFIN LIMITED (REGISTERED NUMBER: 07573165) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2024 |
1. | STATUTORY INFORMATION |
Isofin Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Other operating income |
Rental income from investment property is measured at fair value of the consideration received or receivable. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
ISOFIN LIMITED (REGISTERED NUMBER: 07573165) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2024 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st June 2023 |
Revaluations | 79,000 |
At 31st May 2024 |
NET BOOK VALUE |
At 31st May 2024 |
At 31st May 2023 |
Fair value at 31st May 2024 is represented by: |
£ |
Valuation in 2023 | 3,609 |
Valuation in 2024 | 79,000 |
Cost | 212,391 |
295,000 |
The investment property was purchased in March 2021. The director considers that there has been an increase in the market value of this property and the property has been revalued to reflect the fair value of the asset at the Balance Sheet date. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | RESERVES |
Revaluation |
reserve |
£ |
At 1st June 2023 |
Freehold Property | 79,000 |
At 31st May 2024 |
8. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
Included in creditors is a loan from the director, Mr J Kerr of £100,013. The loan in repayable on demand and no interest was charged in 2024 (2023 2.25%). |
ISOFIN LIMITED (REGISTERED NUMBER: 07573165) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2024 |
9. | RELATED PARTY DISCLOSURES |
Included in creditors is a loan of £93,000 from a company owned by the director Mr J Kerr. Interest is charged at 2.25%. |